Joel Libava
Just because you have a desire to own a business doesn’t mean it has to be a franchise business.
Because franchise ownership isn’t for everyone.
“Wait, Joel. Aren’t you pro-franchise business?”
Of course I am. Usually.
“Joel, isn’t the franchise business what you write about, make videos about, and help people get into?”
Yep. But not everyone is cut out for franchise ownership.
Let me show you why.
Why Franchise Business Ownership Isn’t For Everyone!
While the franchise model is quite amazing, and has made lots of people lots of money, it may not be right for you.
Then again, it may be perfect for you.
So perfect in fact, you may be disappointed you didn’t learn about it sooner!
Let me break it down for you. If you:
- Don’t want to reinvent the wheel
- Like systems
- Always follow the rules
- Appreciate detailed how-to information
- Like the power of a group
- Will spend money to make money
- Are willing to pay for support
Then you should take a hard look at franchising. Of owning a franchise business. Especially if you’re in career pain and you have the money to buy a franchise.
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How much money do you need to buy a franchise?
Now that you know who’s right for franchise ownership, let’s talk about people who shouldn’t own a franchise business. Ever.
Who’s Not Franchise Owner Material?
This next part has the potential to save you hundreds of thousands of dollars.
Why?
Because as excited as you may be about the possibility of becoming a highly profitable franchise business owner, it may not be the right business ownership path to take. And you need to avoid it.
With that harshness in mind, read this next part carefully, so you don’t make a major mistake.
Namely, don’t even think about franchise ownership if you:
- Like making the rules
- Are super-creative and need to use that skill a lot
- March to the beat of a different drummer
- Don’t want to share a % of your revenue with anyone
- Want to come up with your own ad slogans etc.
- Want your own name on a business
Do you see where I’m going with this?
But wait. I have some excellent news for you.
A Free Franchise Ownership Decision Making Tool
Several years ago, I created a free tool that will quickly help you decide if owning a franchise is right for you. And close to 7000 people have used it.
It’s actually a quiz, and it will take you 8-10 minutes* to complete.
*Interestingly enough, 30% of the folks who visit the Free Franchise Quiz page don’t take the quiz. It bothers me.
That’s because in my mind, if someone who may be about to invest $200,000 into a franchise business won’t take the time to see if they should even be looking at franchises…
Right?
Plus I grade each and every quiz myself. No software or AI. Just me. Why?
Because buying a franchise is a big deal.
So take my Free Franchise Quiz, so I can score it for you, and tell you if franchise ownership is right for you.
Because as I said, owning a franchise business isn’t for everyone.
Did I get you thinking?
Are you going to take the quiz?
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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