Proper due diligence can go a long way in almost any major life decision. It’s crucial to get the facts, and as I wrote in my book, “All franchise buyers need to become Fact-Gathering-Machines.” The research phase is all about facts; it’s certainly not about emotions. That comes later, as you start to visualize yourself as the owner.
Most of the people that I talk to about becoming franchise owners have one thing in common; they’re confident about their ability to do research. (Or, at least they come across that way.) Interesting. I wonder where they learned how to properly research a franchise-type of business. Especially since 99.9% of them never actually owned one in the past.
These are the same people who after taking my online franchise quiz, are asked if they’d like some guidance, and decline it. I just don’t get it. Is it ego? Are some people just stubborn? Or are they cheap, and don’t want to pay for professional, real-world guidance? (That’s right; I said it. Cheap!)
A gentle tip from The Franchise King®:
Do not buy a franchise until you know EXACTLY how to do thorough research.
Learn how here
Why would someone who’s never owned a business before, try to go out and invest in one without proper guidance and coaching? It’s not like buying a franchise is like buying a $300 Network Marketing Anti-Aging Cream Kit! Franchise business opportunities can cost upwards of $300K. Why risk it?
If you, or someone you know, would like to get some valuable tips regarding franchise due diligence, join Direct Capital for a free webinar this Tuesday, (February 21st) at 1:00 PM EST. I’ll be presenting several crucial pieces of information on how to research franchises. You’ll pick up several things that will prove valuable as you get to a Yes or No decision on a franchise.