Self-examination is one of the most important strategies to help you determine if 2017 is the year for you to buy a franchise. Here are some good questions to ask yourself during this critical stage of the discovery process:
- What skills, experience, and passion do I bring to the table? Taking a skills inventory is not only a good self-esteem booster, it’s one of the best ways to see if a franchise is a good fit for you. Most franchisors are upfront about who their ideal candidate is. Compare their list to yours, and see if you come out ahead.
- Am I okay with following rules? Using someone else’s systems and procedures? When you buy a franchise, you’re buying a license to operate under the franchisor’s brand. So you’ll have to be ready to learn—and follow—their rules if you want to invest in their business in 2017.
- Does my family/partner support my decision? Big career transitions—especially investing in a new business—is risky, and your family/partner will have lots of questions. While you may not be able to allay every fear, looping them into your due diligence will put them at ease. Make sure they have a clear understanding of the financial decisions involved, and that they are ready to help you make them. When you have your loves ones’ support, you’re set up for success.
- What’s my net worth [Liabilities-Assets = Net Worth]? Your franchisor will ask you this, and it will be a key determinant of what you are able to do—or not—when it comes to financing, and making the initial investment.
- What do other franchisees think? Find out what satisfied—and unsatisfied—franchisees have to say. Call them, meet with them, take them to lunch, and pick their brains to learn more about the risks—and rewards—in store for you if you buy a franchise in 2017.
- Am I rushing the decision-making process? We know it can be exciting to think about owning a franchise, but you’ll need to allow yourself plenty of time for thorough due diligence. [We recommend comparing what you learn from these talks to what the franchisor tells you, as well as the content of your own business plan. It’s worth the extra “homework time” to find a great fit!]
- Have I asked for—and really read–the FDD? Mark it up, note your questions, and ask your franchisor every single one– keeping track of their answers. Then, take time to weigh your findings against your personal and professional goals to make sure this is an opportunity you’re ready to pursue this year.
- Have I scheduled a Discovery Day? A Discovery Day gives prospective franchisees a chance to visit the company’s HQ. You’ll meet the Executive and Support teams, and have the chance to ask them your questions, and share your concerns. A good franchisor will make sure you feel welcome, and be prepared to do whatever they can to ensure you can make an informed choice. [Here’s what to expect when you visit InXpress.]
- Have I done a final review? After the Discovery Day, go over your notes and meet with your CPA/Franchise Attorney one more time. Their input will help you feel more confident in your final decision, plus they can help you clear up any last questions about the financial/legal parts of the FDD.
- Is this The One? You’ve done your homework, your family’s on board, you’ve met the team, now it’s time to listen to your instincts and decide: is this franchise the one you’ve been looking for to take your career to the next level?
Our franchisees—and our team—love meeting prospective franchisees, and sharing our InXpress success stories. Contact us today if we can help you answer any of these questions. We can’t wait to meet you!