How to Solicit Good Advice on Franchising

I always pass on good advice. It is the only thing to do with it. It is never of any use to oneself.” Oscar Wilde, the famous Irish author said that and it brings to mind a question for any budding entrepreneur. Where can you find someone who thinks like this? When it comes to joining the ranks of franchise owners, you’re going to need advice—and it had better be good advice. We’re going to suggest a few (possibly obvious) places you can find it in the hopes that it will continue to stoke the fires of your enthusiasm in becoming a business owner.

Someone once said that the best psychiatrist is the one right inside your head. We’ll begin there. If you’ve been mulling a change in life—one that would give you the power to be your own boss—you need to listen to that small voice. You may have many different reasons for wanting to go into business for yourself, but at the root of all of these reasons is typically a desire for greater independence. 

Next, if you intend to delve into the world of franchising, you will most certainly need the support system of your family. Family members—maybe not even the most immediate ones—tend to give helpful and insightful advice. Solicit the opinion of your significant other and your immediate family. Then widen out the outreach to include an in-law, a cousin or even an aunt or uncle. If a family member has been a successful small business owner in the past, so much the better.

Before the franchise investigative process runs its course, you’ll need a more advanced kind of advice. Professional advice. Having a good attorney and accountant in your corner will help go a long way towards establishing a fair, decent and workable agreement between you and the franchisor. It’s obviously an added expense because their advice isn’t exactly free—however, we always recommend professional counsel, so that expectations are managed properly and correctly. 

Here’s some more advice for you. During your franchise investigative process, you’ll hear the word validation. This is an exercise that is built into the process of investigating franchise concepts. Franchisors want you to speak to other franchise owners who are already vested in the system. You will likely get your most valuable business advice from speaking directly with them. You’re encouraged to prepare a list of key questions that are applicable to your personal situation so that you can find out if a particular franchise will be that perfect fit—or not.

As you go about soliciting the advice you need to bolster your own entrepreneurial journey, be sure to keep careful track of the advice you receive. You can take notes in shorthand, then transfer the helpful information into a document later. You definitely don’t want to rely on your memory alone because much of what you will be offered in the way of advice is actionable.

Always keep in mind that when you solicit advice from someone, other people’s time is valuable. Seek out a suitable frame of time for your discussion and be clear about what you need to know beforehand. That gives the advice-giver a chance to prepare on his or her end.

When you solicit advice from someone, it truly is a form of flattery and most—if not all—of your advice-givers should be more than willing to help. They should want you to succeed as much as you do. When you enter the world of franchising, you’ll never be alone. And it never hurts to get a jump start on the process by seeking a round of sound advice.

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Jul 31, 2017