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If you're going to start searching for a franchise to own, you need to make sure you remain grounded.
What do I mean by “grounded?” Let me show you.
Be Realistic About the Search Process
According to the first-rate editors at Merriam-Webster, being grounded means that one is “mentally and emotionally stable: admirably sensible, realistic, and unpretentious.” And in this particular case, that “one” is you.
I’ve said it before and I’ll say it again: Buying a franchise is a BIG deal. Owning a business will change your life.
If you do it right, if you take a methodical, step-by-step approach, one that’s as unemotional as possible, the change I’m referring to will be for the better. The change will be positive because:
- You’ll experience freedom like never before.
- You’ll be in more control of your life than you ever thought possible.
- You’ll have an opportunity to accomplish something that only a small segment of the population can; own a business!
In order to do this, you need to be realistic about the process of choosing a franchise that’s a good fit for you.
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Your Search for the Right Franchise
As you search for the “right” franchise, there are several things you’re going to experience during the process that have the potential to make it tough to stay grounded.
The first thing is the length of time it’s going to take you to find the right franchise opportunity for you. There are a lot of franchises (over 3,500!) to choose from. And I promise you’ll feel frustrated…unless you know how to quickly narrow down your choices.
While we’re on the subject of narrowing down your franchise choices, one of the first things you need to do before you look for a franchise to buy is sit down and go over your financials. Do this first so you don’t end up looking at—and maybe falling in love with—a franchise that is financially out of reach. This is one way to stay grounded.
Another point when I see prospective franchisees struggle with staying grounded is choosing between two great franchise opportunities. It’s stressful and emotionally exhausting. If that ever happens to you, here’s a hack you can use that will help you make the right choice.
Finally, it’s almost impossible to engage in a serious franchise search without bumping up against family members who are “curious.” In many cases, not only are they curious as to what franchises you’re interested in, they’re also nervous. Especially if you’ve lost your job and are pursuing something they know little about.
If this occurs, you have a few choices to maintain your grounding.
- You can make a conscious decision to keep them in the loop throughout the entire search process.
- Go into hyper-focus mode for a while, until you find a couple of franchise opportunities that look good. Then share what you’ve found with them.
- Focus on your search and only share your results if warranted. For instance, if you find a franchise opportunity that’s affordable, a good fit, and something you can see yourself owning.
Note: Make sure you involve your family no matter what. It’s too important not to.
You Can Do It
If you stay grounded, you won’t feel constantly overwhelmed by the franchise selection process. However, it won’t relieve all of the potentially frustrating moments. But, when those moments of frustration arise, stick to your guns. You can’t let your emotions get in the way of good, old-fashioned fact-gathering.
You’re human. Your emotions will pay you a visit, usually at the most inopportune time. The trick is to realize what’s happening and to quickly get back to the information at hand.
Can you stay grounded?
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.