Joel Libava
Before you begin the franchise buying process, you need to do a few basic things.
The first thing you need to do is determine why you want to become a franchise owner.
- Is it to become rich?
- Are you sick and tired of working for others?
- Have you always wanted to own a business?
- Another reason?
Next, you need to determine your risk tolerance.
Once you’ve nailed that down, you need to make sure franchise ownership is the right way for you to go.
Thirdly, you need to figure out your financials.
I can help you with all 3.
3 Free Tools You Need To Use As Part Of The Franchise Buying Process
1. Risk Tolerance Calculator
Would you like to know why most people don’t own a business?
Most people don’t become business owners because they feel it’s too risky. But is it? Of course it is. Buying a business-even a franchise business, can be risky. But there are ways to lower that risk. One way?
Learn all you can about yourself before you start searching for a franchise business to own. How?
You can start by using* my Free Franchise Risk Quotient Calculator.
*Out of the 3 tools I provide to visitors of this website, this one is not as “serious” as the others are. But it will get you thinking about risk.
The Franchise Buying Process: Quiz Me This
2. A Franchise Quiz
Are you prepared to invest in someone else’s business concept?
One that comes with systems, technology, marketing templates, training and more?
If so, are you also willing to follow everything exactly how it’s laid out in the company’s rather thick operating manual?
To put it another way, will you follow the rules?
The reason I ask is because the franchise model is rule-based. And it’s precisely those rules that keep the brand uniform.
For example, ordering a Domino’s Mushroom Pizza in Tucson shouldn’t be any different than ordering one in Pensacola.
In other words, the ordering process and the taste of your pizza should be the same.
That said, let’s see how much of a rule-follower you are. It’s crucial for you to find that out before you send in your franchise fee and open for business.
Take my Free Franchise Quiz.
The Money Part Of The Franchise Buying Process
3. Free Net Worth Calculator
As much as you’d like to be in business, you need to make sure you have enough money for both your initial investment and your ongoing business expenses. This isn’t the time to estimate. How?
By putting together a financial snapshot of your assets and liabilities.
The good news is once you have it, you’ll be able to determine your budget for a franchise business opportunity.
In addition, since most franchisors eventually request a net worth statement (or similar), you’ll have it on file. That enables you to quickly send it to them when asked.
To that end, I invite you to input your numbers in my Free Net Worth Calculator.
One More Free Thing!
If you’d like to discuss anything related to the things I went over, or to ask me your most burning question (s) about franchising, or the specific franchises you’re looking into, I offer complimentary 1:1 calls. Schedule yours today
What do you think of my free tools?
About the Author
The Franchise King®, Joel Libava, is a leading franchise expert, author of "Become a Franchise Owner!" and "The Definitive Guide to Franchise Research." Featured in outlets like The New York Times, CNBC, and Franchise Direct, Joel’s no-nonsense approach as a trusted Franchise Ownership Advisor helps aspiring franchisees make smart, informed decisions in their journey to franchise ownership. He owns and operates this franchise blog.
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