Buying a franchise can be risky.
Ignore some of the stuff you see that’s still (unbelievably) spewed out by a few franchise industry folks.
Franchise ownership is not less risky than independent business ownership. But, there are ways to lower your risk.
1. Choosing a franchise that provides ways for you to use your top skills
2. Staying within your budget
3. Keeping your spouse/partner in the loop during the franchise discovery process
4. Hiring professionals like franchise attorneys and small business accountants
5. Drawing up a formal business plan
Things like that. There are a few more things you can do, but you get my drift.
Free Risk Calculator
How much risk are you willing to take to reach your goals…your dreams?
A lot? A little? Somewhere in the middle?
I’ve devised a way for you to determine what I’ve named your Franchise Risk Quotient FRQ.
Years in the making, this Risk Calculator-when used correctly, will provide you with your very own personal Franchise Risk Quotient (FRQ).
Your FRQ is yours, and yours alone. It will help you focus on the types of franchise opportunities to investigate. By “types” I’m referring to models. Things like single unit franchise opportunities, and multi-unit franchise opportunities. Maybe even Master Franchises, where you go in and purchase a massive territory-where you’re almost the actual franchisor.
Are you ready to use my Free Franchise Risk Quotient Calculator?
Step 1: Stare at the image below for 10 seconds. It will help you get in a “franchise” state of mind.
Step 2: In your head, answer this question:
On a scale of 1-5, with “5” being you’d probably try skydiving, and “1” being you’d rather work in the same place for 30 years if at all possible- and then retire after those 30 years, what’s the number you come up with?
Think carefully. Make sure you’re comfortable with your choice.
Step 3: Scroll Down
See What Your Number Means…What Your Franchise Risk Quotient Is
The Scoring Key:
1 – You are not a risk-taker. Not at all. You should never visit this website again. Franchise ownership? It will never happen in your lifetime.
2 -You would rather avoid risk, but you may take a risk if enough things line up in your favor.
3 -You’re not totally comfortable with risk, but if the rewards are high enough, you’ll seriously consider doing something you feel is fairly risky.
4 -You are comfortable with risk. You’ll do your homework before you jump into anything risky, but you’ll (8 times out of 10) jump.
5 – You welcome risk. You probably have skydived or have done something similar. You’ll face risk head on and take it on just about every time.
What was your Franchise Risk Quotient?
Step 4: Determine if you’d like some help figuring out what types of franchises and what franchise models you should be looking into-that match your Franchise Risk Quotient.
Step 5: You should schedule a complimentary call with me. Maybe I can answer a question or two about choosing, researching, and/or buying a franchise.