Margaret looked pretty darn puzzled.
She had just asked me what I thought the “best” franchise was, and my answer went like this:
“The best franchise is the one that is best for you. A franchise opportunity that best meets your specific criteria. It’s one with a total investment that’s within your financial reach. An opportunity that can help you reach your short-term and long-term goals. And one that you can easily ‘see’ yourself owning and operating.”
“No…really Joel. What is the best franchise?”
Margaret…Margaret…Margaret…You’re not getting it.
Buying A Franchise Is A Step-By-Step Process
Margaret isn’t alone.
Like most of the people I work with, Margaret wants to cut to the chase.
She wants to know what the best franchise opportunity is, how much she’ll be able to make as the owner, and when she can open her franchise business up. Easy stuff. Except it’s not.
That’s because in order to get to the “what,” you need to learn the “how.”
In other words, you have to learn how to reach your goals.
Actually, you have to set your goals, first. Then you can go about learning how to hit them.
If you choose the right franchise opportunity, and you know how to best leverage the business model of franchising, you have a pretty good chance to become a successful franchise business owner. You just have to know how to choose.
And how to separate the winners from the losers.
How to conduct your research.
How to protect yourself-and your family, with good legal advice.
How to obtain financing-the right type of financing for your unique situation.
But, before you do those things above, you must engage in serious self-discovery.
Do a net worth calculation.
Come up with a franchise search strategy.
And have a heart-to-heart with your spouse, partner…whoever is going to be involved in the decision to be your own boss.
It’s a lot.
Unless it’s done step-by-step.
Unless you know exactly How To Buy A Franchise.
Which you can learn how to do right here.
(The Franchise King, Joel Libava, is the author of “Become A Franchise Owner.” He specializes in in teaching people how to choose, research, and buy franchise opportunities that can be money-makers. Learn more.)