I am looking at an opportunity to buy 2 offices in the H&R Block franchise. I am alternatively considering just staring a solo tax preparation business out of my home. I'm looking for advice, tips, things to consider from folks familiar with small franchises like this.
My initial, and recurring, thought is that I am not looking for a full time job, and the franchise sounds like that plus more. On the other hand, I do want to begin developing long term income streams, and it seems like ownership of these franchise offices could potentially be that. Solo from home definitely suits our short term needs best, but seems unlikely to convert into a long term, hands off income stream.
I will be sitting down with the current owner after tax season is done, to go over the numbers, and obviously those need to make sense before this goes any further.
But, assuming the numbers are there, are small franchises worth it? Or are they usually money pits that people run away from? This will be our first year with solid funds to invest, and if we don't do the franchise, we will likely buy or our first real estate investment.
My heart is definitely not into running a business day to day, and both my husband and I are very interested in real estate, but I don't want to blow off a potentially lucrative long term investment because I am to inexperienced to know it is one.