Joel Libava
A few years ago, I read about some new software that could do a “franchise match.” Really?
What a crock of sh*t. Look. Just what the world of franchising needs. A “sophisticated, technological franchise matching tool.” For that “human” touch.
And now, potentially hundreds of franchise brokers are using this magical software with everyday people who are considering franchise ownership. People who may end up investing $200,000 or more so they can take more control of their lives by being their own boss. Freaking perfect.
A Theoretical Free Franchise Consultation Using This Magical Franchise Matching Software
Let’s see how a franchise consultant makes a franchise match with the software.
Franchise broker:
“Well, here’s the printout of your score, using our “Ultimate, Amazing, Super-Laser, Franchise Matching Tool. If you’ll just put on these 3-D glasses, you’ll clearly see that your personality profile is a B877Z-TR.”
The Sucker:
“Yes, Jack, I see that. But you know, I am little worried. I took that profile of yours on a Monday. Monday’s are not good days for me. And how will this profile you took help me find a good franchise opportunity?”
Franchise broker:
“No worries. Our tool compensates for days of the week, lunar cycles, and even mild earthquakes felt in Indonesia. That said, according to my franchise opportunity matching tool, you need to look at Coaching franchises.
The Sucker: “I see. Like a sports thing? I’m not very good at dribbling.”
Dribble. Dribble. Dribble…..
Hooey
What a bunch of hooey.
Seriously; who the heck would put their life-savings on the line to buy a franchise based on an algorithm? You? I hope not.
For the purpose of this article, you can call me crazy, but when it comes to something big, and potentially life-changing (like becoming the owner of a franchise business for the first time), my gut tells me that human interaction is needed. Not some type of plug and play gadget supposedly designed to help you find and compare franchises.
As a matter of fact, if you are looking to match yourself to a franchise that makes sense for you-and become profitable, is to follow a simple, step-be-step process.
FAQ’s
1. Determine why you want to buy a franchise.
2. Learn about the franchise business model.
3. Make sure you are 100% comfortable following rules.
4. Use a net worth calculator to determine your net worth, so you can figure out your budget for a franchise.
5. Put together a list of your top skills.
6. Create a list of your dominant personal traits.
7. Search for franchise opportunities that closely match your top skills and dominant personal traits, then make franchise matches based on those things.
8. Request information from the franchisors that seem to match up.
9. Do thorough research on the franchise opportunities you’re interested in.
10. Determine how you’re going to fund your venture.
11. Write your business plan.
12. Arrange an in-person visit to franchise headquarters to meet the team and see the operation first-hand.
Hire a franchise attorney to go through the Franchise Disclosure Document (FDD), and the franchise agreement.
Make your decision.
Open your franchise business!
Buying A Franchise?
You're Going To Need This!
Ask For Help From A Franchise Industry Insider
Buying a franchise is a big deal. You don’t have to do it alone.
If you’d like details on how to work thought each of the steps I just laid out, check out this comprehensive article on exactly how to buy a franchise.
Finally, if you want to make sure you’re on the right track, or if you would like some fresh ideas, you can work with me…I can help you a lot. Heck, I may even be able to find you a franchise match.
