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What are the universal No No’s when buying a restaurant franchise? I am interested in being a business owner. I am tired of making my employer rich. I only have a first mortgage on my home – can that home still be used as collateral with a first mortg. on it? There is about K equity in the home currently. Or do I pull cash out of the home (refi) for business start up $ What is the best fast food restaurant franchise to buy? Please inform.
1. ALWAYS get a job in the franchise you want to buy into. That way you find out if you have the temperment to do it and then you can listen to the current owner’s gripes.
2. Do not finance the franchise by refinancing your house.
Research, research, research. There are a bunch of forums on the internet for specific franchise industries and magazines dedicated to franchising. You are going to need about $150K to even think about getting into a fast food franchise, and realize that you aren’t going to make a ton of money doing it in a lot of cases. And the first responder had an excellent point about working at the place you are considering first.