Joel Libava
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.
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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.
About the Author
Joel Libava is The Franchise King® — an independent franchise advisor with 25+ years in the industry, two published books on franchising, and his writing has been featured in The New York Times, Forbes, CNBC, Entrepreneur® Magazine and others. In addition, he wrote exclusively for the U.S. Small Business Administration blog for eight years. He doesn't sell franchises. Instead, Joel helps you figure out if franchise ownership is actually right for you — and if it is, teaches you his powerful, proven-to-work franchise research techniques, so you can make a smart, informed decision on a franchise to own and be your own boss.
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