Beginner’s Guide to Buying a Franchise – Part 1
It’s a Saturday afternoon and you stop with your family to check out the new sub shop in your neighborhood. The sandwich is great, your family enjoys the visit, and you’ve dropped $50 for lunch. You’ve also noticed the line of customers and the number of employees, and think, “They are killing it! Maybe I should think about owning a franchise.”
Congratulations! You have an idea, or at least a first thought, about owning and running your own business. Then you start the Google searches and realize there are countless franchising options. Before you’ve even begun, you stop. How can anyone decide from so many choices?
That’s where I come in. Working with my network of experts and our resources, I work with motivated individuals to identify if franchising could make sense for them. Then we work through the sorting and discernment process. The good news is this:
- There is a process that works, and it makes what seems to be an insurmountable task – sorting through thousands of franchising opportunities – manageable, and even fun. Envisioning a future of freedom, no longer an employee, but a business owner, is energizing for many people.
- My professional services are 100% free to you.
Here is a quick overview of the first half of the process. (Part two is coming soon).
Initial Consultation. Is this for you? Before we start looking at franchise concepts, we spend time understanding and articulating your lifestyle, business, and financial goals. By using proven assessment and guidance tools, as well as honest conversation, I am going to work to know you and present franchise concepts that could appeal to you. Once we get that work done, and the effort to identify opportunities makes sense, we begin our eight-step process to find the perfect fit for you. (And no, they are not all sub shops!)
Step One – Start Shopping. We will start with a pre-screened list of hundreds of franchise concepts – out of a universe of thousands – from a wide range of industries. You will tell me what resonates with you and what leaves you cold. Also, if you are interested in a concept that is not in our inventory, we will still work together to help you use every tool at your disposal. This is about finding your perfect opportunity, not steering you or limiting your options.
Step Two – Funding Sources. Most people are surprised to learn of the many financing options available, including SBA loans, business loans for women, equipment leasing and more. Did you know that you could use your 401(k), 403(b) and other retirement accounts to fund a business investment without triggering a tax penalty? I’ll bring in the experts to explain.
Step Three – Compare Options. When our list of concepts is refined, we will dig into the details. What is the company’s financial condition? What is its track record? Is it growing? These and many other criteria become part of our selection process.
Step Four – Prepare & Inform Yourself. We work together to prepare questions you will want answered before you decide. Using my tools and resources, you will be fully prepared to engage the concept and to complete your due diligence.
Broken down into these steps, the franchising decision is systematic and thorough. If you have ever thought of investing in a franchise, don’t you owe it to yourself to use a proven system to evaluate your options and fully prepare? This is too big a decision to approach without a plan.
In my next article, we will cover steps five through eight as well as some other ideas you can use to find your way to career independence. Are you ready to get started before then? Contact me today and schedule your Free Franchise Consultation!