Deciding to buy a franchise could be one of the biggest decisions you ever make.
It’s one thing to picture yourself being your own boss. It’s quite another to actually do it.
That’s because doing it requires a fair amount of risk, and a huge level of commitment.
The risk part can be minimized by making a good choice in a franchise, doing great research, and obtaining the best financing options available.
The commitment part is all on you.
It’s not like you can just quit when the going gets rough. You may have been able to pull that off when you were working for someone else, but when you’re the boss, you really own what you do.
Franchise Ownership Is A Great Way to Be the Boss
There is no other business like it in the world.
Franchising is a great business model.
Franchising is a great marketing and distribution method…and it allows people who’ve always wanted to be their own bosses to own a business.
Systems are in place…proven systems that enable people who have never owned a business to own and operate one that’s already been tested.
But, most people don’t become business owners. They don’t get far enough down the road. They stop before they know everything. They get scared. They talk themselves out of their own dreams. Their decision to become a franchise owner becomes one that they wish they hadn’t made in the first place. That’s because they didn’t look at the entire picture before they moved forward in their search for the right franchise.
You don’t have to do that.
The Franchise Ownership Decision: Use Ben Franklin’s Technique
Before you go down this road…before you start to get serious about buying a franchise, you may want to do what Benjamin Franklin used to do when he was faced with a major decision.
In Benjamin Franklin’s words:
“My way is to divide half a sheet of paper by a line into two columns; writing over the one Pro and over the other Con. Then during three or four days’ consideration, I put down under the different heads short hints of the different motives, that at different time occur to me, for or against the measure. When I have thus got them altogether in one view, I endeavor to estimate their respective weights; and where I find two, one on each side, that seem equal, I strike them both out. If I judge some two reasons con equal to some three reasons pro, I strike out five; and thus proceeding, I find where the balance lies; and if after a day or two of further consideration, nothing new that is of importance occurs on either side, I come to a determination accordingly.” – Benjamin Franklin, in a letter to Joseph Priestley offering him advice on how to make an important decision.
You should do it too.
Take a piece of paper out, and draw a line down the middle. On one side, write down the pros of becoming your own boss. On the other side, write down the cons. This exercise works. That’s because you’re forced to see the words instead of only thinking about the words. Try it.
If you use the Benjamin Franklin technique above-before you get serious about buying a franchise, you’ll be able to get the things that you fear the most out in the open. You’ll also be able to see the possibilities. You’ll be so much more confident, too.
You just need to look at the pros and the cons, and decide if there are enough pros for you to do a serious search for a franchise to own.
When you do find one-if you do find a franchise that makes sense for you to own, have a pad of paper and a pen at the ready.
And, do what Benjamin Franklin would do.