Joel Libava
(Courtesy of barbourians on Flickr.)
If you’re seriously contemplating the purchase of a franchise business…any kind of business-actually, you could be way too close to it. And, if that’s the case, you’re decision-making skills-with regards to a major investment decision like becoming the owner of your own business could be affected in a negative way.
By “way too close,” I’m referring to the fact that you’re probably so hyper-focused on the opportunities that you’re investigating, you may be missing a few things that could be pretty obvious to an outsider, but not so obvious to you.
That’s why it’s important to bounce your ideas off of people that you know and trust.
Just make sure that you’re asking for guidance…for opinions, at the right time in the process. Don’t get others involved too early; you don’t know enough about the businesses that you’re interested in to ask for advice. And, for heaven’s sake, don’t ask for a few honest opinions too late in the process. Because, if you’re at the point of no return-which is when you’ve convinced yourself without the shadow of a doubt that whatever opportunity you’re looking at is perfect for you, no one will be able to convince you otherwise.
Now, you don’t have to try to find people that will shoot your ideas down. But, you should engage with those that may not tell you what you want to hear. I call them, “truth-tellers.”
So, go find some good people to talk to…to share what your about to do. There are plenty of experts that can provide useful guidance. You may have an old college friend that’s a small business owner. That would be a great person to talk with. You can even check out your local Small Business Development Center. Or go to SCORE.
My point is this; you may be too close to whatever it is you’re looking at to make an intelligent, fact-based decision. Find someone that can help you take a step back.
That way, you’ll be able to sleep better at night knowing that you covered all of your bases.
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