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In this post, I’m going to tell you why it’s so important to set goals when you’re buying a franchise business. Let’s begin.
Goals Will Help You Avoid Click-Fatigue
Before you begin taking a serious look at franchise opportunities, it’s important to set goals. Because if you don’t, you’ll find yourself clicking* one franchise brand name after another until your wrists hurt.
(*Writer Note: Please make sure you click here if you’re going to click. Trust me, you’ll really like how Franchise Direct has organized the franchise opportunities listed on this site.)
Equally important to the fact that you’ll have sore wrists is the fact that clicking around aimlessly probably won’t accomplish much. In this case, it means you won’t find the franchises that excite you enough to request more information. That’s why you need specific goals to focus on.
But what types of goals should you have?
5 Examples of Goals to Have When Buying a Franchise
The following examples will get you thinking about the types of goals you may want to set as you search for a franchise to buy.
And, as an added bonus, the goals I’ve listed will help you learn how to target specific franchise types. That’s important if you want to find the right franchise to own in the shortest amount of time. Here they are.
1. “I want to own a franchise that will allow me to have a lot of flexibility.”
Is this what you want? Would you like to own a franchise that provides a flexible lifestyle?
If so, you should look into consulting franchise opportunities, because you can basically set your own hours. Or other home-based businesses.
2. “I only want to look at low-cost franchises...under $100k.”
No problem. That’s a fairly easy goal to set and fulfill, especially if you’re on the website you’re on right row. That’s because franchises are organized by investment amounts.
For example, every franchise and business opportunity on this web page has an investment under $100k.
3. “I want to own a franchise with a well-known brand.”
Around 30% of the people who work with me express a desire to look at franchise opportunities that have a solid, recognizable brand. And who can blame them?
To be sure, it sounds extremely attractive to have the ability to open a popular, brand-name franchise business in a local market. Customers will be lined up around the block! Or would they? It depends.
If you can find a well-known franchise that’s a good fit for you with plenty of available territory in your area, you could do well. But what if that franchise has no territory left in your area?
The bottom line is this: If you’re attracted to the idea of buying a well-known franchise, make sure your area has territory available. Sometimes franchises feel they have enough locations in an area.
4. “I only want to buy a newer franchise concept. That way I can get in on the ground floor.”
This goal is the complete opposite of goal #3.
Basically, you want to be one of the first franchisees, so you can get in on the ground floor. To you, brand recognition isn’t on the top of your list of requirements.
In this case, the ground floor can include having your pick of territory, the ability to be involved in the early stage of a franchise concepts’ growth, and maybe even have some input into how the business system will work. It also means needing to have foresight on future consumer demand to figure out which franchise opportunity to pursue.
5. “I want a franchise business that can easily become a family business.”
In this scenario, you begin your search with the goal of finding franchises that must have employees. That’s because you’ll be hiring your family members from the get- go.
If this is your goal, look into retail franchise opportunities and restaurant franchises for starters, as they both require employees from day one.
More on Setting Goals
Can you see how important it is to set goals before you begin your search for a franchise? And how setting goals brings you closer to what you want your franchise business to look like?
“Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success.” - Pablo Picasso</blockquote>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.