Joel Libava
When you’re looking for a franchise to buy, it’s essential to do things in the proper order. There are a couple of reasons for this.
- Contrary to what you may hear from mostly well-meaning people in franchising, owning a franchise doesn’t come without risk.
- If you do things out of order, you may end up wasting valuable time looking at franchises you don’t qualify for.
“The older I get the more wisdom I find in the ancient rule of taking first things first. A process which often reduces the most complex human problem to a manageable proportion.”
– Dwight D. Eisenhower, the 34th president of the United States
There it is. “First things first.”
That said, let me show you what you need to do first.
Do This Before You Start Looking For a Franchise to Buy
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I’m not kidding. You need to count your money before you start looking for a franchise to buy.
As obvious as this seems to be, I have a question for you:
Have you calculated how much money you have?
Or, are you like way too many of the people who contact me for franchise advice-who don’t have precise personal financial information?
I can’t emphasize this enough:
If you don’t know how much money you have to work with, you’re going to end up looking at franchise opportunities that you can’t afford. Why would you want to do that?
Specifically, why would you want to waste your time getting excited about a particular franchise concept, one that’s a good fit for your skills and may even be a perfect for your local area-if you don’t have the means to buy it?
How depressing!
Don’t Blow This Off
Unfortunately, you may choose to ignore the simple advice I just gave you.
In fact, you may click away from this post right now and go on your merry way. That’s fine; it’s your choice. Go ahead. Continue looking through these franchise opportunity websites.
Click. Click. Click.
In this case, I really do hope you find a great franchise opportunity.
But more importantly, I hope you can afford it.
Wait! I have an idea.
Use My Free Net Worth Calculator
That way, you’ll know exactly what you have to work with, money-wise.
And so will your franchise salesman, as he’ll need to know that you qualify for the franchise opportunity he’s trying to sell you
The upshot of all this?
If you’re looking to buy a franchise, the information you need will be readily available.
Questions?
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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