Your Goals Are the Guide…Not the Brand

Many of my clients first approach me with a specific franchise in mind. “Rob, what can you tell me about brand X? Brand X is really busy in a city nearby, but there is no location near me.” After 25 years, I find myself providing the same advice…

“Let’s put the brand(s) of interest on the sidelines and get to know you and your goals. This will allow us to develop your profile and key criteria, as well as, raise your general franchise IQ. Once we have completed this homework, we have a compass to guide us to franchise brands that match you.

Of course, we will not waste our time on brands that have a poor performance record. But rather, we will focus on the top performing brands that have happy franchise owners making good returns on their investment. I’ll also provide detailed information about brand X as part of the process.”

This relates to one of my earlier posts–Knowing Your WHY. I suggested that the focus, at least initially, should not be on the “HOW” but rather on the “WHY”. If you know your WHY, then you will be amazed at what you can achieve. The following questions get the ball rolling.

  • What do you want to accomplish?
  • Are you looking to create wealth?
  • Are you looking to get a better return on your money than the stock market?
  • Are you searching for better work-life balance?
  • Are you looking for something more meaningful or fun?
  • Are you looking for more control, be your own boss?
  • Are you tired of making money for other people?
  • Are you looking ahead to retirement?
  • Do you have job security concerns?
  • Have you learned about your funding options to start a business?
  • Are you willing to jump into something fulltime or do you want to start something on the side while you keep your job?
  • What attracted you to brand X?
  • What is your risk tolerance?
  • How does your significant other feel about this path you are exploring?

Learning about anything takes effort. I tell my clients, they need to devote a few hours a week for a few weeks to peel away enough of the onion to see what I can do for them.


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