Joel Libava
If you’d like to have a real chance of success as the owner of a franchise business, you’re going to have to “see” yourself as the owner. Let me explain…
When you start looking around for a franchise to own, try to really visualize yourself in the business. You’ll save yourself a lot of time. For example, owning a McDonald’s franchise may sound great at first, but can you really “see” yourself behind the counter of a busy fast food restaurant in which 75% of your employees are under the age of 18? (I’m not saying that working with teenagers is bad thing. Just ask yourself if it’s what you want to be doing for the next 10-20 years.)
In my book on franchise ownership (December release), I write about how important it is to visit franchisees at their place of business.
There are several reasons that it’s important for you to take the time to do this, and you’ll learn about all of them in the book. The one that I’m focusing on today has to do with visualization. You need to get into FVM.
Franchise Visualization Mode
I’ll wager that you’ve never heard of FVM. It’s a term I invented that’s designed to help you increase your likelihood of becoming a super-successful franchise owner. It’s something that you must do before you even think of writing a check to the franchisor.
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It’s not difficult. You just need to find a way to visualize yourself as The Owner.
It’s one thing to look at the franchisors website, or their franchise brochure, and see pictures of franchise owners seemingly happy and successful; it’s quite another to spend a day with a franchisee.
If you make a commitment, (right now) to make sure that you schedule an in-person visit with a franchisee that’s invested his or her money and time into the franchise concept that you’re thinking of investing in, it will be a game-changer. Not only will you be able to ask some of the questions that have been gnawing away at you face to face, but you’ll be able to, “step behind the counter” so to speak, and find out how it feels…or how it may feel as an owner.
After you do that, the most important question to ask yourself is this one;
“Can I see myself as the owner of this franchise business?”
If you can, great. Maybe it’s for you. If you can’t easily visualize yourself as a franchisee of this concept, the best thing to do is walk away. Cut your losses. (Not that your losses are that much. Some time researching the franchise, and some travel costs. So what?)
Start fresh. There are other franchise opportunities that may be a nice fit for you. Be patient. And remember to get into FVM.
Okay?
Have you ever walked away from something that just didn’t seem right for you? Care to share it?
