I have sold countless businesses over the years and I have seen many otherwise successful people fail in a franchise concept.
Why? There are many answers, but I believe the number one reason is that they are not suited for the business they chose.
A first time restaurant owner will probably not be successful owning a white tablecloth restaurant serving fine dining customers. Yet, many people aspire for things that are just doomed from the beginning. They refuse to listen to their Franchise Broker and push ahead toward destruction.
Although you do not pay the fees of a Franchise Broker (the fees are paid from the marketing fund from the franchisor), the Franchisor Broker is your best asset. Listen to them.
At Franchise Brokers Inc., we use a scientific business assessment tool to help identify the strengths of our clients. The test is very quick and is mindless. After taking the multiple-choice quiz you wonder what the point is, but the results are spot on. In fact, the profile of this is called Spot On.
The results give the Franchise Broker a lot of knowledge about the type of operator you will be and an ethical Broker will steer you in the direction best suited to your strengths and one that conforms with your personality.
What about the franchisor? If you are a recyclable type of person where saving the planet and going green is important to you, would you choose to work with a franchisor who has no regard for these values? Of course not, but how do you know unless you work with a Franchise Broker who has knowledge and understands the characteristics of matching both franchisor and a qualified prospect?
Work with a qualified Franchise Broker who understands both your needs and the needs of the business model. It willmake all the difference.