There are hundreds if not thousands of options to consider when choosing a franchise that is right for you. How do you know which one to choose?
There are two different types of people, usually referred to as Prospects, who typically fall into one of these two categories. Splatter Gun People and Focused Approach People.
Large groups of people jump right into the fire with a splatter gun approach. They contact every franchisor that they run across and ask for information. They spend hours searching the Internet. They ask their friends about possibilities. (That’s like asking your friends for marital advice…sorry.
When one franchise concept finally resonates with them, they think about the possibility that they could fit into a business like the one they are considering. They seek more information, eventually speaking directly with a representative from the franchise company.
Do you see the problems with this approach?
How do they know what questions to ask the franchisor?
Then they move on to another idea. Another concept and they start all over again. Rarely will they find what they are looking for. Why?
The reason is that they aren’t sure what they are looking for. They have never sat down to assess their strengths and weaknesses. They haven’t thought about open territories and they have no clue about financing or whether they will even qualify for franchising financing.
In the end, they are usually stuck in the same spot where they started. They are in the same job, usually unhappy or feeling stuck. They wasted a lot of time and energy and have gone nowhere.
The other types of people are focused. They have a pretty good idea of their strengths and weaknesses, but still, they have no idea what franchise opportunity would be right for them. They decide to use a Franchise Broker and then they are amazed that in doing so, they incur no costs. They don’t spend time and energy searching the Internet. They don’t call their friends asking, “What do you think?”
The Franchise Broker (a good one) determines their business acumen. Using science based methods, the Broker helps the prospect understand what may and may not be right fit for them.
The Broker does a Marketing Study to determine what might work in the area the prospect is seeking. The Broker studies the
financial strength of the choices being considered and walks the prospect through the murky waters of the Franchising world. The Broker makes an assessment of funding and financial strength and recommends a lender if it becomes necessary.
Finally, the prospect is happy and excited to be moving forward from a job they were stuck in to a wonderful new adventure hand chosen for them.
Franchise Brokers do not ask for money to represent a prospect. They are paid from the marketing fund of a franchisor. Do not pay any Broker upfront for fees. It is unethical to ask for them.