The Franchise King®

How To Change The (Franchise) World: Please Stop Buying Franchises!

Now he’s done it, you’re saying; he’s finally thrown himself right over the edge.

King smiling

Maybe my Crown is a little tight

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


Maybe
.

If you’re thinking about buying a franchise, this post is for you. If you know someone who’s mentioned that they’ve “been looking for a franchise to buy,” please bookmark this post, and send it to them. They’ll thank you, someday.

Now, I’m not saying that folks should just stop buying franchises and grind the franchise industry to a halt. It’s a great industry, and the business model of franchising rocks. It’s even relatively safe, if the person buying into the franchise concept take the steps necessary to protect themselves.

I just want people to stop buying franchises that shouldn’t be buying them. What I’m really saying is this;

 

Stop Buying Franchises (That Aren’t Right For You)

 

Stop it! Right Now! Please!

You’re hurting youself and you’re hurting the franchise industry. It’s stupid.

In a previous post, I laid out the “8 Stupid Reasons For Buying a Franchise Business.”

They are;

1. You can’t get a job.

2. The franchise is hot.

3. There’s a prime location available right by your house.

4. You’re in love with it.

5. Your Aunt Tillie & Uncle Mortmentioned this restaurant they ate at.”

6. You always wanted to be anentrepreneur.

7. You read an article that suggested that youtake control of your life!

8. You finally found abusiness partner.

You can read the post if you’d like…I go into more detail.

 

Stop increasing franchise failure rates

That’s what you’re doing when you go out and invest in a franchise that you really haven’t researched very well. Or when you go out and buy a franchise because “you just know you’ll do well .” Really? Based on what?



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Do you carry around a crystal ball?


Crystal ball blue

My industry has enough issues surrounding “franchise failure rates.” Some of the failures are the fault of the franchisor, for sure. If you’ve been following along with this blog for the past few years, you know me, and you know my style;

  • If I feel that a franchisor is causing people to lose money, I have no problem calling them out.
  • If I think that a franchise executive is a piece of nasty green pond scum, I’ll say so.
  • If I feel that certain franchise groups/associations need to do a better job, I’ll say so.

But, some of the franchise failure rates are the fault of the franchise buyer. That’s right. Lots of franchise buyers blow it, every week. They go out and buy a franchise that they’ve convinced themselves they can’t fail in.

They say things like;

There’s absolutely no way I can fail with this ice cream shop.” (Pizza franchise, commercial cleaning service, auto detailing business, submarine sandwich shop, coffee shop, or any other franchise businesses that you’d like to add to the collection here.)

Or

It’s a winner!

Right. Based on what? Facts? Gut feelings? The franchise brochures?

 

best franchise advice and tips

 

Use resources that are readily available

You don’t need to rush the franchise-buying process. Actually, if you feel that you “better hurry up and do something,” that’s your first problem. Take some breaths. Look at a few different franchises. Commit to getting the facts. No hearsay, please. Aunt Tillie’s taste in restaurants don’t matter.

Buying a franchise……the right franchise, is not as easy as it sounds. There are certain things you need to know, if you’re going to increase the odds of franchise success...you’re success.

Go Here to increase your chances of success.

 

Joel Libava is one of the good guys. He has his clients’ best interests at heart and the sale is never as important as the client. His passion, experience and honesty is invaluable for anyone interested in pursuing a franchise. I look to Joel as one of the true experts in the franchise industry.” – Rush Nigut, Iowa Franchisee Attorney

Rush nigut
Rush Nigut

 

I’d like to be your friend in franchising.

Let’s change the franchise world together.

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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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