Joel Libava
It’s insidious, really.
I’m referring to the thing that always happens a couple of weeks before you buy a franchise.
And it is a “thing.”
This:
“Should i really do this? Are my reasons good enough? WHAT IF I LOSE EVERYTHING? I hope he’s okay with this. Maybe i should talk to more people before i do this. I know i’m doing the right thing. I HATE MY JOB SO MUCH! this is crazy. this is the craziest idea i’ve ever had! maybe i should wait until i have more money saved. what if i can’t pay the loan back? can i get out of my franchise contract if i have to? can i really wait a year until i start making a little money? WHAT IF I FAIL?”
More
“What if this franchise is a lousy one? have i talked to enough franchisees? maybe i should just look for another job. what will we do if this doesn’t work out? what if i never make money with this business? what if the business turns out to be a fad? MAYBE I SHOULD LOOK AT MORE FRANCHISES. what if the franchise company is hiding something from me? should i really get an SBA loan? Maybe i SHOULD use some of my retirement money to fund the business. I just don’t know!”
This Always Happens Two Weeks Before You Buy a Franchise
Basically, the voice inside your head awakens. And right away, it tries to talk you out of what you may be about to do.
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The best part for a franchise buyer??
It almost always shows up immediately after you pat yourself on the back for the thorough job you did with your research. (Here comes the tough part)
You need to decide if you should listen to that voice…or ignore it, and do what you set out to do.
Wait…
You’re not sure?
Really?
Are you starting to have doubts?
If so, do this…
Re-Visit What You’ve Done
The best thing to do (when you’re having doubts about something) is to re-visit the things you’ve done up to that point. It won’t take long, and you’ll sleep better knowing that you took a second look.
For example, is the franchise opportunity you’re interested in potentially buying well within your budget? And:
- Did you do your research the way I taught you to here?
- Did you attend a Discovery Day?
- Have you talked to enough franchisees?
- Do you have a franchise attorney lined up?
- Have you completed your business plan?
Finally, does what you’re about to do feel right?
Want a second opinion?
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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