The Franchise King® | Learn How To Become A Franchisee

Franchise Stories: Part 2- Was Terry In Enough Career Pain To Try Something Different?

Terry was in career pain so he looked at franchises

This is Part 2 of Terry’s story.

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

In case you missed Part 1, Terry was downsized from the company he worked for, and found himself in serious career pain.

His company was nice enough (cough) to offer Terry the services of a career outplacement firm. He told his counselor that he might be interested in investigating alternative career ideas…like becoming his own boss. That’s how he met me.

If you’d like to learn about Terry’s experience, including his foray into the world of franchise ownership, read this post.
 

Terry’s Franchise Quiz Results

Everyone who works with me has to take my free franchise compatibility quiz. Basically, it’s a way for me to determine if they are a fit for franchise ownership, and if they have the goods to become a successful franchisee. Have you taken my free quiz yet?

If so, terrific. If not, go here to take it. 6,500 others have.

In any event, Terry took the quiz, and scored a 48, which is pretty darn high. In other words, Terry possesses the right personal characteristics (among other things) to be a good fit for franchise business ownership.

Conversely, if Terry’s score was 39 or less, his chances for franchise success would be significantly less.

Let’s continue.

Our First Franchise Ownership Consultation

After Terry took the course, he decided to work with me.

He ended up choosing my most popular Franchise Ownership Consultation Package, which includes several one-hour private consultations-along with Email support and a free download of The Definitive Guide to Franchise Research. (If you want, you can check out my Franchise Ownership Consultation Packages.) I emailed him to schedule our 1st call, and here’s what we discussed.

The first thing we talked about; the results of the franchise quiz he took.

Me: “Your score of 48 was a good one. You look like a good candidate for franchise ownership.”

Terry: “That’s great. So, where to we start?”

Me: “Well, let’s discuss my process for finding a franchise that makes sense for you.”

Terry: “I’m ready.”

Determining Fit

I explained how my process works, from A-Z. Then, I had Terry share what he felt his business strengths were.



Free Franchise Quiz
Find Out If You Should Own A Franchise Before You Write the Check
Invalid email address


He told me that he was:

  • Highly organized
  • Process oriented
  • A good manager of people
  • Good with numbers
  • Focused on results

After Terry shared his strengths with me, I told him that I needed him to go a bit deeper.

In this case, “deeper” meant that Terry needed to do a bit more self-analysis, which is something I help my clients to do.

The next thing we discussed was money. I needed to know how much $$ he was comfortable investing in a franchise.

He told me he would invest up to $300,000* in a franchise-as long as he felt it was a good one. A profitable one.

*This was the total amount Terry was comfortable investing, including $75,000 of his own money, and a small business loan.

After our discussion of money, I asked Terry if he was attracted to any specific franchise opportunities.

His answer was surprising-to say the least.

You’ll find out what it was in Part 3 of this series.

If you don’t want to miss Part 3, click the link below.

Please Share This Article!
2Shares
Note: When you buy through links on our site, we may earn an affiliate commission. In addition, I've started to use AI to help me craft better article titles and headings.
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.

Straightforward Advice
Joel, thank you for taking the time to speak with me yesterday. It was refreshing to finally speak with someone in franchising who dishes out straightforward, candid advice. You provided me with some insightful ideas that I'm giving a good deal of thought and consideration to. I look forward to speaking with you on our next consultation call."
- John Timmins, Columbia, South Carolina
Free Franchise Tools Franchise Compatibility Quiz Net Worth Calculator
VIP Franchise Newsletter

Recommended Reading
How Franchises Work
How Much Is A Franchise?
Pros And Cons Of A Franchise What Is The Franchise Fee? How To Buy A Franchise
Best Franchises To Own

Top 33 Business Ideas
6-Figure Home Businesses Starbucks Franchise Facts
Featured Franchises!
10 Best Franchise Websites
About Franchise Consultants
How To Read A FDD
Questions To Ask Franchisors
Questions To Ask Franchisees Franchise Discovery Day Franchise Reviews
Top 10 Franchise Buying Tips