Monday, June 13, 2005

You're Late If You Want a Franchise in 2005

If you've been planning on buying a franchise this year, you're probably too late!

My calendar says it's time to be planning a Fourth of July getaway.

Having helped hundreds buy franchises in the last 25 years, I know that researching and reaching a decision takes time. Then there's often a site search, remodeling and headquarters training. Combined, you're talking 3, 6, 9 and often 12 months from the time you sign your Franchise Agreement until you open. Chances of being open by year end are slipping away.

And you haven't even found the right franchise system yet!

Here are a couple of guesses as to why your January, 2005 New Years Resolution is so far from a reality.

Many franchise buyers spend hours surfing the internet looking for their "perfect match." Unfortunately, most don't know where they'd excel if they bought their own company. We provide a tool called the FranchiseFit Entrepreneurial Survey that's helped many gain a better focus on their next career--as a franchisee.

"When you don't know where you're going, how will you know when you get there?" This common question posed by goal setting seminar leaders applies to you in your franchise search.

If you spend time reading short ads on franchise offerings saying to yourself, "No, too competitive." "No, not profitable enough." "No, too hard to find employees." "No too boring!" You're Never going to own your own business!

If you are truly ready to own your own franchise, you need to pick up the phone today and call somebody!

Call a couple of franchise systems that seem even moderately interesting. Ask the salesman what business personality and experience has proven to be most beneficial to new franchisees. If that matches your profile (see above), fill in their qualification sheet and begin a dialog. Ask them to send you their Uniform Franchise Offering Circular and then call two or three existing franchisees for help in understanding what they do in their daily activities. If this matches your interests, find out if they're making any money. Surprisingly, most will give you a great deal of help because they want other winners in their system. They also want to prevent those who should not join from making a mistake.

Keep repeating this process every week until you "fall in love." Remember, your lack of clear focus, your lack of "insider knowledge" of how each system works, and your innate fear of failure will prevent you from moving ahead unless you start motivating yourself.

Think back to when you began to consider owning your own franchise. Why haven't you invested yet? Unless you change your pattern--and I've just suggested a proven method--YOU'LL NEVER OWN YOUR OWN BUSINESS.

You may think there aren't any good franchises out there. But, with all due respect (as they say in Washington), I hope you don't think you're smarter than the owners of 800,000 franchises that are now in operation!

Check out the resources available at The Franchise Doctor's website; read enough articles to get your free "MBA in Franchising;" consider our book Insiders Secrets to Buying a Franchise and take your FranchiseFit Entrepreneurial Survey.

You could also call us with your questions--800 220-8256.

It's time to stop just sitting there and DO SOMETHING!