If you are currently working under an employer but are tempted to go into business for yourself, now is the time. According to Job.com, a leading career information site, if you have a phenomenal work ethic and the desire to build a business, franchises could be a fairly lucrative investment. Reputable sites such as www.findafranchise.com or franchise.com can help you locate franchise opportunities in Texas. Franchises for sale are listed alphabetically by industry and frequently list the amount required to purchase, which is usually a pretty hefty sum. Deciding on a franchise to purchase in Texas is the easy part, now you have to come up with the cash.
Don’t let your dream of owning a franchise slip through the cracks just because you don’t have the full purchase amount upfront. The DRDA P.C. firm in Houston, Texas is home to an innovative program that allows you to utilize the money stored in a retirement account for business purposes. The BORSA (Business Owners Retirement Saving Account) plan is a tool that allows you to apply the holdings in a 401(k) pension plan, profit sharing 401(k), a 403(b), 457, or IRA rollover toward the opening of a small business or franchise. The great thing about the BORSA plan is that you can make use of your retirement funds without incurring early withdrawal taxes or penalties.
Here’s what Job.com has to say about self-employment opportunities:
Once success is attained, your franchise could replace your salary, while allowing you to enjoy the benefits of self-employment. Of course, you may argue that it's not your intent to replace your salary, but to improve your income. If you have the drive, determination, and vision to build your business, growing your income could be a reality. As your income grows, successful franchisees reinvest profits into additional franchise locations to increase profits.
If you are concerned about what type of return you could collect from your initial investment, research prepared by Job.com analysts concludes:
A good rule of thumb is that you can earn 10% to 15% on your money over time in a totally passive investment. Since most franchises require that you invest your time as well as your money, you should expect a return significantly higher than this level in order to justify the investment. This higher return will also offset the higher risk involved in this type of investment. You should look for earnings of at least 30% of your total investment on an annual basis to consider any franchise as having a reasonable return. You should expect to reach this level, at the latest, by the third year of operation of the business.
If you are serious about investing in a self-employment opportunity but need the capital to get started, funding from your qualified retirement plan can aid in franchise start-up costs. The financial experts at DRDA can guide you through the financial aspects of purchasing a franchise through their small business advisory services. For more information about the BORSA plan or how easy it is to open a franchise with the proper funding, contact DRDA P.C. today at 281-954-6040 or visit www.drdacpa.com.
