Most people I work with tell me their first exposure to franchising started with an online search of franchises. They picked out a couple of interesting concepts (maybe ones that friends own or they’ve done business with). But then reality strikes: All those “free information requests” set off an avalanche of phone calls from franchisors who think they’re serious! But 99% of these inquirers never follow through.
Why? FEAR!
Fear of success. Fear of failure. Fear of the unknown. But guess what? Having a plan gives them a road map to get from point A to point B, which reduces fear. An anxiety-free mind looks at business opportunities from a position of strength.
Here is an example of how I helped a client–someone who had 2 big reasons to be afraid of buying a business–eliminate his fear.
“Derrick” is an immigrant who recently lost his job and wanted to buy a business to “own his own future.” He went online and requested information about owning a Social Media franchise. He has good selling skills, and is a hard worker, but he has limited marketing and social media experience. He also has limited capital (no job!) and needs funding assistance (no job!)
Derrick had searched online for awhile till he found me, and he was pretty desperate by his limitations by that point. But I didn’t see Ravi as an unemployed immigrant. I saw someone in need of a plan that would help him reach his goal of providing for his family and stabilizing his future income.
Here is the 5-step plan I advised Derrick to follow…
Step #1 – Identify types of businesses that he is passionate about.
Step #2 – Write down skills and expertise that he has that match the requirements of running of these types of businesses. From this I was able to recommend a home-based franchise that would leverage Derrick’s sales skills and, in time, exceed his earnings from his old job.
Step #3 – Do the math. After determining Derrick’s “monthly financial number,” As part of his plan Derrick knew that he would need a part-time job while growing his business. When he removed the fear of this “financial unknown,” Derrick” could think clearly about his positive options.
Step #4 – Identify specific sources of funding. Derrick had cash on hand for “liquid capital.” He merely need to find funding sources for “working capital.” (Recommending reputable, trusted funding sources is one of my specialties as a franchise consultant. I was able to find Derrick several sources that I’ve had personal success with in the past.) Now he was ready to begin to connect with actual concepts and begin discussions.
Step #5 – Vet the franchisors. (Notice how this is Step #5, not Step #1! Steps #1-4 are the planning part of the equation that prepare you to look confidently at options that are right for you.) Now that I’ve coached Derrick about his needs, and we’ve settled on his business ownership plan, he’s ready to meet franchisors. He knows exactly what questions to ask–and what the answers should be.
If he doesn’t get them, he and I will go back to the drawing board and find new concepts for him to vet. Derrick has replaced fear and ignorance of the buying process with strategy and confidence. He’s got a support team in place to help him reach his personal and financial goals–and I won’t let him be swayed by a franchise sales pitch that isn’t a match with his plan.
Would your search for the right business ownership opportunity be enhanced by a consultant who customizes a business plan like this for your future? Let’s schedule a free consultation today.
P.S. My services are completely free to you. Like many attorneys, I get paid when you sign a contract to buy a business that perfectly matches your business plan.