Buying A Franchise Is Not Blue Sky. Protect Yourself.
Know This First & Foremost
99% of people referring to themselves as franchise consultants are sales agents or brokers who earn a commission if their client buys a franchise they represent. 100% of people offering ‘free franchise consulting’ are brokers as well. We represent BUYERS not sellers, and we do so for only one reason: PROTECTION. We don’t represent or sell franchises. In fact, we’ve never sold franchises. Instead, we provide and teach proper due diligence. In order to make good decisions, buyers must level the playing field and know as much as possible before buying a franchise.
Critical Issues To Consider When Buying A Franchise
1. You have to be comfortable with the idea of self-employment as a lifestyle.
2. Franchising is all about rules. If you can’t operate under those rules, you’ll be an unhappy franchisee.
3. Don’t be fooled into thinking that buying a franchise is risk-free. In fact, franchise failure rates are high.
4. Again, ‘Free Franchise Consulting‘ indicates a franchise broker or salesperson paid by the seller. Know the difference between a broker and a true consultant.
5. Most franchise buyers don’t fully understand what they’ve purchased until after the fact. Don’t buy a franchise without doing quality franchise due diligence. Disregard due diligence and you’ll probably make a mistake.
6. A bad franchise purchase cannot be reversed and it can ruin your life. Take your time. Analyze and absorb good advice, not salesmanship.
Common Mindsets Of Franchise Buyers – Only One Is Right
“I trust my instincts, so I’ll know what’s best for me”. Without a knowledge of franchising and proper due diligence, instincts are meaningless.
“I’ll verify what I’m told and find out the truth about different opportunities.” Inexperienced franchise buyers don’t know how or what to verify.
“I’ve analyzed this franchise, I’m confident of its quality. It suits me and what I want to do.“ This is where a franchise buyer should be. If you can say this with conviction, you’re miles ahead of most.
Essential Elements for Franchise Buyers
Know that you should be self-employed and what type of business makes sense. You can start resolving these issues with The Focus Program for Emerging Entrepreneurs. The Focus Program also teaches due diligence.
Mentoring for two critical items: Understanding the franchise model and your potential fit within it.
Franchise Due Diligence to expose the true reality of a franchise.
Franchise Selection: Your enthusiasm should never be the result of salesmanship. It should result from careful analysis. Reject franchising entirely if it doesn’t feel right.
Read this informative exchange about free franchise consulting
Client Statements –
“I struggled with buying a franchise. I needed a mentor focused on my situation, not an opinion on what might be a good franchise to buy. Your process slowed everything down. I got to know myself as an entrepreneur and create a logical, comfortable plan for making decisions. In a short period of time I replaced confusion with confidence, and knew my direction. I’ll continue to reap the benefits of what I learned through this process. I’d definitely do it all over again.” Randy R. – Texas
“It really was a fascinating discussion of the opportunity I was considering. Your fee may go down as one of the best investments I ever made. Anyway, I’m doing a lot of thinking this morning about my future. I’ll be calling you every month for the rest of my life if each time I can save $250K!” Ira B. – New York