How to find the right franchise to buy
The American Dream is to own and operate your own business. Why work for your boss and build their dream? It all sounds simple enough. Decide you want to own and operate your own business, find it and get on with it. As they say, if it was that simple everyone would do it.
So where’s a good place to start?
I get calls every week from people looking to own and operate their own business. As carefully as I can, I try to find out why you want to put your personal life on hold and dedicate yourself to owning your own business; and after owning and operating 5 of my own businesses in two countries it does require making sacrifices to get it all lined up and working properly.
What is intriguing is that the individual motivations vary and they are unique and include, “I don’t like to work for someone else, I want to do it myself.” “I’m tired of working at different jobs and being laid off.” “I’ve seen how my business runs their business and I think I can do it better or just as well.”
If becoming a business owner is top of your mind, how do you choose the right franchise? Just as importantly, where do I start?
My solution is to start with what I call the three legged stool of success. The three legged stool of success requires you to look at your strengths and skills with the following by answering the following three questions so it unlocks who you are and what you are about.
Owning a franchise or business comes with a huge change in lifestyle while you learn new skills and managing the risk of business ownership. If you are doing something you love and bounce out of bed every morning as there are things to do that you want to do and be successful, that is the number one key to your success.
2. What can I be the best in the world at?It’s almost guarantee that you won’t be the only business offering your product or service. You will have competition. Having competition means you have to work to your highest level possible to achieve success. One of my primary goals with each of the five businesses I have owned and operated was simply to aim to be the best in the world. If you are the best at what you do, you have no competition. If you also are the best in the world your customers will become your cheapest and best marketing as they will shout your praises and drive more business to you. It’s that simple.
3. Will it drive my economic engine?It is very hard to make a business out of collecting and selling stamps, playing chess or being the best cheerleader for your favorite local football team. These are hobbies and by definition, a hobby is not a business as it simply doesn’t pay enough. If you can find a business you are passionate about and will allow you to be the best in the world, make sure it brings the income you need to not only build and sustain the business, but feed your family, pay your bills, fund your retirement and have a little left over in case the business isn’t running as well as you would like.
Owning and operating a franchise is not for everyone. However, neither is starting a new business from scratch or trying to find the right existing business to buy. Use the three legged stool to help guide you and one of the best things about buying a franchise is the large range of franchises in so many different industries.
If you would like more information about buying a franchise please visit my webpage Buy a franchise or buy a copy of my book – Successfully buy your franchise. For more immediate help with buying a franchise, send an email to Andrew Rogerson or give me a call on 916 570-2674.
