The majority of wealthy people in America are business owners, not employees. While many people want to own their own business, most never do; and, studies have shown that the primary reason is the fear of failure. Franchising allows aspiring business owners to bypass the major challenges of a startup and choose an established business with a developed system and strategy.
Business ownership and its process can be complex, confusing, and there are pitfalls to avoid. Instead of trying to do it alone, consider working with an advisor. From the start to the finish, an advisor works with you to guide you towards the best possible outcome. Here are some of the questions that an advisor can help you answer.
1. Where Do I Begin?
You could go it alone and try Google, but a basic search will pull up mountains of information, much of which is contradictory. You’ll find paid advertising, top 10 lists, recommendations for dozens of books, and that’s just what will pop up on the first page of your search. How can you get your questions answered when you aren’t even sure what questions to ask? An advisor with an in depth understanding of franchises will ask you questions instead. By exploring your interests, and providing insight into the franchise industry, an advisor can get your started on the right path.
2. Is a Franchise Business Right for Me?
When we aren’t satisfied with our current work situation, we dream about alternatives. Reality can be very different. Before making a huge leap into the unknown, you need to ask yourself if you really are cut out for owning a franchise business. Self-reflection can only get you so far. A franchise business takes a combination of entrepreneurial spirit and ability to toe the party line. Is this balancing act right for you? The answer is maybe. An advisor can help you figure out what your goals are in owning a franchise business, provide the real story on franchise ownership and help you to figure out if a franchise is in your future.
3. What Type of Franchise Do I want?
According to Franchising.com, there are over 3,000 different franchises to choose from internationally. Food establishments, gas stations, gyms, weight loss centers, accounting, bars, IT services… the range of businesses that have a franchise opportunity is enormous. You want to pick a business in which you can excel. A good advisor will take the time to get to know you and, in that process, help you identify your strengths and passions. Instead of guessing and hoping for the best, your advisor can guide you through the array of options to find a good fit.
4. How Do I Know if I’m Picking the Right Franchise?
Once you’ve settled on the types of franchises that suit your passions and strengths, you need to pick from the enormous list of franchises out there. There are so many additional factors that go in to selecting a franchise. You want to go into business with a reputable company that takes care of its franchisees. You want a franchise that fits your specific needs like location, income, buy-in price, and many other variables that are unique to your situation. Working with an advisor who knows the industry can narrow down your choices to make sure you aren’t wasting time pursuing a franchise that doesn’t meet your needs.
5. How Do I Negotiate A Franchise Agreement?
You are ready to take the plunge. You need to figure out who to talk to and what to say. An advisor with industry knowledge and contacts can make that critical introduction to get you off on the right foot. As you proceed forward with the process of buying into a franchise, an advisor can guide you on what terms you can and should negotiate to your benefit. The franchise agreement is generally a long and complex document. You will have questions, and your advisor can walk you through the terms so that you understand what you are getting into. When it comes time to sign, you will be able to do so with confidence.
At Joshco, we have decades of experience with the franchise industry from both sides of the fence – franchisor and franchisee. We know what questions to ask to get to the heart of the matter, and we work with our clients to make sure that they go into the franchise business with confidence that they have made the right choice. Are you interested in owning a franchise business? Contact us today for a consultation.