There is still time for you to buy a franchise this year. But your chances of successfully doing so depend on a few things. Let’s go through them, so you can be the boss.
Where Are You?
Where are you at in the franchise buying process?
If you’ve just been downsized -- especially if it’s not your first time, career alternatives like franchise business ownership could start to appear on your radar. In your case, it’s an attractive-sounding option. It’s an idea you feel is worth pursuing. You’re at the “educational” phase of the franchise buying process.
The educational phase involves getting an understanding of the franchise business model by reading books, articles, and/or taking an online course on franchising. But learning about franchising takes time. It’s not something to be rushed.
Do you want to increase your odds of success as the owner of a franchise business? Learn all you can about the business.
The Second Phase of the Process
If you’ve already made the decision to look at franchise opportunities, you can buy a franchise before the end of the year. But you’ll need focus. This phase, the “searching for a franchise” phase, probably brought you to franchise websites like Franchise Direct. You want to “see what’s out there.” You want to look.
How To Focus
The first thing I want you to focus on is the goal.
Let’s say your goal is to be your own boss by January. If that is your goal, you need to get cracking. Here’s how...
Make sure you only look for franchise opportunities that will allow you to use your top business and personal skills.
For example, if you have an operations background, which requires managing projects and people, don’t look at franchise opportunities that require you-as the franchise owner to be out and about every day, selling. Instead, look at opportunities that need to have great managers...people who are organized and can provide a steady hand day in and day out. Like you?
On the other hand, if you do happen to have a strong sales background, and enjoy being out of the office selling, networking and schmoozing, one category you may want to explore is this one.
You Found It!
Let’s say you followed my lead...you only focused on franchise opportunities you can use your top skills in as the owner. And you’ve found a franchise that you feel is “The One.” That means it’s time for you to do your due diligence...your research. Which includes:
- Reading industry-specific reports
- Asking the right people the right questions
- Researching loan options
The Final Steps
If everything looks good after doing your research, you only have a couple more things to do in order to buy a franchise before the year ends.
1. You need to find and hire a competent franchise attorney.
Competent franchise attorneys know franchise law and know what to look for in the Franchise Disclosure Document. (FDD) They’ll also know what’s negotiable* in the franchise agreement (contract) and what’s not.
*Most of the things found in the franchise agreement are set in stone. Focus on the word “most” and let your attorney do his or her thing.
2. You need to decide.
That’s right; choosing and researching a franchise opportunity that makes sense for you is one thing. Saying yes to going into business is quite another. But you can do it. You can buy a franchise before the year’s over.
Especially if you’ve focused on the right things and haven’t skipped any steps.
The Franchise King®, Joel Libava, is a top franchise expert. If you're looking to buy a franchise, be sure to check out his private consultations, his popular books, and his comprehensive new franchise ownership course. Go here to learn more about The Ultimate Franchise Course and the extraordinary offer he just put together.