Joel Libava
So….
You’ve been learning about what it takes to own a franchise business.
You’ve purchased books on franchise ownership.
You’ve read blog posts on franchising.
You’re receiving email newsletters on franchising and small business.
You’re taking advantage of some of the free franchise advice that’s occasionally being offered.
You’re applying for a franchise loan with an experienced company.
You’ve purchased this business plan software.
You have a list of franchise attorneys to contact.
You’re ready to visit franchise headquarters.
And you know by doing that, you are one giant step closer to becoming the owner of a franchise.
Wow.
Are you having second thoughts about franchise ownership yet?
You Are Normal
Really. You are.
If you’re getting really close to what I call, “Decision Day,” and you’re not having second thoughts about becoming the owner of a franchise, you may not be normal.
Buying A Franchise Is A Big Deal.
You just need to work through the franchise discovery process step-by-step, and inch-by-inch.
Fear is normal. Having second thoughts is normal. Heck, you may find yourself spending time on CareerBuilder.com just to make sure you haven’t “missed” an amazing, high-paying job that’s perfect for you.
Can you relate?
Let’s move on to Discovery Day…and what it may mean for you.
Franchise Ownership: Are You Having Second Thoughts?
A Discovery Day is just that; it’s a day of “discovery.”
The executive team at franchise headquarters gets to meet you in person and see if you are what you say you are. You, in turn, get to see the franchise operation first-hand, and find out for yourself if it’s what it’s been cracked up to be. Of course, you first have to be “invited” to a Discovery Day. You will be (invited) as long as you’ve been doing what’s been asked of you…if you’ve been participating in the franchisors’ sales process, and if you’re financially qualified to take on owning one (or more) of their franchises.
The following is an excerpt from my book, “Become A Franchise Owner! The Start-Up Guide To Lowering Risk, Making Money, And Owning What You Do.”
Now, assuming that you do receive an invite for a Discovery Day, you’re probably going to notice a difference in the way that your franchise development rep is communicating with you before your visit; things may start to feel a little more intense. That’s because in his or her mind, things are starting to move in one direction: towards The Decision. Well, actually two decisions — both of which will take place after your Discovery Day.
The first decision will come from them: the executive team will need to decide if they feel that you’d be a good franchisee, and if so, approve you. If they do so, your franchise representative will call you a day or two after your Discovery Day visit and formally tell you that you’ve been approved as a franchisee and that they’d love to have you as one. It’s a great phone call to receive.
The second decision will of course be yours; The Decision to accept their offer, and become a franchise owner.
To start preparing you for your part of The Decision, the questions that your franchise representative starts to ask in the days leading you up to your Discovery Day visit may not be as open-ended as you’ve become accustomed to. They may instead include queries such as:
- “Are you looking at any other franchises or other business opportunities?”
- “Is your spouse, partner, or significant other totally on board with you?”
- “Have you had a formal conversation with your bank?”
- “Do you need to talk to any more franchisees?”
- “Will you be ready to move forward one to two weeks after your Discovery Day visit?”
- “Do you have enough liquid cash available for the franchise fee?”
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This Franchise Ownership Thing Is Getting Serious
Yes it is.
Buying A Franchise?
You're Going To Need This!
Discovery Day changes everything. Reality will hit you. Hard.
(Courtesy of The Mayfield Academy of Self-Defense, where I took lessons when I was 12 years old.)
So, my question to you is this:
Can you handle serious?
A few more:
Will you be able to write The Large Check?
Are you ready to roll-up your sleeves and work harder than you ever have?
Will your friends and family support you…and continue to support you through all of the ups and downs you’ll experience as an owner?
Are you ready to own what you do?
If so, go for it.
(This blog post is dedicated to the late Frank Kovacs. He started the Mayfield Academy Of Self Defense way back in 1956, and was an inspiration to me. Read his bio. We lost Frank in January of this year.)
