Changing your life is a big deal. It’s one thing to talk about doing it; it’s quite another to take the steps needed to reach that sort of goal. Let’s discuss some of the steps you can take to change your life this year through the purchase of a franchise business.
Deciding
The first thing you must do is decide. You must decide to do it. Are you ready to make that decision? Maybe this will help.
Three frogs are sitting on a log. One of them makes a decision to jump into the water. How many are left?"
If you answered “two” you’re wrong.
The correct answer is “three.”
The frog didn't jump; it only made a decision to jump.
The same is true when you’ve made the decision to buy a franchise. You’ve decided that for whatever reason you want to be your own boss. And you’ve decided to leverage the franchise business model in order to do it.
You haven’t bought a franchise. You’ve only decided that you want to. Make sense?
Information-Gathering
Once you’ve decided to buy a franchise, your next step is to learn all you can about franchising. You need to become educated. You need to be a smart buyer. Make a commitment right now to learn all you can about franchising. Just make sure to choose credible sources so you can get the best information available.
Franchise Choices
Choosing the right franchise isn’t always easy. That’s because there are lots of choices! But there are ways to whittle those choices down.
One way to do so is to determine your budget for a franchise to buy.
Do a net worth statement, so you can determine how much money you have to work with. Once you have that figure, you can decide on a specific budget.
Important: Leave yourself some room for unexpected business expenses. In addition, set aside some money for marketing. You may decide to increase your marketing efforts so your new franchise business can potentially reach profitability faster.
Tip: Setting a specific budget is an instant way to narrow your franchise choices, as you’re only looking at franchise opportunities you can afford.
The second way to quickly narrow down your choices for a franchise business to own is by matching what you’re best at doing-work-wise, with franchise opportunities that allow you to utilize your best talents. Finding franchises that are a match for your skills is a great way to increase your odds of success.
Fact-Gathering
Assuming you’ve found a franchise business you can afford, and is a great match for your business skills, the next thing you need to do is research the business...the kind of research that gives you the facts you need to make a decision on buying it-so your life can change.
Tip: Call lots of current franchise owners of the franchise business opportunity you’re thinking of buying. Franchisees are the ones living the business every day. Don’t be shy; ask them lots of questions!
Decision Time
After you’ve done all the things I suggested in this article (and you’ve arranged financing, have written a business plan, and have sat down with a franchise attorney), it’s decision time.
If the franchise business opportunity you’ve chosen looks good, and you’re ready for the adventure of small business ownership, it’s time to jump in...which isn’t always an easy thing to do.
That’s because what you’re thinking of doing -- buying a franchise -- is a life-changing move. It’s not for the meek. It’s not for the unsure.
It’s only for people who truly want to change their lives.
The Franchise King®, Joel Libava, is a top franchise expert. He’s written over 2,000 different articles on franchise ownership and personally consults with people who are looking to buy a profitable franchise. Go here to find out how The Franchise King® can help you become your own boss.