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Your Dream Franchise May Not Be Your Perfect Franchise
Believe it or not, the following exact scenario repeats itself from time to time, and the general context is very predictable. As a franchise consultant, I make the initial phone call to a franchise lead, introduce myself, and begin the interview process.
By: Cory Barber
Believe it or not, the following exact scenario repeats itself from time to time, and the general context is very predictable. As a franchise consultant, I make the initial phone call to a franchise lead, introduce myself, and begin the interview process.
By: Cory Barber
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Occasionally, at some point during the information gathering process, I hear the dreaded words: "I really want 'X' (very famous fast food franchise). My family and I eat there all the time and it's totally awesome. I love the food, the tables, even the napkins and the fancy trash cans. It looks perfect for me!
How do I become an 'X' franchisee?" Ugh.
So many franchise seekers have decided in advance that they know exactly what franchise they want to buy before investigating what the business offers in terms of features and benefits. Oh, not to mention the investment required. I then inform them that their selection process is completely backwards.
Sometimes, people "fall in love" with a particular brand because of memories of when their son was a baby and he had all of his birthday parties there. Or, maybe your first date with your current spouse was at this famous burger place and you both ordered the same meal. Unfortunately, these type of decisions usually are emotional and from the heart. Choosing the perfect franchise, however, requires eliminating the emotional attachment and utilizing accumulated, solid business sense, which can be less sexy.
The point I'm trying to make is this: choose your franchise as you would any large investment. If you were shopping for a new home for your family of seven and it had a terrific ocean view, but only one bathroom, you wouldn't buy it. The decision regarding your perfect franchise should be based on the answer to several important questions. Here are just some key ones to consider:
What is your educational background?
Have you ever owned a business before?
Will your spouse be involved in the business? Does he/she know you're looking for a franchise?
Do you enjoy sales and customer service?
What are your strengths and weaknesses?
What business environment appeals to you? (retail, office, mobile)
What income is your franchise replacing?
What is your investment range? How much of that is liquid?
Do you prefer full or part time? Passive or hands on?
Page 2
Cory Barber is a professional franchise consultant affiliated with the world's top franchise broker network. His free, confidential consulting services help guide you through the entire process of purchasing a franchise based on your background, skillset, lifestyle, and financial goals. For more information about his free Franchise Consulting Service, please visit: www.thefranchisingauthority.com or contact Cory at his office: 877-271-4305.
How do I become an 'X' franchisee?" Ugh.
So many franchise seekers have decided in advance that they know exactly what franchise they want to buy before investigating what the business offers in terms of features and benefits. Oh, not to mention the investment required. I then inform them that their selection process is completely backwards.
Sometimes, people "fall in love" with a particular brand because of memories of when their son was a baby and he had all of his birthday parties there. Or, maybe your first date with your current spouse was at this famous burger place and you both ordered the same meal. Unfortunately, these type of decisions usually are emotional and from the heart. Choosing the perfect franchise, however, requires eliminating the emotional attachment and utilizing accumulated, solid business sense, which can be less sexy.
The point I'm trying to make is this: choose your franchise as you would any large investment. If you were shopping for a new home for your family of seven and it had a terrific ocean view, but only one bathroom, you wouldn't buy it. The decision regarding your perfect franchise should be based on the answer to several important questions. Here are just some key ones to consider:
What is your educational background?
Have you ever owned a business before?
Will your spouse be involved in the business? Does he/she know you're looking for a franchise?
Do you enjoy sales and customer service?
What are your strengths and weaknesses?
What business environment appeals to you? (retail, office, mobile)
What income is your franchise replacing?
What is your investment range? How much of that is liquid?
Do you prefer full or part time? Passive or hands on?
Page 2
Cory Barber is a professional franchise consultant affiliated with the world's top franchise broker network. His free, confidential consulting services help guide you through the entire process of purchasing a franchise based on your background, skillset, lifestyle, and financial goals. For more information about his free Franchise Consulting Service, please visit: www.thefranchisingauthority.com or contact Cory at his office: 877-271-4305.
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