In order to become financially free, you have to start saving a percentage of your income every month, so you could invest that savings into something that will eventually start to put money back into your pocket. To help increase your chances of success as a new investor, I have put together a list of some of the most popular and profitable investments I could find for under $10,000. Everyday I will post an investment from this list with a brief description of each, along with a list of pros and cons which I hope will help assist you on your quest towards becoming financially free.Investment # 2. Buying a Franchise
Buying a franchise has very little risk when compared to starting an independent business from scratch. When you buy a franchise you're buying into an already established and successful business system that has been tired and proven to work. Your product or service has been promoted to where its almost guaranteed to sell. Training will also be provided by the parent company(franchisor), which will also help to increase your chances of success . I know you're probably wondering, If its such a great investment then why doesn't everyone with dreams of starting their own business buy a franchise. Mostly because buying a franchise can be really expensive. However, on certain websites you can find some for under ten thousand dollars, which is why I added buying a franchise to this list. In the section below, I have included a list of pros & cons to help you through this very important decision making process.
Pros:
- a franchisor is selling you a business system that has been proven to work for operating a business and generating profits.
- the franchisor is suppose to provide you with a team of experience people to support and help you every step of the way, so that even though you're in business for yourself, you're not by yourself
- you're buying into an already established brand name
Cons:
- less freedom(as a franchisee, you have to conform to the uniform operating procedures of a franchisor vs as an independent business owner you can run your business however you see fit).
- you will have to pay royalty payments every year in return for support in operations and advertising.
- in most cases, its more expensive to buy a brand name franchise -vs- starting an independent business.
- even though the franchisor will promise to be there every step of the way, sometimes the franchisee is left with the responsibility of solving their problems on their own.
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