Let’s get into the world of being a franchise owner: Not that many people know the right tools to become one. If you want to own a McDonald’s, Burger King or any other franchise, you’re in luck. Host Philip Michael from Bold TV sat down with Mya Smith-Edmonds – a McDonald’s owner and co-founder of the Smith Foundation, Inc. – to discuss.
Owning a franchise
Becoming a franchise owner can be very exciting but expensive. In 2008, Smith-Edmonds went on the McDonald’s website under the opportunities section. She found to become one of their store’s owners, she must have at least one million dollars in assets. Other options are liquidating your assets to turn them into cash or taking out loans. Smith-Edmonds said you should treat your franchise like a mom-and-pop store because you’re invested.
Not a kick-back-and-relax kind of business
When it comes to being a franchise owner, you have to do everything: Whether cooking the food or doing the paperwork, you constantly have to ensure that your business runs successfully. If the operation and commitment aren’t efficient, then your business won’t last long. It’s never a kick-back-and-relax kind of business.
Learn more in the video above!