Choosing a Franchise Demands Focus
Choosing a franchise is overwhelming for many people. There are literally thousands of franchise opportunities to choose from and they cross nearly 100 different types of businesses, but there is a logical approach to the problem.
First, clear your head and keep it clear. It’s natural for franchise buyers is to jump into the deep end of the franchise information pool. That’s a mistake made by virtually all first time buyers. Like kids in a candy store, the urge to check out every possibility is awesome. And unfortunately it’s way too easy. In the past, choosing a franchise meant buying magazines, making trip to the library, and traveling to the occasional but exciting franchise show. Today you can Google all the franchise shows you want to attend. And that’s exactly the problem. Choosing a franchise should not include this kind of sensory overload, at least initially.
Second, the best starting point for choosing a franchise is YOU. Would you believe that you already know the basics of what’s out there without looking? You do, and you’ll believe it after slowing down the process. It’s called insight. It’s called knowing yourself. Let’s put it a different way. If you’re busy choosing a franchise, then you’re at a crossroad in your life and looking for a change. If it were not for need of income, what would you be doing next? Short of unlawful activities, there’s probably a franchise close enough to the world you are looking for to make sense.
Third, knowing what you don’t like is close to knowing what you do like. If you don’t like indoor work, why would you spend any time studying fast food? Choosing a franchise is about you. In spite of the spin that a franchise salesman puts on a food opportunity, if you don’t like indoor work, you won’t like the business. Don’t waste your time.
Fourth, there’s no such thing as a ‘hot franchise’. Even if a concept is doing well at the moment, it will either burn out or there will be lots of other similar franchises in the future. Don’t be pushed or sold into any franchise. Again, choosing a franchise is about you, not the business.
Take your time. Be selective regarding the things you consciously study. There is no rush in choosing a franchise. Making the wrong choice will be the mistake of a lifetime.
There is so much written on the subject of choosing a franchise and a lot of it is good. But the nuts and bolts of financing, training, territory, etc., while all important, becomes repetitive after awhile. The most important factor will always be you. Of course, for anyone seeking guidance to work through insight issues, we will always suggest ‘The Focus Program for Emerging Entrepreneurs‘.
And last, have confidence, that when choosing a franchise, you are more important to the franchise than the franchise is to you. www.bibbygroup.com is filled with useful franchise information. Happy reading.