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Finding That Perfect Franchise: You May Not Get A Sign

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Finding That Perfect Franchise: You May Not Get A Sign

By FranchiseKing, Guest Blogger
Published: May 19, 2015 Updated: May 19, 2015

Lots of people who are interested in becoming franchise owners think that the way they’re going to find that perfect franchise … the way they’re going to “know,” will involve some type of mystical experience. Seriously, some of the people I’ve worked with over the years actually think lights will start flickering on and off in their homes or offices, or that they’ll one day glance out the window and see an amazing display of crepuscular rays shining down from the heavens when they find the perfect franchise. Some people really think they’ll get some type of sign when a perfect franchise … a perfect opportunity, appears right before their eyes. Really?

You May Not Get A Sign

Now, as much as I’d like it if every person who’s looking for the right franchise to buy (including you) could experience something mystical or magical when they’ve found it, it’s probably not going to happen. You probably won’t get a sign.

I’m not saying it won’t happen. But, it’s a rare occurrence when it does happen. Most of the people I’ve worked with didn’t know they “found it” until they did some old-fashioned investigative work into the actual concept.

You May Not Know

That’s right: You may not know when you’ve found it.  When you do find the one…that perfect franchise (for you) it will be because of the things you did, the all-important due diligence part of the franchise purchasing process.

Tip: Ask the right questions at the beginning of the process. The answers you get (from headquarters) may or may not increase your interest and/or enthusiasm for the opportunity, but it’s ok. You won’t know until you ask. And, you probably still won’t know if you’ve found the right franchise after your first or second call with the franchise development team. But, keep going if you still have some interest. More will be revealed. 

Disappointment May Set In

Many years ago when I was a franchise broker and I actually met people who were interested in franchise ownership in-person, I was able to see first-hand how franchise candidates reacted to my ideas for them. On more than one occasion, these would-be franchise owners would listen to my franchise ideas and get a glazed look in their eyes. Actually, glazed may not be the best description. Let’s go with the look people have when they’re bored silly. In other words, they weren’t at all interested in the franchise opportunities I came up with for them to start checking out.

Joel, do you have any other franchise ideas?”

Whenever candidates asked me that question, and lots of them did, I knew I had a lot more work to do. In their eyes, I disappointed them with my (brilliant) ideas. They really thought (for the most part) that they would get super-excited with my suggestions. After all, when I was a franchise broker, I supposedly specialized in helping people “find the right franchise fit.” 

Unrealistic Expectations

A lot of people who are interested in becoming franchise owners bring a lot of unrealistic expectations with them. Some of these *expectations have to do with the business model of franchising itself-what they hope franchise ownership can do for them. Other expectations involve what I’ve been focusing on in this article. 

If you’re looking to buy a franchise, the perfect one for you will probably not feel like the perfect one until you really dig in. So:

  • Can you and will you be open to the possibilities?
  • Can you and will you learn all you can about the franchise opportunities you find before you dismiss them?
  • Can you be ok with possibly not being crazy-excited about a franchise concept you find, immediately?
  • Will you do the research needed to find out if the franchise opportunity you’re looking into may be right for you – including talking with a lot of existing franchisees?

Idea: If you like the franchise opportunity you’re investigating but aren’t feeling “excited” about it, see if you can *spend a day with one of their franchisees. Doing so may actually increase your level of excitement. And who knows – maybe you’ll be able to “see” yourself in the business. That would certainly be exciting. Maybe even perfect.   

The only way that you’re going to know if you’ve found the right franchise to own – the perfect franchise for you – is to do great research. Fact-gathering (done right) will provide the answers to your most burning questions.

Do it!

*Non U.S. Government links

About the Author:

FranchiseKing
Joel Libava

Guest Blogger

The Franchise King®, Joel Libava, is the author of Become a Franchise Owner! and recently launched Franchise Business University.

Comments:

Joel, this a very informative post. Thanks for sharing
A lot of people who are interested in becoming franchise owners bring a lot of unrealistic expectations with them. Some of these *expectations have to do with the business model of franchising itself-what they hope franchise ownership can do for them.

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