How to Know if You are Ready to Buy a Franchise

Welcome to another episode of Atlanta Franchise Today with host Leslie Kuban, expert franchise consultant and owner of FranNet Atlanta. Today, Leslie tackles the typical challenges you’ll encounter when you are evaluating franchise ownership.

Transcription:

Leslie Kuban:
The good news is these challenges are mostly in your own mind, and if you are open to learning and opening up your mind to a new way of thinking, you have a much better opportunity to find the best franchise for you that will give you the lifestyle you’re looking for. Today I’m going to talk about the problem of the word perfection. Often I hear, “Leslie, I’ll be ready to own my own business and buy that franchise when I find the perfect one for me.” In other words, if the perfect opportunity is out there, then I’m ready to own my own business. Maybe you’re sensing I feel there’s a flaw in this way of looking at it, and I do, and there’s really two issues at play here.

The first is the importance of your readiness to be in business for yourself. So let’s unpack that a little bit. What does being ready for entrepreneurship really mean? First, let me say what it’s not. The world of outside opportunities, no matter how profitable or exciting that franchise may be, it’s not going to make you ready to be in business for yourself. And if you’re really not ready, the best opportunity for you could be right in front of you, but you won’t be able to see it as such. Your readiness is a filter that affects your evaluation capabilities, and if you’re really not ready, no business is going to look like the right one for you. Readiness is personal. It’s internal. It really can’t be forced, and it often has a lot to do with a person’s timing in life. When I’m working with people who I see really are ready for this, they’re in this personal space of some self-confidence.

They’ve had successes in their past. They know they bring talent to the table, and they know they’re going to have a whole lot to learn, that there’s things that they just don’t know, but they’re going to be able to figure it out as they go along in their business, and they are confident they can surround themselves with smart people to help them. This is often a reason why people choose the franchising path is because they can get into a new business that they don’t know anything about, but benefit from the collective experience of the franchise brand that’s been in business for many years, refining its business systems over time, and the fellow franchisees who are growing the same business, the same one that you are, you’re all wearing the same jersey and sharing your collective insights and best practices so you all are successful in your business.

Also, I see people who are ready for business ownership in some way are looking for a change in their life, and a business will indeed change your life. It’s exciting, it’s totally worth it, but it’s also scary, especially when it’s new to you. And let’s face it, it’s going to be hard. There’s going to be problems and challenges. Things aren’t always going to go as planned, but people who are ready for business ownership welcome all of that, and they’re really looking are to begin some kind of a new life chapter. The best way I can sum this up is a ready person says, “I have a goal and a vision for my future and my status quo, what I’m doing right now, is just not going to get me there. I need to do something different if I want to have the future I desire.” And then when you really are ready to be in business for yourself, your frame of mind and your language changes. It goes from looking for the perfect franchise to looking for the best franchise for you. Best is very different than perfect.

And I bet you know where I’m going with this. There is no perfect business or franchise out there. Any and all of them have their challenges and problems. Even the best ones have good days and bad days. You’ll have wins and losses in your own business. If you have employees and customers, which you will, there’s going to be times when you have issues with employees and customers, and there’s always going to be a new competitor to be aware of who’s going to keep you on your toes. So my tip for you today is look for the franchise that’s best for you and eliminate the word perfect from your vocabulary. And a part of your responsibility in your quest is to figure out and ask questions about, “If I were to own this franchise, I’m interested in what’s the biggest challenge I’m going to face as an owner? What’s the worst aspect that I will encounter as a business owner of this particular franchise?”

Then you have to look in the mirror and be honest with yourself and ask, “Do I have the skills to handle these particular challenges? Am I confident I can learn these skills quickly to deal with these challenges?” You want to be confident that you can handle the imperfections of your franchise and not lose sleep at night over it and also that the benefits and the rewards of owning that franchise are worth it. I hope this has been a helpful episode for you today. I sure appreciate you joining me on Atlanta Franchise Today. I’m Leslie Kuban, and I’ll see you next week.


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