Take Your Search For A Franchise To The Next Level

Joel Libava
Tue, 07 Oct 2008 20:20:00 +0000

There are over 3,000 franchise opportunities to choose from. Are you ready to look into what some of them are really about? Or are you once again going to just cruise all the franchise directories, and get a brochure or two, and STOP?

If that's the case, why even start? Flipping through a couple of franchise brochures really is not the way to find out the details.Sometimes it is just a creative way to see that you looked at some franchises, and nothing excited you...

If you are really serious about getting into a franchise business of your own, there is a process to follow.

Here are my suggestions:

1. Do a self analysis of your strengths and weaknesses, including what you like to do.

2. Do a personal net worth statement. Make two columns on a sheet of paper. One column should list all your assets.The other column should list your liabilities. The difference between the two is your net worth. We suggest a minimum of a $250k net worth with the ability to write a check for $50k, and borrow more in the form of a bank loan if you want to seriously look at some ideas. Legitimate franchise opportunities generally do not cost only $20k!

3. When you find an opportunity that you like, request a brochure and a phone call with the franchise company sales representative/franchise director. See if you like each other, and if you may be a good fit for that type of business.

4. Research, research, research! Talk to franchise owners from all over the country. See if they seem happy about their decision.

5. Use franchise attorneys, CPA’s familiar with small businesses, and an aggressive local lender to help you with the details.

6. When you do some financial projections always remember to leave room for personal living expenses! Most people forget about that in their business plans.

7. Make your decision. Even if you decide that this is not the right time to get into your own business, at least you will know that there IS something out there that may make sense for you in the future.

These suggestions may get you to the next level. A level that will help change your life...

{Joel Libava is the President of Franchise Selection Specialists Inc. a Cleveland, Ohio franchise consulting and marketing firm. Joel helps others find appropriate opportunities in franchise ownership.}

Joel does a lot of franchise and small business related activities. Look.