What makes a franchisee successful? I asked a friend of mine for her thoughts as someone who has been in franchising for 25 years. She replied, “It is like anything in life, selection! Whether sourcing the freshest ingredients for a delicious meal, researching to buy a new car, or spending time getting to know a potential spouse; selecting well more often ensures long-term success.”
She adds, “When considering a franchise, potential buyers of course want to thoroughly vet the financials. Often less time is spent considering the business model as well as the franchise culture. For example, a ‘non-sexy’ business may have the financial chops to deliver your ‘why’ for purchasing a franchise and offer a fit in terms of values and culture. Too often, I have witnessed a potential buyer value one piece, usually ‘glitz’ of the industry, and ignore other important factors like lifestyle of the owner, much to the buyer’s detriment.”
She advises that potential buyer should review the Franchise Disclosure Document, speak with existing and former franchisees, and take advantage of a knowledgeable franchise expert. To avoid what she calls “paralysis by analysis,” set a target time for the decision, and then make one. Do you have a decision date set? If not, then today is the perfect day to start the selection process!
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David Busker is the Founder of FranchiseVision and a Franchise Consultant with FranChoice, the premier national network of franchise consultants. David helps candidates exploring franchise ownership to set their criteria and then matches them with the perfect franchise. You can learn more about David at FranchiseVision.
View the original article on LinkedIn.