Buying a franchise is a big deal. It can be a sizable investment. It will definitely be life-changing.
Not as "life-changing" as going overseas to protect us, but life-changing nevertheless. That's why it's crucial to take a step back sometime during the franchise researching and purchasing process.
Speaking Of Franchise Research
The research phase of the franchise purchasing process separates the men from the boys, and the women from the girls. It's super-important to take the time needed to do thorough research. This is when emotion needs to come out and fact-gathering needs to take its place. Unfortunately, a lot of people who are contemplating franchise ownership rush through their research. Please don't.
5 Research Questions To Ask Franchisees
Here are 5 really good questions to ask existing franchisees as part of your research...
1. What do you like best about being a franchise owner, and what do you dislike?
2. How challenging is it to find good employees?
3. From 1-10, 10 being great, and 1 being lousy, how would you rate your relationship with the franchisor?
4. 1-10, how do you rate the marketing, advertising, and promotional programs?
5. If you had to do it all over again, would you still buy this franchise?
Call some franchisees up and ask away!
Purchasing The Franchise
It's one thing to do franchise research, it's quite another to move into buying-mode.
Buying mode means that you'll be investing your money. Money you may lose. Yuk!
Ignore some of the things you hear about franchise ownership being less risky than independent business ownership. Statements describing franchising as being "low-risk" compared to other ventures just aren't true. But, there are a couple of things you can do to lower your financial risk.
Like doing great research.
And, taking a step back when you get close to decision time.
Franchise Buyers Need To Take A Step Back
It's so important to do.
"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."
That was from an article I wrote for The U.S. Small Business Administration.
You should really read the whole article. It's about taking a step back. And, getting some help from people you know before you take the plunge. You'll see: It's all good.