Tweet

They're a Million Reasons Not to Buy a Franchise

Written by: William Bradley

Article Overview: They're a Million Reasons Not to Buy a Franchise. We all have an inner voice that can work in our favor and push us to new heights in whatever we do or an inner voice that doesn't want to see change in our lives.

They're a Million Reasons Not to Buy a Franchise

We all have an inner voice that can work in our favor and push us to new heights in whatever we do or an inner voice that doesn't want to see change in our lives. Some people suggest they have two little people in their head. One of them wears a halo and tells them "to accept change", "change is good", "spread your wings", "awaken your mind to the possibility of abundance around you", "live with more zest". The other has a little pair of horns and says, "This is stupid, or too risky, or you're not ready or you don't have what it takes." "It's just not the right time." You know that voice and you may be experiencing it right now.

If you want to achieve your goals and fulfill your life's purpose, you have to overcome this fear. If you don't, you will spend your life wondering what if, dreaming of becoming happier in your business life and your personal life.

The first thing you can do to overcome your fears is to acknowledge they exist. Recognize what you are feeling and deal with it. What is it that's causing you to hesitate? Is it your financial situation? Your family? Are you concerned you don't have the skill sets to make your franchise business a success? Fact is, no matter how much time and thought you expend towards why you shouldn't buy a franchise, you won't know what the consequences might be until after you decide.

You can't snap your fingers and hope for the doubt, the uncertainty to go away. But you can certainly raise the odds of making a good franchise choice for you. How can you accomplish that? Once you have acknowledged the fear you need to systematically understand the various outcomes that could occur and begin to deal with them. This all comes back to goal setting. Understand the importance of exploring your talents, understand what you really want and then apply your talents to achieving your goals.

Most importantly, once you identify your talent and you have a clear picture of what your goals are and you spend every day accomplishing those goals, you will have the passion your so desperately looking for in a business. Love what you do and that will translate into success.

How will you know when you are ready to make a decision. You've narrowed your choice from three franchises to just one and you think you're ready to move forward. You're clear on your goals and your comfortable that the franchise you have chosen coupled with your passionate hard work will achieve your longer term objectives. Ask yourself these questions:

1. Do you feel like the decision you are about to make will reverse the unhappiness you've felt for years in your current job?

2. Have you examined every possible scenario and do you feel buying this franchise is the right choice for you?

3. Would you also be happy about buying one of the other franchises that made your list of three? What was it that made you choose this franchise over the other two?

4. Have you exhausted the decision making process or do you think if you spent more time and gave it more thought, you could find something better?

5. Do you truly feel you have found the perfect franchise solution for you?

If all or most of the answers to these questions are a "yes" or positive towards your decision, you should stop analyzing and make the decision to buy a franchise. Don't over analyze. You have explored and found your true talents. You have identified your fears and faced them. You have the support of your family and they are excited about you becoming your own boss. This is what you want....now just do it!

Related Articles
  Popular Franchise Companies
  Why Franchises are Good Investments
  This is the best time to invest in yourself and buy a business
  Looking for Franchise Finance? You May Be Sitting On It Already
  Can a Coffee Franchise Secure Your Future?

Article Tags: Buy a Franchise, Franchise Business, Franchises



Related Forum Posts
Re: How To Be Rich - [quote="TheRainmaker":tst8wsa8]Sounds great. What exactly have you found to be eye opening??[/quote:tst8wsa8] The first eye opener was measuring wealth by your total assets 1 Million - 2 Million Pounds The Comfortable Poor 2 Million - 5 Million Pounds The Comfortably Off 5 Million - 15 Million Pounds The Comfortably wealthy 15 Million - 40 Million Pounds The Lesser Rich 40 Million - 75 Million Pounds The Comfortably Rich 75 Million - 100 Million Pounds The Rich 100 Million - 200 Million Pounds The Seriously Rich 200 Million - 400 Million Pounds The Truly Rich 400 Million - 999 Million Pounds The Filthy Rich Over 999 Million Pounds The Super Rich
Re: Enticing Franchises - Top 9 List - All Franchise listed above are in millions of dollars. Do you have the list of Franchise in thousands
Re: Info for would be franchisers... - [quote="Sebastien":1d29sdv1]Like Franchise Times, Franchise Update is a very practical magazine. There is no blah blah, just straight facts that anyone in the franchise community can relate to. I just want to mention that all these magazines are NOT franchisee oriented. I mean these magazines are for franchise professionals. If you're looking to buy a franchise, you won't find much information in there. To answer your question, getting published in Franchise Times was fairly easy. I don't want to brag too much but I think I am known in the franchise industry. I was the marketing guy at Franchise.com for a few years before joining my new company, the World Franchising Network. So people know me and I have a very good relationship with Nancy Weingartner, the Managing Editor at Franchise Times. I was talking with her at the last Franchise Expo South in Miami and she mentioned she'd like me to be profiled. I was like "ok, sure!". I like this franchise executive profile thing in Franchise Times as it is rarely BS. People are usually really natural in there.[/quote:1d29sdv1] Thanks for the follow up Sebastien! And I can't say that I'm surprised that networking with the right people and managing your relationships with them properly are the keys to being published. I guess the old adage holds true of "it's not who you know, but who knows you" that's important.
how much for a franchise fee? - Dear Colleague There is no easy answer to this question. Things to consider: [list=] The sizeof the Franchise Clent base Expected Turnover Intellectual Property costs (recoup) Number of Franchises Number of employees Original Set up costs Franchise admin costs An example: A franchise that I was involved in setting was to a simple "lawn mowing/home repair" franchise. The Franchise included national/local advertising - preparation of client lists - general admin - central accounting etc The Franchise involved 300-500 clients - and an annual turnover of about $300,000 . The annual franchise fee was $30,000. Hope that this gives you some idea Take care Ian[/list]
Re: Franchise Surveys - Another good tool to researching a franchise is to speak with their existing franchisees. This contact information is included in most Franchise Disclosure Documents. In order to get a Franchise Disclosure Document or FDD as it is often referred to, you will have to complete a basic franchise application. The franchisor will then usually provide you with the FDD at that time. Included in that book of information is a list of the existing franchisees, the contract, the investment information etc... This information is required by Federal Law to be disclosed to your prior to making a purchase. So be sure to do your research and start with the Franchise Documents to get the initial information.


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Quick Tips on Buying a Business

Think Time

What Makes an Extraordinary Business Consultant?

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.