ARE YOU SEARCHING FOR A BUSINESS IDEA? >> Each section contains key Action Items located within the downloadable Action Guide >> Click to Download Action Guide.
6.1 Use your resources.
Is it ego? Is it fear? Or maybe you think you have all the answers?
Ask professionals for help. Yes, it might cost you money to get advice. But, how much money might you save if you get professional advice before something goes wrong versus needing professional advice after you’re in too deep.
ACTION ITEMS: Complete the Action Items in your Action Guide.
Take time to talk with a financial planner, CPA, franchise/business attorney, a business broker, or a franchise/business coach.
6.2 Should you perform research on your own or get help?
Many clients feel that because of their background as an entrepreneur or previous business owner, that they can complete franchise research on their own.
However, what if you could work with a person who has professional experience in helping individuals just like you?
A coach can save you time and energy, provide concrete examples of previous deal structures and help you focus on your business objectives. The coach also helps to provide strategy to compare and contrast your life’s goals with a business model that will uncover the franchise of your dreams.
On your own, you might think of some questions that are important to ask and would like to find out how valid they are before asking a franchisor. In fact, there are a few questions that the franchisor may not answer, so having a coach can really help you discern which questions are appropriate and inappropriate.
If you’re looking to reduce stress, save time, reduce risks and ask the right questions to your potential franchisor partner, ask for help.
If this Action Guide was valuable for you, learn more from me, Mickey Rechkemer, Franchise Coach, on the Franchise Assistance page.
I would be glad to consider becoming your coach to help you uncover your perfect franchise. I’ve coached individuals throughout the United States and in countries around the world. Contact me to schedule your complimentary coaching session.
6.3 The difference between a business broker and a coach.
Remember in section 3.4, I told you that franchises are awarded not purchased. Ask yourself this question, “Would it be better to be introduced to a franchisor by someone on your behalf, who knows you and is your advocate in exploring a franchise, or is it better to pick up the phone and cold call or send an email to the franchisor?” The answer is obvious.
In what ways do a Franchise/Business Broker and a Franchise/Business Coach differ?
Generally, a broker acts on behalf of the seller (or franchise).
A coach acts on behalf of the client looking for a business.
Another way to look at a broker is if you know exactly what you want to buy, you have the money now and are ready to buy immediately, then a business broker will help to complete the sale on behalf of the seller.
It is estimated that 75% of the US adult population would like to be self-sufficient; however, only about 5% ever get there. Could it be that the other 70% find themselves bogged down in the business research process and never feel they’re ready to make a decision?
A coach can work with you to help clarify what you want to achieve, before spending the time to explore numerous franchises and business models. A coach will uncover thriving business models that meet your goals, needs and expectations even in a time of economic uncertainty.
Where are you in your business model research?
Do you know exactly what you want?
Could a coach be beneficial for you?
6.4 Continue your education.
Congratulations! You are closer to your goal in becoming a business owner!
Are you finished with learning?
You and I both know that life is all about learning. Make an investment in yourself, read articles and books, attend seminars, and ask questions.
In Business Network International (BNI), there’s a saying, “You need to learn more, if you want to EARN MORE!”
For many professions, you are required to be licensed and to take continuing educational credits to hold onto your accreditation. As a business owner, you’ll need to keep your mind sharp on your own. That can help your business grow and achieve great success!
6.5 Books, On-line courses, what are you waiting for?
Here are some good resources that can help you.
“Who Moved MY Cheese?” by Spencer Johnson, M.D.
“You’ll See It When You Believe It” by Wayne W. Dyer
“The Magic Of Thinking Success” by Dr. David J Schwartz
“The Power Of Intention” by Wayne W. Dyer
“The E-Myth Revisited” by Michael E. Gerber
“Mastering the Rockefeller Habits” by Verne Harnish
Stay on track with the U.S. Center for Entrepreneurship’s Step-by-Step Action Guides.
American Association of Franchisees & Dealers
Better Business Bureau
International Franchise Association
Federal Trade Commission
U.S. Center for Entrepreneurship