We look at YOUR Needs-then the franchise business…
My partners and I just cracked a bottle of champagne to celebrate my sale of our 600th restaurant. It never gets old for me and it’s because I genuinely want to help people to succeed. In all my years of doing this work, I see some common threads that people from moving forward and until these obstacles are acknowledged or resolved, it will be virtually impossible to buy a franchise of an existing business. Here they are in no particular order:
Fear of failure
It doesn’t matter that franchising is in many cases a very safe investment, people are afraid they will fail. We’ve seen it in corporate executives and first-timers. If we have reason to believe they will fail or if they are not suited, we will never sell them a business of franchise. Most of the time this fear is unfounded.
Too Much Information
Franchising, like all business ownership, requires a lot of information to absorb, but some people use this as an excuse not to move forever. The mind plays tricks and often makes us believe in our own fictions. We will never understand everything, nor will we get all the information we crave. The main issue to ask is “Is this right for me?” The heart often has an answer the fearful mind does not.
Will I be good at this
After the recession in 2008, I had a flood of employees leaving the traditional workforce and wanting to enter the world of small business. Some had never operated anywhere except from behind a desk. These 9-5 employees had one common thread running through them and it was that they were tired of giving up their lives for a salary. In a job where they were undervalued, every one of them brought with them an attitude of fierce independence and a willingness to make their lives better through franchising and business ownership. It was awesome to be part of such an entirely determined group of prospects.
Franchising and owning a small business isn’t for everybody. You have to be suited to it. The fit has to be right. But how do you determine what is the right fit? How do you know?
Fortunately, the world has Franchise Brokers. People who have experience matching concepts with people and matching this with returns. How do we do this?
Here is the process:
- We get to know you and your talents and desires. This is done on the telephone and will include information about your employment background and family life. We ask you to take an online Business Assessment quiz so we can learn more about what does and does not interest you.
- If you don’t like working with the general public would we show you a retail concept? Of course not!
- Next we discuss your profile review and discuss possible franchise concepts that may be a good fit for you.
- If you need funding, we will set up a call to some lending sources and make the introductions. There are several ways to buy a franchise and many times you do not need to use all of your own capital.
- Our next call will be where we discuss Franchise education and narrow down the right fit for you. This Industry report breakdown gives you extensive knowledge about a concept you are interested in.
- Next, we will do a market research report where we discover what concepts are in which zip codes. We believe competition is good in this respect because when an area can support existing business, the market share is usually growing.
- After you decide on what’s right for you, we will schedule a call with the main office of the Franchisor. Together we will have prepared some questions you may ask to better see if this is the right fit for you.
- I will provide you with a free report about reading and understanding Franchise Disclosure Documents (FDD) and together we will review the FDD for the franchise you have decided on. If there are more questions, we will ask the Franchisor for the answers.
- Don’t worry-You’re not going to be alone during any of this!
- We are going to get some Validators-there are current franchisee’s who are currently operating successful stores. You are going to call them and discuss with them your concerns and they will share with you their experiences.
- Now if you are still onboard, we are going to receive your free Franchise Attorney consultation. This is an hour of complimentary consultation that I offer.
- If this isn’t enough, you will also receive a free hour of consultation with a Franchise Accountant to review any financial matters the franchisor is providing.
- Finally, the day has arrived. Together, we have worked our way through a alot of time together plus all kinds of information that we have amassed. You have talked to other franchisees. Discussed concerns with the franchisor. Talked to an attorney and an accountant and together we have crossed a lot of lands as we narrow down the best choice for you.
- It’s time. You are ready!! Now comes a visit to the Franchisor’s office-This is Called Discovery Day and it’s typically the day you decide that this is the right move for you. The next step in your destiny. Time to uncork another bottle and toast to your new life!!
- If you have read about this journey, then you now know why we do this. Helping others to overcome fear, jump through adversity and to persevere in their dreams. It’s the best job in the world.