Opinion holder entrepreneur You are the contributor.
Top 3 Best Advises: I once interviewed a successful home service franchisee. He shelved the other concept’s franchise deal for several weeks and didn’t touch it. He was at the end of the due diligence process after spending months researching the business and talking to both the franchisor and a number of franchisees. The franchise deal sat gathering dust on the shelf. Running out of questions, he stopped looking into the business. No information was missing. He stopped talking to his family about the business and instead appeared to quietly simmer about it.
His wife finally asked him out. He replied that the overall franchise he likes models, franchises, brands and culture. However, he felt that the franchise agreement was overly littered with “gotcha” clauses that seemed out of place compared to the business presented to him. and the loyalty seemed too high. He just couldn’t move forward.
Related: 6 Tips to Consider When Searching for a Franchise for the First Time
That recognition was a successful outcome for him, but he later confirmed it. Most of the models fit, but based on the facts of the licensing deal and his assessment of the return on investment, the overall package was still not good enough. He was right to stop the process based on the information.
It turned out to be a good move, and not just because he avoided a bad fit. I introduced him to the brand. When the fit was right and the facts supported his decision, moving forward felt natural and not stressful.
Trust the facts you’ve gathered and your gut instincts when it comes time to decide to buy a franchise. Don’t try to speak for yourself if the ownership package doesn’t fit perfectly. Go ahead and find a better concept. With data-driven conviction, you can move forward with confidence.
RELATED: 7 things to know before becoming a franchise owner
stalled decision making
What if you had done solid and thoughtful due diligence on your franchise concept, consulted with your personal advisory team, support system and franchisees, and received good overall feedback? I was. You flipped over all the rocks and looked down. Franchise validation and performance is strong. You have a clear picture of this opportunity. You trust your intuition and facts are facts. Both say they are moving forward. Are you stuck at this point? You’re so sure about this franchise that it’s not analysis paralysis. why?
The real problem at that point is that inertia and (sometimes) entangled emotions are involved. It feels dangerous because it is a change. Even rationally, you find that change pushes your life in the right new direction. This feeling is often similar to the vague anxiety and stress you might feel when you leave your job or the military, and lock the front door of your home when you finally move out or send your kids off to college. There are moments when time seems to stop. Not ready to let go of the “before” life state and move over the chasm to the “next thing”. This feeling can be a bit shocking and unnerving, especially for experienced business people who are used to feeling confident in their ability to make wise, fact-based decisions.
RELATED: You can’t be afraid to make the jump to become a franchisee
move forward with confidence
When it comes to entrepreneurship, what many people don’t realize until much later is that this particular decision-making chasm is an illusion. you are already changed I can’t go back to my old life right now. Your mindset is changing and you will not be happy being someone’s employee. Proven fit based on data and our own exhaustive due diligence. That information gave me confidence that this was the right franchise business for you in the first place.
Making the decision to become a franchise owner when all the data and signals are correct is not crossing the line.It’s just taking the first conscious step on a Franchise news path that you’re unconsciously taking. already upon. For a long time you wanted to start your own business. You now have the fit, support, and operational framework for success. You can already see yourself in this business. You have already promised yourself that you will do whatever it takes to make it a success.
If you have strong convictions about the opportunity and culture, have proven fit and financial viability virtually through a robust due diligence process, and your intuition says this is the right business for you, Move forward with confidence. Entrepreneurship is no longer just about the future, it’s rooted in the mindset of the present. You’ll never see the world the same way again, and from one entrepreneur to another, that’s a good thing.