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What are the common mistakes people make when buying into a fast food restaurant franchise?

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 $16K 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.

Asked By: awa - 4/23/2009
Best Answer - Chosen by Asker
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.
Answered By: v b - 4/23/2009
Additional Answers (1)
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... More
Answered By: HEATHER - 4/23/2009
 
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