In today's economy, franchise opportunities are endless. Close examination reveals, however, that not all franchises are created equal.
There are numerous benefits to working in the franchise industry, including some brands that have been resistant to recessions, have lower start-up costs, and some with little overhead. You may benefit from a higher quality of life with the ability to work your own hours and make your own decisions.
Many of the franchisees I've worked with have succeeded, and I'd like to tell you about one of them. Michael C. is someone I'd like to introduce to you. His thoughts are below.
Question: What were the top three things you were looking for in a business?
- Franchisor support
- Something I would enjoy being involved in
Question: Did you experience fear or hesitation?
Answer: Yes, when I ran the numbers and saw the financial commitment and potential for loss. I made the numbers as conservative as possible to see if the model was still profitable.
Question: How valuable did you find talking about with franchise owners?
Answer: I listened to every validation call I could and found it extremely useful.
Question: Did you feel well-equipped at the start of the validation process?
Answer: I felt reasonably well-equipped, especially after buying and reading a couple of books (and working with my consultant).
Question: When did I know this was the right franchise?
Answer: After becoming aware of how thorough the support was from the franchisor.
Question: Do you think you would have found this business without my help?
Answer: No. It was not on my radar for some reason.
Question: What did you think about the unique perspective I gave to you being an experienced multiple-unit franchisee?
Answer: The track record of having been through this with multi-franchises (Ryan introduced me to) helped give me a full picture.
Question: Now that you have gone through my process, what advice would you have for someone that is thinking about owning a franchise?
Answer: I would advise them that since they are making a huge, possibly life-changing decision, do what I did, research, buy/read books, talk to knowledgeable people, investigate the company inside out, read key documents (e.g., FDD), listen to any/all validation calls, run the numbers.
Let me help you find your path to franchise ownership. Please schedule a call here.