THE QUESTION: IS THIS THE TIME TO BUY A FRANCHISE?
If you’re reading these words, chances are you’ve survived one of the most difficult times in modern history with your health and basic optimism in check. That’s not to say all is well in a Covid-ravaged world. There are still plenty of sick people who need our help, and we’re struggling to emerge from a deep recession. Sure, the economy is growing again, but there’s still uncertainty.
But if you’re an entrepreneur at heart, you’re likely studying the present with an eye to engineering your future. You’re asking yourself whether this is the right time to start a business, or whether it would be better to continue waiting on the sidelines to see how things play out.
And let’s say you’re ready to start your own business enterprise. Should you start a business from scratch or buy in with a successful franchise?
THE ANSWER: TAKE THE PLUNGE
The answer, if you’re ready to become your own boss but still concerned about risk, is clear. Start exploring one of the top established franchises. After all, the combination of cutting-edge vaccines, government stimulus payments and the always resilient state of the American free enterprise system are already beginning to drive real growth. According to a recent article by CNBC, the U.S. economy “roared back to life in 2021,” with manufacturing showing its highest level of growth since 2018, personal income surging 10% and the Gross National Product expected to show record growth in the coming year.
“There are risks and costs to action,” said John F. Kennedy, “but they are far less than the long range costs of comfortable inaction.” With America, and, hopefully soon, the rest of the world back on the move, the only real decision facing the risk-conscious entrepreneur who has been toying with the idea of buying a franchise, is not whether to buy a franchise. It’s which franchise would be the best match for his or her background, skills, budget and income goals.
FIRST STEP: START YOUR RESEARCH
So, how do these aspiring Warren Buffets find the franchise that’s right for them? For many, the answer is clear: the Internet. And that’s not a bad idea.
But it’s also not a great idea. Why? Well, try this experiment. Go to your computer and type the words “franchise opportunities” into Google or Bing. Chances are you’ll come up with 160 million results.
There aren’t millions of different franchises out there, but there are thousands. Investigating them could take a lifetime, or several lifetimes. In fact, you probably know some people who started investigating franchises on the Internet years ago, but never did anything. Why? There were too many choices and no way to really distinguish one from the other. They were paralyzed.
SUPERCHARGE YOUR RESEARCH WITH SKILLED GUIDANCE
Fortunately, there’s a way out of this predicament. It’s to find an experienced franchise consultant. Here’s what I mean.
Let’s say you have the chance to see Yellowstone National Park during a cross-country trip, but only have four hours before you have to move on. You can certainly find a parking lot and start exploring the Park randomly. You’ll probably see some beautiful things, but may also miss some of the best sites that are just steps away. Or, you can engage a knowledgeable Park Ranger to make the most of those four hours.
HOW A FRANCHISE CONSULTANT CAN HELP
That’s what a good franchise consultant does. She guides you through the thickets of the dense franchise forest to find the one that’s right for you. How? She’ll interview you thoroughly to learn your work history, business experience, skills, likes and dislikes, income goals, budget and many other aspects of your life and personality. Based upon what she’s learned about you, she’ll construct a profile that will then help match you to just three or four different options out of the thousands of franchise choices out there.
At the same time, she’ll educate you about the closely-regulated franchise process, coach you through your first conversations with franchise executives and existing franchise owners, and help you do a thorough due diligence check of the businesses you’re considering. If you want to buy a franchise with the help of financing (and there are some great business loans out there right now, thanks to the government’s goal of stimulating the economy), she’ll introduce you to Loan Experts who can help you. And as you get closer to decision time, she’ll even help you find an independent lawyer and accountant to advise you if you don’t already have your own.
You’re probably thinking you can’t afford a franchise consultant and will just have to go it alone. After all, plenty of people who feel they can’t afford good lawyers or accountants trudge ahead without them – often to their own detriment. Well, there’s good news in this department. A good franchise consultant will not charge you for her expertise and hard work.
She’s instead paid by the franchise companies she works with who are also relying on her good judgment to find entrepreneurs who are likely to be successful in their business models. In fact, while you’ll get the benefit of her hard work and guidance, you won’t pay a cent more for the franchise you’ll ultimately choose than someone else who has found the same franchise independently and buys directly from the company.
NOW IS THE TIME
So, if you’re tired of the corporate grind or just have always wanted the opportunity to run your own life and achieve financial independence, now may be the best time to reach for that golden ring. And best of all, you need not do it alone. Find an experienced franchise consultant and you’ll be on your way.