Joel Libava
There’s something you need to know about buying a franchise, and it has to do with sleep.
It’s this: you’re going to have a lot of sleepless nights.
That’s because buying a franchise is a big step. It’s something you’ve never done.
And once you’ve done it-and you become a franchise owner, your life will never be the same. In a good way.
For one thing-if you do it right, being your own boss with a franchise can make quite a splash in your local area.
Sleepless Nights Should Be Expected
Buying a franchise is not an easy thing to do. It takes courage. Business ownership isn’t for everyone.
To be sure, you are going to have sleepless nights. It’s totally normal. Ask anyone who’s bought a franchise.
So what is the #1 cause of sleepless nights when buying a franchise?
It’s the fear that you bought the wrong franchise.
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It’s those “what if’s?”
What If ???
Here are some of the thoughts that will be going through your head:
- What if the franchise I buy is not the right kind of business for me?
- What if it’s not right for my local area?
- What if it turns out that their products/services aren’t very good after all?
- What if the franchise salesperson or the franchise broker lied to me about certain things?
- What if their “support” sucks?
Etc.
It’s Totally Normal
Again, it’s totally normal to have fear-and a lot of it, when you’re buying a franchise.
But, there are different levels of fear, as well as different causes of fear.
For instance, most of the causes of fear have to do with loss. In this case, a fear of losing money.
As for levels of fear, I’d put not being able to sleep at night pretty darn close to the top of the range.
It doesn’t have to be that way.
How To Remove Most Of The Fear So You Can Sleep Better At Night
If you want to sleep better at night when you’re buying a franchise, do these 3 things.
1. Only look at franchise opportunities that have a total investment amount that is under your budget.
That means that if you decided on a maximum budget of $225,000, don’t look at $300,000 opportunities-no matter what.
I encourage you to listen to a short radio interview I did, where I talk more about the “sleepless nights” you’re sure to have. Just click “Listen Now.”
2. Learn how to do powerful research.
Buy an eBook that teaches specific, proven, and powerful franchise research techniques. And use them.
3. Use professionals along with proven business tools along the way.
Remember; this may be the biggest investment decision you ever make. You need to be willing to pay for advice. Unbiased advice.
With this in mind, if you end up needing help with your business plan, hire a local CPA who specializes in small business, or invest in the top-selling business plan software in the world.
You also need to make sure you hire a franchise attorney. Not a business attorney-a franchise attorney.
Finally, arrange an unbiased, guaranteed franchise ownership consultation with me. I’ll work with you to make sure you didn’t miss something in your research, so you can feel confident in your decision.
So you can sleep well at night.
About the Author
Joel Libava is The Franchise King® — an independent franchise advisor with 25+ years in the industry, two published books on franchising, and his writing has been featured in The New York Times, Forbes, CNBC, Entrepreneur® Magazine and others. In addition, he wrote exclusively for the U.S. Small Business Administration blog for eight years. He doesn't sell franchises. Instead, Joel helps you figure out if franchise ownership is actually right for you — and if it is, teaches you his powerful, proven-to-work franchise research techniques, so you can make a smart, informed decision on a franchise to own and be your own boss.
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