A person’s net worth is simply, total assets – total debts, and it is a financial number franchise companies often look at to evaluate if a candidate has enough money to invest in a franchise or business opportunity. Knowing your net worth far in advance of researching franchises to own will allow you the time you may need to grow your net worth.
Growing your net worth is something anyone can do with dedicated commitment and action to decreasing debts or money you owe (credit card balances, loans) and increasing assets (bank account balances, retirement savings, value of stocks and bonds or investments).
While this is a simple idea, it can be easier said than done. Outlining how you are going to accomplish growing your net worth on a monthly, weekly and even daily basis is a good idea. Smaller, frequent goals will help you succeed and should include a complete change of perspective on how you are spending and saving your money. There are many ways to save more money and be smarter about your budget, and tons of resources out there to help you.
Need some ideas of how to get started on growing your net worth? Check out http://www.mymoney.gov/
Franchise Solutions provides tips each Tuesday to help future franchise and business owners be successful. To read useful business planning articles please peruse the Franchise Solutions’ Resource Center.