Tuesday, September 29, 2009


Everyone dreams of owning their own business. "Firing their boss," "breaking through the glass ceiling," "earning what they're worth," "building an equity," and "taking charge of their financial future," are all motivations commonly cited by people as they begin their search.

Today, among the millions of unemployed, many are still dreaming of finding another job, while those over 50 are discovering that nobody's hiring older workers! The smart ones are now looking at franchising as a way to get productive now... rather than waiting on the economy to improve.

Unfortunately, many never achieve their goal of getting a new or better job and spend their careers in unfulfilling positions. They, and their families, suffer when their unhappiness and low income impacts the relationships they have with their spouse and children. I meet many of these searchers in their early stages and try to make them understand that the job of finding the right venture is a tough, time-consuming task. Just as finding an outstanding managerial job takes weeks to complete--reviewing franchisors' websites, marketing brochures, talking with salesmen and researching franchise opportunities takes weeks of dedicated study. Have you begun investing 10 hours a week to the project? (If you're unemployed, it should be 40 hours.)

Too often, franchise buyers postpone making a decision, waiting to find the "perfect" business for them. Those that take the same approach to house hunting spend their lives in apartments. Very few things in life are perfect! When we're buying a home, we may trade off the spacious family room in one house for the better school system associated with another. Similar concessions must be made when reviewing business ventures.

You need to get started on your entrepreneurial path NOW! Solve your financial needs and start building an equity today! DON'T expect to find the best business in the world for you--in all probability it will not be the only company you ever own. Most people run the same business for only 5 or 7 years and then hire a manager or sell it and move on to something bigger or more challenging.

Are you frozen at "home plate" just watching ads whiz by? Pick up the phone and call 5 to 10 companies for their marketing materials. (You've made it to first base.) Choose the three that you think will best fit your needs and fill out and submit the company's "Qualification Form." (This will open discussions with a sales representative and places you firmly on second base.) Now continue your research by closely reviewing the Franchise Disclosure Documents sent to you, and visiting or calling as many franchisees as is reasonable. If you're gaining a comfort level, you're rounding third and should have an attorney or accountant review the agreement to be sure you fully understand it. When you've made the commitment to sign the license, join the franchise network and begin your entrepreneurial career, you've made it to home plate! The crowd (or at least your family and friends) are cheering, and you're on your way to stardom!

Often you'll have to repeat these steps because you get "stranded" on second or third base. But reading ads in a magazine and looking a dozens of franchisors' web sites is no way to seriously approach the task!! Good Luck!!

If you're searching for the perfect franchise for you, we encourage you to check out The Franchise Doctor's offerings.

Our survey of your innate talents can help you find the niche where you'll be most successful, it's called the FranchiseFit Entrepreneurial Survey. A ten minute quiz could change your life!