Finding an American franchise that is a good fit for the prospective franchisee requires a careful analysis, discipline, and a lot of homework. This presentation details four steps a prospective franchisee can follow to finding the right franchise that is a good fit for them.
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2. AMERICAN FRANCHISE
Four Steps to Finding the Right Franchise!
Starting Your Franchise Search
If you’re like most people, there is typically a catalyst that starts you on your franchise
search. One of the following reasons will likely resonate with you:
• I am about half way through my life and I am not reaching my financial goals, I
don’t have nearly enough money saved for retirement.
• I have done well in the corporate world, but I’m really tired of the corporate rat race.
• I want increase the quality of my life – it’s not just about money anymore, I want
more control over my time each day.
• I want to take more risk in my life to see what I am capable of achieving.
All are good reasons to wanting more, now the challenge is how to find an American
Franchise that is a good fit for you!
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3. AMERICAN FRANCHISE
Four Steps to Finding the Right Franchise!
Step 1: Understand The Franchise Business Model
Many make the mistake of thinking they understand the model because it is so
familiar. This causes them to overlook some important details that need to be
incorporated into their decision. It is important you understand:
• When you purchase a franchise, you don’t actually own the business. Instead, you
own the right to operate the business for a defined period of time.
• You have to follow the rules set forth by the franchisor and the operational business
model is already defined.
• Their are advantages and disadvantages of franchising and you need to
understand them fully before signing on the dotted line.
The better you understand the American Franchise business model, the better your
chances of making a good decision.
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4. AMERICAN FRANCHISE
Four Steps to Finding the Right Franchise!
Step 2: Know What Franchising Offers
To decide if franchising is a good option for you, it is important to understand why
franchising makes sense for some and not for others. Typically a franchisee gets into
trouble when the amount of work needed to start a franchise is underestimated.
Consider the following:
• A franchise can provide you with a “road map” to success, but you still have to do
all the driving -- the hard work required to make the business successful.
• While a franchise can provide operational guidelines and procedures, you still have
to manage the business and its operations. It doesn’t run itself.
• Franchise or not, a business is going to take dedication, a passion for the
business, a positive attitude and a willingness to give it your all.
Starting and running a successful business or American Franchise is no easy task, and
it requires careful consideration.
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5. AMERICAN FRANCHISE
Four Steps to Finding the Right Franchise!
Step 3: Take Inventory of Yourself
One of the most important things you can do in finding the right franchise is to fully
understand what you bring to the table before you start your search. Make a list of
the following:
• Skills - You need to know your strengths and weaknesses. Look at past performance
reviews. If you don’t possess what is needed to succeed, better to find out now.
• Experience - do you have experience to draw on to make right decisions to succeed. For
example, do you have sales and marketing experience. This is quickly becoming a must
have for small business owners. Make a list of the business experiences you have that
could help you succeed.
• Goals - need to examine and document your business, personal and financial goals. What
do you hope to accomplish in each of these aspects of your life, say in the next 5 years.
You need to determine if you have what it takes to succeed in business and are a good
fit for franchising. Download our “Franchise Fit” eBook to assist you in this analysis.
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6. AMERICAN FRANCHISE
Four Steps to Finding the Right Franchise!
Step 4: Franchise Selection
You need to make sure you select a franchise that is right for you and ensure the
franchise doesn’t select you. Understanding what is meant by this statement could
help you to avoid failure. Here are some key points:
• Some franchisors are focused only on selling franchises - looking for someone with
a heartbeat and enough money to purchase the franchise.
• A high-quality franchisor may feel you have the skills and experience to make a
great franchisee, but you need to ensure the franchise fits you personally.
• A high-quality franchisor should provide you with a franchisee success profile - and
they should turn away more candidates than the accept.
To get more help in the area of franchise selection, download our Franchise Analysis
white paper that provides a framework for evaluating franchises.
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7. AMERICAN FRANCHISE
Four Steps to Finding the Right Franchise!
Summary
If you think starting a franchise business or buying a franchise for sale is the easy path
to success, think again. There is no easy path. Any business is going to take
dedication, a passion for business, a positive attitude, and a willingness to give it all
you have to launch the business.
Take time to truly understand the business model and most importantly, take an
inventory of your skills, experience, goals and define exactly what you want out of
operating a franchise business.
Finally, as you progress in your franchise search and you enter the franchise selection
phase, be careful to avoid the “sales traps” of those franchisors that simply want to
part you from your money.
Do this and you will increase your chances of success!
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