“What’s your opinion of Quiznos, Joel?”
“Joel, do you think McDonald’s is a good franchise?”
“Joel, is a $60,000 franchise fee out of line?”
“Should I invest in multi-units, Joel?”
“Joel, do you think it’s okay to buy a franchise right out of college?”
I do have opinions on every question asked above.
I could have given my opinion about Quiznos here, but I didn’t.
On McDonald’s, I’ve given my opinion-rather strongly, many times.
$60,000 is pretty high for a franchise fee. That’s a fact. It’s also my opinion.
Multi-unit franchise ownership can be a great thing for the right person-in the right situation. For someone who truly wants to grow a business. (In my opinion.)
I shared my opinion on college graduates buying a franchise-along with some important facts, in an article I wrote for the SBA.
What do you think?
Considering the fact that I:
Wrote this book:
- Wrote these eBooks
- Created a comprehensive buying a franchise course
- Write franchise articles for several publications
- Have personally worked with thousands of prospective franchise owners
- Frequently get contacted by the press and others for my perspectives on franchising
A question: Based on only the information I shared with you, do you feel that my opinions on franchising and franchise ownership are valid?
If you were the person asking those questions, would you listen to what I had to say?
And, what if you read an op-ed…like the one I wrote about franchise businesses that take advantage of the downtrodden, an article laden with facts; would you be influenced by it?
Avoid Opinions At All Costs
That’s right; even opinions from me (or other franchise professionals), serve no real purpose when you’re buying a franchise.
That’s because my opinions come from my world view. Not yours.
(3 different franchise businesses in one terrific location)
Check Out This Scenario
Let’s say you, we’ll use the name, Tim-are seriously considering buying a franchise, and you wanted a few opinions on your idea of becoming the owner of a franchise business, and on the specific franchise opportunities (or opportunity) you were investigating.
One of your tactics to obtain opinions involves contacting friends of yours who know a lot about small business and/or entrepreneurship….franchising, too-if possible.
The first person you call is an old-college buddy who just so happens to be the head of a small, but fairly well-known business school.
You: Ned, Tim Randle here. How the heck are you?
Ned: Great, Tim! How’s things by you?
You: Great! Look, real quick, I’m thinking of buying a franchise, and I wondered if I can have your opinion of franchising, and of the two franchises I’m looking into?
Ned: I’ll try to help.
Ned: As to franchising, it’s a good business model. Do you remember Linda Houston?
You: Of course! She was a smart one if I remember correctly. Real smart.
Ned: That’s right. Her SAT score was even higher than mine, LOL! Anyway, I heard through the grapevine that she owned a franchise for awhile-something in food, I think.
Ned: Yup. The story goes that Linda and her husband bought this franchise…two of them, actually, but the locations turned out to be horrible, and they lost everything.
Ned: I believe so. This was like 5 years ago. Sucks.
You: For sure. You say it had to do with their locations?
Ned: That’s what I remember.
Location, location, location. It’s really too bad that Linda Houston and her husband didn’t have the ability to use real-time market data to help them find their ideal locations. But you will, if and when you’re ready to start looking for franchise locations. Check out what this Texas-based company is doing to increase your chances of finding the best locations for your business.
The story continues…
You: This is terrible news. I wonder if I’m doing the right thing.
Ned: I don’t know. But, as I said, the franchise model is a good one, but you have to make sure you have a good location and plenty of money to help you make it through the first year or two. That’s my opinion. It is possible to fail, though-and lose a lot of money in the process. What franchises are you looking at?
Ned: Food franchises, huh?
You: Yep. What do you think?
Ned: Tough business, Tim. Food franchises are some of the toughest franchises in the world to own.
Ned: That’s my opinion. Others I speak to feel the same way. Have you ever worked in food service, Tim?
You: Well, no.
Ned: You may be taking a big risk. Now, I am not familiar with either of the franchises you’re looking at…they may be good opportunities. You may be taking a big risk here, Tim. Having no food service experience and all.
You: Well, thanks a lot for letting me bend your ear. I really appreciate it.
Ned: Let me know what you end up doing, okay?
You: Will do.
(A balloon. Deflated.)
How Are You Doing Tim?
I’m guessing that you’re feeling a little deflated. All because of an opinion or two. An opinion you could have avoided.
So, Tim, are you ready to give up on your dream…your dream of owning a business?
And, what about you?
Are you going to allow someone’s opinion to sway you one way of the other?
Do you really think I’m going to fall for the thought that just popped into your head?
This one: “I would never allow someone’s opinion to influence me-especially with something as big as this.”
If you say so. But, just in case, I have…
A Way To Counteract Opinions
My way is easy, actually. Here goes.
The way to counteract opinions you get from others…from well-meaning friends and/or relatives, is to…
Get The Facts!
Facts, shmacks. Who needs em?
And, it’s not that difficult to get the facts. You just have to know how to get the facts on the franchises you’re exploring and where to get them from. (Of course you need to know what to do with all the facts you gather once you have them.)
Good thing there’s a product or two that can teach you how to get the facts on the franchise opportunities you’re investigating.
“The fewer the facts, the stronger the opinion.”
-Arnold H. Glasow
Here’s My Opinion
Before you buy a franchise-I’m talking about sending in money and signing a franchise agreement, you need to focus on all of the facts you were able to gather as you investigated the franchise opportunity you’re thinking of buying. And, really try to avoid opinions if possible.
Facts is facts.
How to Use a Franchise Opportunity Website
The 10 Commandments of Franchise Research
What You Need To Know About Franchise Consultants/Brokers