When it comes to making a big decision such as buying a franchise of your own, should you second guess your choice in concepts? With over 3,000 different franchise concepts to choose from, it would seem logical. At FranNet, we chalk this feeling up to cautiousness. Perhaps a franchise concept you’ve investigated seems just too good to be true. Or perhaps you’re down the road, past the FDD process, ready for the Discovery Day, but something keeps nagging at you to reconsider.
Second guessing your franchise concept is probably more common than you think. You’re putting a lot on the line when you take the entrepreneurial plunge and a little hesitation is to be expected from time to time. Just don’t let it paralyze your decision-making process altogether. With the help of your support group of family and friends, you should be able to narrow down the pros and cons of each concept competing for your heart. And deep down inside, you probably already know the answer.
But if you’re still in doubt, here are some helpful hints for factors that you should consider when investigating franchise concepts that are just right for you:
What is the driving force behind your desire to own a particular franchise? Will this be a full-time career change or a part-time investment opportunity? Calculating the ‘why’ before the ‘what’ is extremely important in the process of determining the right franchise decision.
Is this what you want—or what someone else wants? If you’re intending on putting 100 percent into a new franchise of your own, your heart had better be in it. Anything less could spell trouble down the road. If buying a franchise is a joint venture, make sure you’re as on board as your significant other.
Expertise vs. intrigue is a powerful conundrum when deciding on a particular franchise. Just because you were a successful CPA doesn’t mean your H&R Block franchise will flourish. It might even remind you of why you left the corporate world behind and that’s the opposite aim of entrepreneurism. Don’t be afraid to investigate a franchise concept that may be out of your comfort zone, but offers an intrigue that you can turn into motivation for success.
During your investigative process, it’s helpful to use a “drill-down” technique. Determine the types of businesses that appeal to you. Is it retail? Commercial? Customer facing? Then, collect a list of applicable concepts that meet your initial criteria. Do your level headed best to take emotion right out of the equation. It’s best to bring an objective point of view to the table.
Second guessing a franchise concept is a common occurrence. At FranNet, we work quite closely with our clients to help them make the most informed decision available that is specific to their situation. That’s the main reason we’re so thorough. It wouldn’t help our recurring business if we had nothing but dissatisfied franchise owners. Fortunately for us, we kind of have the opposite problem. But seriously though, without truly bragging, we do like to draw attention to our collection of customer video testimonials. Watch a few of them and you’ll see that the personal level of service we guarantee is designed to make sure that second guessing a franchise concept won’t be a deciding factor on your path to entrepreneurial freedom.
Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!