Do you think that you can learn how to carefully buy, and properly research a franchise, just by reading a franchise book?
(Warning; I'm trying to encourage you to buy my eBooks)
As I look back on my 10 year (so far) stint as a franchise consultant, I'm amazed by all the changes I've seen in franchising, especially as things pertain to the buying and selling of franchises.
Almost every major change that's happened is because of the internet and technology.
For folks that are thinking about becoming franchise owners-or for that matter, any type of small business owner, some of the tools available to help them discover and investigate opportunities, are amazing.
I'm starting to wonder if more and more people are starting to use some of these web-based tools, instead of going directly to consultants…
It's so easy to park yourself in front of your PC, (or mac) and start cruising around the different franchise websites, to "see what's out there."
I think that searching through some of the better franchise directories are a good place to start a franchise business search, but they may not be where you find the one that you end up buying.
What I've Learned. How You Can Benefit.
The most important thing that I've learned as a practicing franchise consultant, (not a franchise consultant that's practicing on you-like some of the newer ones may be) is that there's a right way, and a wrong way, to find the right opportunity.
- The right way involves not immediately going to a franchise directory website, and trying to "find it."
- The right way starts with you taking the time to do a self-evaluation. What is it that you're really good at, that you can transfer over to business ownership? What is it that you're not so good at? Avoid an opportunity that requires you to do the things that you're not too good at!
- The right way also involves properly researching the opportunities you're thinking of investing in, before you write the check. I'm here to tell you that you probably don't really know how to research a franchise. I do, and I've taught hundreds (at least) of folks just how to do it in a way that has allowed them to protect themselves.
Here's The DIY Way
I've created some in-depth, and really easy to use franchise guides for you to invest in, if you want to do it yourself. You'll find them over at www.FranchiseOnlineUniversity.com.
I think that some folks can actually do it themselves. The 3 franchise eBook style guides that I've produced, cover everything you need to do to make a fact-based, informed decision.
You'll become an educated franchise buyer.
The Reviews Are In
Here's what the former VP, and Executive Editor of Entrepreneur magazine, Rieva Lesonsky, just said about one of my franchise guides;
"Libava provides all the tools you need in one place, taking you step by
step through contacting the franchisor for initial information, talking
to the franchisor, contacting franchisees for their insights, taking
what you’ve learned back to the franchisor, visiting operating units,
researching your financing options, creating a business plan, consulting
an attorney and ultimately making the big decision. He includes
checklists you can use to make sure you get all the information you
Then she says;
"In my nearly 30 years in the world of small business, I’ve read more
books about buying a franchise than I can count. (I’ve even written a
few.) I didn’t think there was anything new I could learn about the
process—until I read How to Properly Research a Franchise Business BEFORE You Buy It." Click here to view more details
Barry Moltz, a Chicago area entrepreneur and author writes;
"Joel Libava has helped hundreds of would-be franchise owners. He just released a couple of guides that give a new twist to choosing franchise ownership. Joel shows people how to make rational decisions in choosing franchises. He can save you loads of dollars in the process of researching and purchasing a franchise."
Do You Like That Personal Touch?
Some of you may want to have more of a "personal touch," and sit down face to face, or have phone consultations with a franchise consultant or broker. Most of the folks that do it, don't charge, since they get a finder's fee from the franchisors that try to match you up with.
If you'd like to get some one-on-one attention from me, I do things a little differently. Look
In summation, the tools are out there for you, if you'd like to do this yourself. I have produced some of them, and there are also some others around.
If you're serious about changing your circumstances, and getting more control of your life, go out there, and see if it's feasible.
Go Ahead. Click it!
How to Use a Franchise Opportunity Website
The 10 Commandments of Franchise Research
What You Need To Know About Franchise Consultants/Brokers