Joel Libava
In this post, I’m going to share two things that change everything when you look at franchise opportunities.
Now, looking at franchise opportunities can be pretty darn exciting! That’s because you’re doing way more than looking for an opportunity.
Namely, you’ve decided that you want more out of life. More than a company can give you. Way more than your boss can give you.
So, you’ve finally decided to take charge of your life.
(By becoming your own boss.)
And you’ve chosen franchise business ownership as the way to do it.
Congratulations!
Then This Happens
Let’s say you’ve found one or two franchise opportunities that interest you. If that’s the case, the next logical thing to do would be to request information from them, or through a franchise consultant.
Franchise Fact: Requesting Information From A Franchisor Changes Everything.
That’s right. When you type in your information on a “Request More Information” form, something changes. And this “change” is more often than not felt physically.
It can actually be a feeling of pure terror.
You think I’m kidding right?
A question: Have you filled out a form like this yet?
If so, you know what I mean. It’s a big step.
That’s because it’s one thing to “look” around for a franchise. It’s quite another to contact a franchisor to get more information.
Didn’t you get scared the first time you actually requested information from a franchise company?
P.S. In case you haven’t figured out why filling out a little online form changes everything, I’ll tell you.
It’s because when you request information, someone is going to email you and someone is going to call you.
A salesperson.
Oh no!
The Second Thing That Changes Everything
There’s another form you’ll need to fill out when you transition from looking for a franchise to finding one and asking for more information about it.
It’s the franchise application form.
From My Franchise Ownership Book
“You may start to get a little nervous at this stage in the process. Indeed, you may start to feel the fluttering of butterflies in your gut as you begin the physical process of filling in all the information required in the franchise application form. Usually, it’s the act of sharing your private financial information that can really start to heighten those nerves. Writing down your assets and liabilities on a formal franchise application tends to slap you awake; reality may be starting to finally settle in a bit. You’re starting to realize that you’re not just pursuing a job hunt; instead, you’re embarking on something that may require you to write a big check. And once you write that check and obtain your small business loan, you’re going to be the one who is 100% responsible for your business’s eventual success — or failure.”
Can you see why filling out a franchise application changes everything?
After all, who wants to share their financial information with a total stranger?
Trust me; when you share your financial information with a franchisor, things change, internally. You’ll feel different. The reality of what you may be about to do will hit you. And believe me, it doesn’t matter whether you’re looking into a dog poop scooping franchise business or a million dollar fast-food franchise. The feelings are the same.
Buying A Franchise?
You're Going To Need This!
People Do Get Nervous About This Stuff
I’ve had numerous phone calls and emails from clients (over the years) when they reach this part of the
franchise process.
Client: “Joel, is it normal for a franchise salesperson to ask me for very specific personal financial information-before I even get serious?
Me: “Yes. It’s completely normal. And, it’s necessary.
That’s because franchisors need to make sure you’re financially qualified for their franchise opportunity.
If you were the franchisor, wouldn’t you want to know a candidate’s financials before you spent too much time with her?”
Looking At Franchise Opportunities
If you’re currently looking for a franchise to buy, there’s going to come a time when your “looking” becomes more than that.
Whether you’re looking into a dog poop scooping franchise business or a million dollar quick serve restaurant franchise.
The two things I shared matter because they really do change everything.
You just need to make sure you’re ready for it.
After all, you want to be your own boss, right?
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