Let’s face it. The reason why people buy a franchise is, so that they can get started in business immediately and make money quickly.
The truth is, franchisor is selling you the illusion of…
Instant Business = Instant Money
But is it really true?
So the first criterion in choosing the right franchise is “Will this really help me make more money?”
Obviously, every franchisor will tell you that you can make money if you buy their franchise as long as you do all the work.
So how would you know which franchise can really help you make money quickly than those just trying to sell you an illusion?
Simple, by their track records.
You need to know the success rate of their franchisee.
Here are the things you need to do:
- Get as many contact information of their franchisee.
- Call them one by one and tell them that you’re planning to buy a franchisee too.
- Ask them these questions:
- Knowing what you know now, if you can turn back the time will you still invest in this franchise?
- Will you recommend it to your best friend?
- How long you think will it take you to recoup your investment?
Asking these questions will give you a hint if they’re happy with the investment or not. Sometimes, you may have to read between the lines because some people are not humble enough to accept that they made a mistake.
In addition, you’ll also learn a lot what’s working and what’s not in operating this business. So if you decided to buy this franchise, you have upper hand from day one.
Now, you may be thinking…”This is a lot of work Jon.”
Look, if you’re going to invest your hard earned money on something, you better do your due diligence so you minimize your risk.
Franchisors are notoriously known to hyped their marketing and offer. If you’re going to believe them without confirming the truth on what they’re saying, I’d recommend that you save your money for now.
REMEMBER THIS: In business, whether you’re starting from scratch or buying a franchise, you need to do what most people are not willing to do.
So that someday, you’ll have the success that most people will never experience.