Jump to Main Content
USA flagAn Official Website of the United States Government
Industry Word

Blogs.Industry Word

Register

Searching For A Franchise? Don’t Complicate It

Comment Count:
15

Comments welcome on this page. See Rules of Conduct.

Searching For A Franchise? Don’t Complicate It

By FranchiseKing, Guest Blogger
Published: June 17, 2014

It’s easy to do. It’s easy to search for a franchise. Looking for a franchise...or even a couple of franchise opportunities to investigate isn’t hard. There’s no pressure. You’re just “looking.”

It only starts to get difficult after you find one or two franchise concepts that actually make sense to you. I’m talking about franchises that you can “see” yourself owning.

Let The Fun Begin

A lot of things happen internally when you start to see franchise opportunities that you can visualize owning.

1.      Your adrenaline* levels increase. You start getting excited. More energetic. Nervous, too.

2.      You change from “casual looker” to “would-be franchise owner.” Things start to feel a bit more serious.

3.      You start thinking.

Don’t Complicate Your Franchise Search

Once you find a franchise you’re interested in, your wheels start spinning. You start thinking about lots of things. Like:

·        Where can my new business go? What would be the best location for it?

·        How many other franchises of the concept I’m interested in are there around my area?

·        Will I be able to secure a small business loan?

·        Will I make enough money?

·        Could I lose all of my money in this venture?

·        Will my family be okay with me buying this franchise?

·        Should I just get a job instead of risking my money now?

·        Etc. Etc.

Stop.

None of those things matter. You’re complicating your search for a franchise.

First Things First

There will be plenty of time for you to ask those questions. But, you’re wasting your time, and a lot of energy, if you start asking yourself questions like the ones I wrote above before you find out if the opportunity you’re interested is even a viable one.

In other words, don’t put the cart before the horse.

Instead, do this:

1.      Go to the franchisors website

2.      Look for the “contact” link

3.      Fill out the contact form

4.      Wait to get contacted

5.      Arrange a call with a member of the franchise development department

6.      On the call, share your story-and listen to theirs

7.      Decide if you’d like to continue learning more about the franchise

8.      Follow the franchisors “next steps”

Take the steps

If you’re still interested in possibly buying the franchise, continue down this list. If not, start your search for a franchise again.

1.      Call several franchisees, and ask questions like these*   

2.      Visit franchisees-spend a day with one or two of them

3.      Start writing a business plan*

4.      Find a franchise attorney

5.      Visit franchise headquarters   

6.      Have your attorney look over the franchise agreement

7.      Make your decision

Your Wheels

It’s right before your decision that your wheels will be spinning. Sometimes, they’ll spin out of control. Things like self-doubt will creep into your head. Fear…real-live fear will also appear on your doorstep. But, don’t worry. It’s completely normal.

If you ask the franchise development director, the franchise executives at headquarters, and existing (and former) franchisees great questions, and their answers are satisfactory, it may be time for you to become the owner of the franchise you’ve been focused on for the past few months.

But, you don’t have to say yes. You always have a choice. Don’t complicate your search for a franchise-the right franchise.

Keep it simple. Go step-by-step. Don’t get ahead of yourself.

Are you ready to start searching for a franchise?

*Non-US Government links.

About the Author:

Joel Libava

Guest Blogger

The Franchise King®, Joel Libava, is the author of Become a Franchise Owner! and is a franchise ownership advisor. He shows people how to carefully choose and properly research franchises.   

Comments:

very good articles regarding this issue indian news
This is very good govt website and this is very useful website for users and we are from Govt jobs in ap
It's good! Thank for shared!
Well done! Looking for a franchise
It's good! Thank for shared!
It's very interesting! Ok?
i like the idea of contacting other franchise owners in the same franchise to understand how the franchise performs and get some tips
Very nice information i am so happy for reading this It’s easy to do. It’s easy to search for a franchise. Looking for a franchise So Good. My Recent Articles [This post was edited to remove a link. Please review our Community Best Practices for more information about how best to participate in our online discussions. Thank you.]
This is a concise and well written article. When investing, we tend to lose sight of the important issues. I am glad that you have summarized the key issues when looking for a franchise and highlighted them into easy to understand points. Choosing the right franchise is not easy task. Reading through the business terms of the franchise in legalese makes it even more difficult. Thanks for sharing this wonderful article.
Thanks a lot for the compliment-and for reading my franchise article.   Joel Libava

Pages

Leave a Comment

You must be logged in to leave comments. If you already have an SBA.gov account, Log In to leave your comment.

New users, Register for a new account and join the conversation today!