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Franchise Buying Tip: Bounce Your ideas Off of Others

Franchise Buying Tip: Bounce Your ideas Off of Others

By FranchiseKing, Guest Blogger
Published: June 16, 2015 Updated: June 16, 2015

Bouncing your ideas off of others is a strategy that can and should be used before making any major purchase, like the purchase of a franchise business – especially because it’s easy to lose perspective when you’re focused on all of the intricacies that go into choosing and researching a franchise that you feel is right for you.

Perspective

I really like the British *definition of the word “perspective.” This: “The proper or accurate point of view or the ability to see it; objectivity.”

If you’re seriously contemplating the purchase of a franchise business … or any kind of business, you are way too close to it. You’re too close to get the proper perspective. Your decision-making skills have the potential to be affected in a very negative way. That’s why it’s wise to bounce your ideas off of people you like and trust.

When to Bounce Your Ideas Off of Others

You really need to make sure you do this at the right time in the process. Don’t get others involved too early, as you aren’t going to know enough about the franchise concept and all the bells and whistles that are part of the opportunity you’re interested in. You need to make sure you have a good understanding of the business, and what your role as an owner would be, before you bounce the idea off of others.  You also have to make sure you’re *ready to become an owner. In other words, before you bounce your ideas off of others, you need to be pretty serious about investing your money in a franchise. 

You definitely shouldn’t ask for opinions on what you may be about to do too late in the process, either. That’s because you may be at the point of no return. That’s the point in which you’ve convinced yourself that whatever franchise opportunity you’re looking at is the perfect one for you. You’re 100 percent sure that it’s “the one.” Once you’ve made the mental decision to buy, it’s going to be almost impossible for anyone you confide in to slow you down, or even to reverse your decision.

The best time to approach others about your future plans is during the middle of the process. Not too early and not too late.

Who

There are all sorts of people you can share your ideas with.

Friends who have proven to be open to different things are good people to bounce your ideas off of. The more open the better.

Friends who own small businesses are wonderful people to bounce your ideas off of too. After all, they’re living the trials and tribulations of business ownership every day.

Caution: Some independent business owners are what I call “franchise-negative.” They don’t like franchise businesses. Maybe they’ve had to compete against a franchise business or two, which is no easy feat. If you find some negativity when you bring up the word “franchise,” you may have to go find another friend to share your plans with. 

Certain family members could prove to be good choices to share your ideas with, too. Who’s really successful in your family? Talk to them. See what they have to say.

Use Business Experts Too

Since you’re thinking of going into business, consider approaching business experts with your ideas:

  • Contact business professors at colleges in your area. See if they would be willing to spend some time with you
  • Contact SCORE. They have experienced business counselors on staff who listen to business ideas all day
  • Your local Small Business Development Center (SBDC) has business counselors on staff, too. Not only can you bounce your ideas off of them, you’ll also be able to tap into the information they have on financing and business plans

Don’t do this alone. Buying and owning a franchise business is a big commitment. Don’t keep everything to yourself. Bounce your franchise ideas off of others – you’ll be glad you did.

*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.