Joel LibavaNow, I will discuss the 3rd thing to watch out for, when investing in a franchise business of your own……..
The 3rd thing to watch out for is the "selling". In my experience, the franchise companies I choose to work with {And visa-versa}, are the ones that "award" franchise to my candidates…not sell them the franchise.Another words, the potential franchisee {you}, must pass certain formal and informal qualifying steps. An example of a formal qualifier is net worth. If the net worth minimum requirement for a franchise is $300k, and your net worth is $450k, you have formally qualified.An informal one is calling X number of current franchise owners in a 5 day period, as discussed with the franchise development director.You and the franchise development director discussed this part of the research process, and you agreed to call X number of current franchisees within a defined period.
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The good and great franchise companies are constantly evaluating you, and your actions. Are you following through with the things you agreed to do.Did you call the franchise development director on Thursday at 11:00AM, as promised? {just an example}
When I stated that "selling" is an important thing to beware of when investing in a franchise of your own,
did you think I meant that you should not really have to be "sold" on why you should invest in a particular franchise opportunity?
Another words, if you have spent a measley 2 weeks investigating an opportunity, and are feeling "heat" from the franchise development director..i.e. "You really better move fast on this opportunity, before someone else does", then you need to take a step {make that 2-3 steps back}from this "opportunity.
As I said before, good to great franchise companies "award" franchises to the right folks. They don’t "sell" them.
If you would like to learn more about what to beware of when investing in a franchise of your own, you can e-mail me {Joel Libava} at:
franpro at sbcglobal dot net. You can even call me at 216-831-2610, or use the toll-free franchise info line, 1-800- 460-8299. Good luck!
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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