You know why you want to buy a franchise. But, have you told your family why?
Maybe this is a better question:
Have you persuaded your family that your reason for wanting to buy a franchise is a solid one?
If so, I commend you. It can be a tough sell.
If you haven’t been very successful… if your “pitch” was weak, is there something else you can be doing to convince them on the brilliance of your idea?
Is there something you can do to ease their worries?
Of course there is.
You need ammo. Some ammunition. Facts – for whatever your reason is for wanting to be a franchise owner – as opposed to going out and getting a new job.
Here are 4 persuasive reasons you can use (for wanting to buy a franchise) along with some facts to back them up. (Feel free to use these reasons on your family)
You want to have more control in your life.
As the owner of a small business-a franchise, you do have a lot more control of your life.
For example, if you need to call in sick, you call in sick. If you need a couple of days off, you don’t need to ask anyone for permission. You can just do it.
Is your daughter’s high school basketball team in the finals? Guess what? You can go to the game. It’s not like you’re “traveling on business.”
Can you think of more examples?
You wish to follow someone else’s business system.
This one is a no-brainer.
The business model of franchising revolves around a business system. A business system that’s been proven.
Tell your family members that you’re not going to have to “reinvent the wheel.”
Better yet, have them spend a couple of hours learning about franchising. The more they understand, the better it will be for you. It will be easier to persuade them to go along with your idea if they know how powerful the franchise business model really is.
You want to get to get in business quickly.
Your family is going to be nervous if you decide to go through with this venture.
Common sense dictates that the steady paycheck you had when you were working for someone else probably isn’t going to be there for a while.
Tell your family that “speed to market” is one of the cornerstones of franchising. As soon as you sign your franchise agreement things start to happen. Things that will help you get your new business up and running quickly, so you can start making money.
You want to build equity.
If you’re looking at a food franchise, it’s pretty easy to persuade your family that building equity in the business will be a real possibility.
First off, food franchises are very popular. Most people are familiar with food franchises, especially fast food franchises. Secondly, when you own a food franchise, you own business assets. There’s a lot of equipment involved, and the location is probably a prime one. Add the brand to the mix, and it’s pretty easy to see that there’s a good chance that equity-building will take place. In other words, food franchises are pretty saleable businesses.
If you’re thinking of buying a different type of franchise business, like a consulting franchise business for instance, ask the franchisor how equity can be built. Ask the franchisees, too. Then, share that information with family members.
The bottom line: When it comes to convincing family members that what you’re thinking of doing is a good thing, it’s best to have ammunition. Gather as many facts as you can, and bring them to the table. Get your family’s buy-in. You’ll be glad you did.
The Franchise King®, Joel Libava, is a franchise ownership advisor. He’s the author of Become a Franchise Owner! (Wiley Publishing) and owns and operates Franchise Business University. Joel contributes a blog post to Franchise Direct monthly.