Proper due diligence can go a long way in almost any major life decision. It’s crucial to get the facts, and as I wrote in my book, “All franchise buyers need to become Fact-Gathering-Machines.” The research phase is all about facts; it’s certainly not about emotions. That comes later, as you start to visualize yourself as the owner.
Most of the people that I talk to about becoming franchise owners have one thing in common; they’re confident about their ability to do research. (Or, at least they come across that way.) Interesting. I wonder where they learned how to properly research a franchise-type of business. Especially since 99.9% of them never actually owned one in the past.
These are the same people who after taking my online franchise quiz, are asked if they’d like some guidance, and decline it. I just don’t get it. Is it ego? Are some people just stubborn? Or are they cheap, and don’t want to pay for professional, real-world guidance? (That’s right; I said it. Cheap!)
Why would someone who’s never owned a business before, try to go out and invest in one without proper guidance and coaching? It’s not like buying a franchise is like buying a $300 Network Marketing Anti-Aging Cream Kit! Franchise business opportunities can cost upwards of $300K. Why risk it?
If you, or someone you know, would like to get some valuable tips regarding franchise due diligence, join Direct Capital for a free webinar this Tuesday, (February 21st) at 1:00 PM EST. I’ll be presenting several crucial pieces of information on how to research franchises. You’ll pick up several things that will prove valuable as you get to a Yes or No decision on a franchise.
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"I was pretty focused on a particular franchise opportunity when I reached out to Joel Libava. In the course of a 1-hour conversation, Joel was able to ask questions and provide direct advice to help clarify the process for me and help guide me through the next steps in my vetting process. He even put me in contact with other professionals who were able to help educate me further in my particular industry. The time and money were well spent."
-Brian Grayson, Cincinnati