Im torn and dont know what to do

LegacyUser

I really dont know what to do with myself. I have been unemployed for the past year and not getting work.

I have a bit of savings left, so fed up, so I booked a working holiday visa and flights to get out of here. Seems like an easy option.

A couple of months ago, I was thinking of setting up a franchise business. The work in setting up is done by the franchise so thats good as I dont have the confidence to set up a business myself, all I need is the money. I need about €30000 in total which will be from the bank, if I get it. Its recession proof. Its work I would love. This franchise isnt available in Galway where im living, a big enough city and county.
So if I did set it up, Galway's mine.

Going from the franchise reviews on the website, people were making over €1000 and even more per week. After a few years, some of them earning a six figure sum with people working for them. By accident, I got talking to someone from a different county yesterday and they were saying its the best thing he ever did. He totally changed my mind. I didnt want a hefty loan a couple of months ago.

Since im on the dole too, I may be entitled to keep it for the first year. If I come back after a year's working holiday I lose that option or I may have to wait a number of months before qualifying. The franchise may be taken also. And for what, a working holiday.

What will I do, do I contact the franchise and get more information, look into a bank loan or leave it as I will lose out on getting my money back from the flights. Do I go off and enjoy myself for a year and come back to where I left, no job.

Im thinking about get going, if I get refused a loan, I could hop on a plane.

araic88

Go for it! Going abroad could be a back up plan as you say. And if youll lose your money on the flights, maybe you could just go on a short holiday to avoid that? And you could try to get talking to people there and get a sense of the place

seachto7

You don't have to come back. (from abroad)

SeanSouth

Be very careful with franchises. Most of those agreements are heavily weighted in favor of the franchisor..........
I have rarely seen one that I was impressed with after reading the fine print.
Anyhow, don't do anything without thoroughly checking it through with a trusted Accountant and Solicitor
Try and get speaking with a 2nd franchisee in another county as well and even a 3rd one if you can

MissFlitworth

tornconfused wrote: »

Going from the franchise reviews on the website, people were making over €1000 and even more per week. After a few years, some of them earning a six figure sum with people working for them. By accident, I got talking to someone from a different county yesterday and they were saying its the best thing he ever did. He totally changed my mind. I didnt want a hefty loan a couple of months ago.

Take all of this with a humongous pinch of salt. Don't take out a huge loan based on reviews on the franchises own website, they're hardly going to stick anything negative up. Also, how did you 'accidentally' meet the other franchisee? Was he given your details? I would try and meet people running these franchises independently of the website & the franchise itself to find out the truth, they are there to sell to you and any website with people saying they're pulling in a grand a week just sounds so pyramid scheme-y

meeeeh

It all seems too good to be true. How well do you know the type of business that franchise is in. How many are already around. What type of the customer does it target. I would do a very detailed research of the cost and also how franchises are performing in other countries.

It could be viable business but you should completely ignore the testimonials on the website. Also find out from the bank what are your chances of getting a loan before you cancel the flights.

Carlowgirl

tornconfused wrote: »

I really dont know what to do with myself. I have been unemployed for the past year and not getting work.

I have a bit of savings left, so fed up, so I booked a working holiday visa and flights to get out of here. Seems like an easy option.

A couple of months ago, I was thinking of setting up a franchise business. The work in setting up is done by the franchise so thats good as I dont have the confidence to set up a business myself, all I need is the money. I need about €30000 in total which will be from the bank, if I get it. Its recession proof. Its work I would love. This franchise isnt available in Galway where im living, a big enough city and county.
So if I did set it up, Galway's mine.

Going from the franchise reviews on the website, people were making over €1000 and even more per week. After a few years, some of them earning a six figure sum with people working for them. By accident, I got talking to someone from a different county yesterday and they were saying its the best thing he ever did. He totally changed my mind. I didnt want a hefty loan a couple of months ago.

Since im on the dole too, I may be entitled to keep it for the first year. If I come back after a year's working holiday I lose that option or I may have to wait a number of months before qualifying. The franchise may be taken also. And for what, a working holiday.

What will I do, do I contact the franchise and get more information, look into a bank loan or leave it as I will lose out on getting my money back from the flights. Do I go off and enjoy myself for a year and come back to where I left, no job.

Im thinking about get going, if I get refused a loan, I could hop on a plane.

I remember reading a discussion on franchise before some guy was posting "what to do with 100k or something like that.." he was on about franchising and the general consensus was not to go for it.. you could try googling.. it.. ill try and see if I can send you the link...
I know franchises . . that you need a 100k to start up but they are basically a licence to print money after that.. don't know if im allowed to name it here.. it would be popular with kids.. anyway....
I would listen to the other posters.. do some more independent research.. from people already in the business. as opposed to their website

EdCastle

No offense, but you sound a bit aimless, you are full of whimsical notions and afterthoughts that are going nowhere.

First up, you won't be getting 30k from the bank if you have no job and certainly won't after a year of being unemployed, this is a complete pipedream! It's not a matter of going into the bank asking them for money, they want to see business plans, that you have a sense of confidence and authority about yourself to make the business work. They are investing in you.

Second, the most successful people who head abroad on the working holiday visa are those who have planned in advance with clear goals in mind... they are excited and enthusiastic about the opportunities to expand horizons, make contacts and the possibility of a future life abroad. In other words, they have their sh*t together! They aren't thinking of flaking out at the last moment.

You're treating it like another afterthought, a time filler and not seeing the potential of the opportunity, 'Ah sure, i'll jump on a plane and it'll be all grand for a year', guaranteed with that approach you will be back penniless within 3-4 months whinging and moaning that it was all over rated...all because you failed to prepare.

Third, you will be entitled to get back on the dole when and if you return from abroad but it will take some time ... but you will be back paid from when you sign on which should be the first day you arrive back if you're smart enough.

The long and short of all this is that you need to start making clear decisions, cut out the BS, aim for one logical and achievable objective, make a plan, stop flapping around the place and get on with it.