You’ve been looking at franchise opportunities for months, and you can’t find a profitable franchise to buy. You’ve clicked so many ads, Carpel Tunnel Syndrome may be setting in. And you’re going nowhere fast.
You’ve spent hours on end looking at the top franchise websites.
You’ve been contacted by at least 3 franchise coaches who offered to work with you for free. Heck, you even decided to work with one of them for a while.
Until you found out why their services are “free.”
But still nothing. Ništa. Niente. Nekas. You have yet to find a franchise that makes sense for you to purchase. Now what?
You Can’t Find A Profitable Franchise To Buy
Let’s discuss this.
The first thing you need to do is dig deep into the “why.” Why haven’t you been able to find one franchise opportunity you can sink your teeth into? Heck, do you even know how to buy a franchise?
I may have the answer-or answers. Here they are.
1. You’re looking for “perfect.”
Fact: There is no such thing as a perfect franchise. Remove that thought right now.
2. You have unrealistic expectations.
Now that you know that there is no such thing as a “perfect” franchise opportunity, it’s time to look at something else that may be preventing you from finding a profitable franchise.
This: You may have totally unrealistic expectations of “the money part” of franchising.
For example, let’s say that you’ve worked in corporate America for the last 15 years. You were making $120,000 a year. (Before you were downsized) That $10,000 monthly income you had wasn’t too shabby. And with the company match, you were able to build a pretty nice retirement fund.
But now, you’re heading down a very different career path. One that necessitates financial risk in order to make a go of it. There’s something else you need to know.
The employee to employer transition is going to be a real eye-opener.
That’s because you won’t be getting a steady paycheck at first. As a matter of fact, you shouldn’t plan on making any money during the first year. The second year may be ugly, too. Are you prepared for that? I hope so. Because once you sign your franchise agreement (which is a legal document), you own that franchise business. There is no turning back.
The Bottom Line: Franchise ownership is not the way to go if you’re looking to replace your income, quickly.
Are you prepared to not make money for a while?
Let’s Pause For A Moment
When you say “profitable,” what do you mean? Specifically?
How much money do you need to make in order for you to call your franchise business profitable?
$75,000 a year?
$100,000 a year?
$200,000 a year?
The reason I’m bringing this up is because you need to know ahead of time. You need to have your income goals laid out.
“Joel, I want to make $100,000 a year as the owner of a franchise.”
“Great. Let’s work together to find a franchise opportunity that can get you there.”
Easy stuff people.
“Setting goals is the first step in turning the invisible into the visible.”
Write Your Income Goals Down Now.
Back to some of the reasons you can’t seem to find a profitable franchise to purchase.
3. Your franchise research kind of sucks.
That’s right; you may not be having any luck finding a profitable franchise because of the way you’re going about researching franchise opportunities. You may not be getting enough information. And more importantly, you may not be going to the right sources for the crucial information you need.
An Important Question
Have you ever done franchise research?
If your answer is no, is it realistic for you to know how* to do it?
*If you haven’t learned how to research a franchise, don’t worry. I can teach you.
Start learning how to do it by reading some of my top-ranked research articles. They’re loaded with powerful (and proven) franchise research tips and techniques you can use right now.
You’ll find this article on researching franchises helpful, too. (I wrote it for Franchise Direct)
If you want more specific, step-by-step franchise research techniques and advice, check out my franchise ownership products page.
Did I Get You Thinking?
I hope so.
But, what if you really can’t find a profitable franchise to buy?
What if you upped your game (by gaining more knowledge on franchising-and how to do great research etc.) but you still can’t find a franchise that makes sense to buy? (It happens)
What do you do?
What should you do?
- Take a break. A nice, long break
- Focus on other life-things
- Find a new job or just stay at your current one
- Keep saving money-so you’ll have more of a cash cushion when you do buy
- Stay away from franchise opportunity websites
- Give yourself some time
Because you can’t force something as big as this is to happen.
“If you don’t design your own life plan, chances are you’ll fall into someone else’s plan. And guess what they have planned for you? Not much.”
– Jim Rohn
How to Use a Franchise Opportunity Website
The 10 Commandments of Franchise Research
What You Need To Know About Franchise Consultants/Brokers