The Franchise King®

3 Free Tools That Will Make You A Smarter Franchise Buyer

the franchise buying process

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.

(This post may contain affiliate links. Please read my disclosure policy).

  • 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?

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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

free calculator for net worth

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?

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franchise article written by joel libava
Note: When you buy through links on this website, we may earn an affiliate commission. In addition, I've started to use AI to help me craft better article titles and headings.
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joel libava

I'm The Franchise King®, Joel Libava. I help prospective franchise owners avoid bank account emptying mistakes.
For 23 years, I’ve been showing people how to make smart, informed decisions on franchises to buy, and I can help you, too!
P.S. I'm not a franchise consultant/broker.

Joel is Highly Principled
There are many people in the franchise business who claim to to be experts in the field. Unfortunately many of them lack both knowledge and integrity. Joel, however, is without question one of the most qualified and principled people I know, in or out of his industry."
- Greg Reynolds, Retired Outplacement Counselor
"Many receive advice, only the wise profit from it."
- Harper Lee

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