Logical Steps to Buying a Franchise Business
#1 – Goals
Most people interested in buying a franchise business are really lookers, hobbyists and dreamers. They can spend years investigating online to their hearts content but never drill down into the heart of the matter. The serious buyer is far different because it’s not a hobby for them. Working out the finer points of goals and purpose is the destination. ‘Hot opportunities’ and fads are gold for dreamers. The committed person is first and foremost a student of themselves and what they want. In other words they establish goals and priorities. Buying a franchise business is a life changing event that can either be very satisfying or end very badly. The serious contender is first interested in whether or not buying a franchise fits with their goals. In the beginning, choosing which franchise to buy, if any, is not a consideration.
#2 – Self-Examination
A good example of self examination in the buying process is shopping for a car. Cars come in a variety of categories, uses and prices. Buying a franchise business is the same. One might want a high end luxury model but it’s out of the price range. Or, a sports car would be great but that won’t accommodate the family. These obvious facts force people into more reasonable choices. But it’s the less obvious, easily overlooked issues are the real trouble makers.
Knowing how to buy a franchise is more about the subtle issues than the obvious ones. The trick, like most life decisions, is to be fairly sure of what’s good for us before moving on. Seeing beyond the obvious is difficult, but harder yet is being honest about what we are looking at. So, step one, stop searching the internet and start searching inside. The Focus Program for Emerging Entrepreneurs is an extensive and unique means of doing that. Whatever means you choose to complete this step, take it beyond the obvious issues.
#3 – Ignore the HYPE
Entering the franchise world is like a kid going to carnival. So much is happening. The excitement is overwhelming and concentration can be lost. That’s a beautiful thing for a kid. But for the franchise buyer, going in without a plan can be distracting or dangerous or both. The franchise hobbyist is there for fun and should run free for entertainment. The serious buyer should enter with blinders on so as not to be overly distracted.
Hence, the real benefit of Steps 1 and 2 is to help focus in Step 3. Never forget that franchise sellers know more than you know, not only about their concept, but about franchising in general. Their job is to reel in another franchisee. Your job is to remain aloof, but all the while, quietly executing a plan.