Joel Libava
The journey to buying a franchise is an exciting yet challenging endeavor. You certainly don’t need well-meaning friends and relatives around who allow your franchise dream to be derailed.
That’s because along with the excitement of potentially working for yourself, there’s the gut-level fear that comes with it. That scary self-talk.
“What if I choose a lousy franchise?”
“What if it takes me YEARS to make money?”
“What if I never make any money?”
Right?
So you ask for advice and opinions.
On Asking Your Well-Meaning Friends And Relatives For Advice And Opinions
While it can be tempting to seek advice from friends and family, not everyone will understand your vision. Heck, they probably won’t (and don’t) understand the intricacies of the franchise world.
That usually leads to well-meaning individuals expressing concerns or doubts, and giving you their tips and opinions.
In a lot of cases, this unintentionally steers you away from your goal of owning a business.
As a matter of fact, I’ve worked with people who have had their franchise dream derailed by well-meaning friends and relatives. And it’s not a pretty sight.
Specifically, they’ve talked themselves out of the franchise opportunity they were starting to get interested in after “hearing something” from a well-meaning, but totally unqualified family member or friend.
How sad.
Try not to allow that to happen to you.
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Scratch that: Make a commitment (right now) to ignore the naysayers.
After you’ve made that commitment, you can start doing the work.
And, don’t kid yourself; it’s going to take a lot of hard work to get this right.
But, it will be worth it. Even if you don’t buy a franchise.
That’s right; you may not buy a franchise after you’ve done the work.
It’s okay.
As a matter of fact, it’s really okay with me.
That’s because I’m not paid if you buy a franchise…like a franchise broker or franchise consultant is.
On Getting Your Franchise Dream Derailed
It’s a lot easier than you think to get derailed by someone.
If you’ve already started your search for the best franchise around, and you’ve told some people close to you about the franchises you’ve found, you probably know what I mean.
Keep reading. I’ll give you a few examples.
Classic Derailments
Below, I’ve listed some derailments that you may have heard, or will hear…if you start looking into franchise business ownership.
“I’ve heard ________ franchisees weren’t making any money these days.”
“I hear __________________ has been sued numerous times.”
“I keep hearing _____ ______ is having problems finding good locations.”
“I hear that by the time you pay rent, payroll, and all the other stuff, there’s hardly anything left for you when you own a franchise.”
“I hear the franchise companies make all the money“
“Food franchises are a dime a dozen. I wouldn’t buy any of them.”
Blah, blah, blech.
Here’s How To Not Get Derailed
The best way to avoid the naysayers…to avoid getting your franchise dream derailed as you search for a franchise business you’d like to own (or at least learn about) is to keep things to yourself. That’s right: Be quiet.
Don’t tell them what you’re doing. Well, not specifically.
However, it’s perfectly okay to share (with a few people close to you) your plans. After all, buying a franchise is big. It’s a major life decision, and it’s possibly a risky one.
Here are 10 ways to lower your risk when buying a franchise.
With that in mind, here’s what you should say:
“I’m thinking of becoming my own boss, so I’m going to learn about franchising. That means I’ll be checking out a few franchise opportunities. I’m not going to jump into anything. I’m just going to explore some ideas. I’ll give you some specifics if I find an opportunity that looks good. How does that sound”
Nice, huh?
Try it. It’s a great way to avoid hearing negative, usually untrue stuff, from well-meaning friends and relatives.
That’s because, in essence, you told them you’re not going to be sharing anything with them unless you find an opportunity worth sharing.
One more thing: If their reaction to what you just told them is less than positive, don’t say another word about it. Just focus on your dream.
Remember, you didn’t tell them you were going to buy a franchise.
You only told them that you’re considering it.
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