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Why You Should Hit The Pause Button Before You Buy That Franchise

Why You Should Hit The Pause Button Before You Buy That Franchise

By FranchiseKing, Guest Blogger
Published: March 17, 2015

If you’re seriously contemplating the purchase of a franchise, there may come a time in the process when you’ll need to consider stepping back for a bit.

I’ve found that sometimes (especially when making major life decisions) it’s wise to put things on pause.

That’s because you are too close to whatever it is you may be about to do. Being too close to a situation involving something big (like the purchase of a franchise business) may cause your decision-making skills to be affected in a negative way.

You are too close

Of course you’re “too close.” You’re probably so hyper focused on the franchise opportunity you’re investigating that you may be missing a few things that could be pretty obvious to an outsider, but not that obvious to you.

That’s why (at some point) it’s important to bounce your ideas off of people that you know and trust.

Tip: Don’t share your ideas – like on what franchise or franchises you’re looking at too early in the process because you don’t know enough about the franchises you’re interested in to ask for opinions or advice. It’s too easy to be deterred by wellmeaning friends, family members and “advisors” to begin with. Wait for the right time, like when you have a lot of facts and figures in front of you.

One more thing: Don’t ask for opinions and/or advice too late in the process. Because, if you’re at the point of no return-which is when you’ve convinced yourself without the shadow of a doubt that whatever opportunity you’re looking at is perfect for you, no one will be able to convince you otherwise.

Hitting the pause button

It’s when you hit the pause button…when you step back and take a little breather, that good things can happen. Things like possibly getting a better perspective about what you may be about to do from people who will give you honest feedback. 

Now, you don’t have to try to find people that will shoot your ideas down. That’s not what I mean by finding people who will give you honest feedback. Feedback doesn’t automatically have to be negative. But, you do need to find people who may not tell you what you want to hear. It’s honest feedback you want.

Business experts

Besides talking with friends and family members about your idea, I encourage you to find others, like people in the small business community who can give you valuable feedback. There may even be a few in your backyard.

Small Business Development Centers (SBDCs) have business counselors on staff who assist would-be small business owners with things like business planning, financial packaging and lending assistance. These centers are funded in part by the U.S. Small Business Administration. Go here to see the list of SBDC’s and contact one today. Their services are free.

Do you know any small business owners? If so, ask a couple of them to look at your idea.

Do you have any old college friends that are in financial services or the legal profession? They could end up becoming great resources for you to share your plans with.

Taking a step back – hitting the pause button before you buy that franchise you’ve been investigating could turn out to be one of the wisest business decisions you ever make.

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.