As a franchise consultant, I talk to many people who embrace the idea of entrepreneurship as a franchise owner because they want the people and product support benefits that franchisors provide.
I listen to their vision of the entrepreneurial life and why they want to start a business now. They see themselves as the boss who meets customer needs, who manages employees as valued contributors, and who gives back to their community.
After they finish painting the picture of starting and operating their franchise business, I explain how I can help them find the right franchise to match their interests and experience. I also explain, in general terms, what a business might cost to get up and running and why a franchise is a smart path to take versus starting a business from scratch.
“Unfortunately,” they reply. “I don’t have the kind of money it takes to own a franchise. This just isn’t a good time for me to start a business. Goodbye.”
Sadly, that response shows people are incorrectly putting the cart before the horse in the process of evaluating franchise ownership.
NOW is the Best Time to Evaluate Franchise Ownership
The best time to evaluate franchise ownership is not when you believe you have enough money to pursue your entrepreneurial dream.
The best time to evaluate franchise ownership is now when you believe you have the energy, desire, and experience to pursue your entrepreneurial dream.
And your first step is not crunching the numbers regarding financial investment.
Given the number of factors you need to consider in owning a franchise, your first step in evaluating franchise ownership is to decide if ownership is the path you want to take before you spend a dime.
Even if you have the ability to finance or to encourage others to finance your franchise business, invest time understanding what it takes to launch and sustain a new business.
And what’s your reward from this time investment? You establish a goal for your life as an entrepreneur. How else can you know when it’s the right time to make the leap financially if you don’t know where you need to land personally?
Starting the No-Cost Franchise Ownership Evaluation Process
Many people who come to me for my services are already overwhelmed and fatigued from trying to evaluate various franchises on their own.
They simply looked at franchise businesses that looked interesting to them instead of answering fundamental questions that a franchise consultant would ask them to determine their ability to own and operate a business in general.
Have you considered your strengths and weaknesses in the workplace? Do you believe you have the time and passion to work the business during economic and mental ups and downs? Have you matched your desired lifestyle with the business model and the expectations of your involvement in the business?
There are many questions you should answer before making a franchise purchase. While you can attempt to find the answers through web research or self-reflection, I strongly suggest you invest your time in partnership with a franchise consultant who works on your behalf at no cost.
Like executive recruiters who are compensated by their client companies for finding employees, franchise consultants are compensated by franchisors for finding entrepreneurs like you. Your only investment with a franchise consultant is your time.
Free Advice to Help You Evaluate Franchise Ownership
To help you evaluate the pros and cons of franchise ownership as well as the time and financial commitment you can expect, contact a franchise consultant like me.
Franchise consultants have extensive franchise knowledge to sift through hundreds of business ownership opportunities in a matter of weeks versus the months it takes for someone without franchise knowledge.
So, begin your evaluation of franchise ownership by calling me, Jeri Lucco, at 614-768-3884 for a free, no-obligation discussion.
Now is the best time to evaluate franchise ownership and determine if you should start your own business before you focus on money.