Trust me. You are not alone. Recently many of the clients that I have been working with are having these same thoughts. You love the concept. You have done your due diligence through the discovery process. Everything tells you this is the perfect concept for you. And you are ready to make the investment. But then, second thoughts start creeping in. What in the heck should you do now?
That’s a great question. And the answer is easier than it seems. Simply put, you should trust yourself. Trust that you are smart and have done everything you needed to do to validate the franchise concept/investment and trust yourself to make a solid business decision.
Hey, without risk there is no reward. And that’s what business ownership is all about. It’s about taking chances in yourself and in the concept that you want to invest in. The beauty of franchise ownership is that the concept has already proven to be successful and profitable, now all you must do is follow the playbook that the franchisor has established for you.
What you don’t want to do is start asking friends and family whether they feel it’s a good idea. With the exclusion of your spouse. You always want your spouses support and buy-in, of course. The problem with reaching out to others is that they simply do not know what you know. They have not been on the introductory calls, the webinars, the validation calls and so on. They don’t know your full breadth of skills and capabilities and the passion that lies within you. So, they are not in a good position to give you advice. Trust yourself.
I am no stranger to small business investment. I have been there and frankly; it was scary and took a lot of hard work. But it was also extremely rewarding and gave me a level of confidence in myself and my abilities as a businesswoman that I would have never gained had I not trusted myself and taken the leap of faith.
Now, I’m not advocating to just jump into franchise/business investment and hope for the best. Do not do that, please! What I am saying is if you have gone through the due diligence process and what you have learned checks all the boxes of your criteria for investment and you have a good, solid feeling that this is the right thing for you, then trust yourself to make that final decision.
An example of a solid due diligence process:
Introductory & Discovery Calls – This is your opportunity to ask any/all burning questions you have that could be deal-breakers for you. You don’t want to waste your time or franchisors. At the same time, you want to ensure you take the time to share a little about yourself and be willing to listen to what the franchisor wants to share with you. If you like what you hear, then move on to the next stages.
Financial Resources – Make sure you understand what resources are available to you and that someone helps you weigh your options. I have several trusted resources that I help guide my clients to.
FDD Review – Take the time to understand the information in the Franchise Disclosure Document (FDD) and be prepared to ask any questions you have. I have a document that I share with clients that breaks down the FDD to better help them understand what information they should be looking for as the FDD can be overwhelming.
Validation Calls – Be sure to connect with other investors in the system to get an appreciation of their experience and perhaps how they have done financially. This is very important as other investors in the franchise system can share more openly with you than the franchisor can, given they are restricted in certain areas.
Legal Review – Consult with a good franchise attorney to review the franchise agreement and help call to attention any red flags that might exist in the FDD. Do not go to your family attorney, go to an attorney that specializes in franchise law. Again, I have a great resource here also.
Accountant Review – Consult with a good accountant to fully understand the franchisors Item 19 in the FDD and develop a pro forma for your own potential investment.
Discovery Day – Go to Discovery Day and meet the team. This is very important as an investment such as this enters you into a long-term contract with the franchisor. Make sure you like them, and that they would be a good fit for you personally.
Signing – Now, if you have checked all the previous boxes and you still feel good about the investment, then trust yourself. No one except you knows the full picture and is better prepared to make the final decision. Just trust yourself.
Just trust yourself. You’ve got this!
A few final thoughts…
“…maybe sometimes it’s
riskier not to take a risk. Sometimes all you’re guaranteeing is that things
will stay the same.”
― Danny Wallace, Yes Man
“The uncertainties in life are
so uncertain for us to determine the kind woe we shall be entangled in in the
next future. When you stay dormant, your life is at risk; when you dare to take
a step, you take a step to take a risk. We have a choice. Yes! a choice to
choose to dare to get to our real reasons on earth or to choose to live in
mediocrity and conformity, but, we ought to note that, it is riskier to risk
nothing when the life we live is always at risk.”
― Ernest Agyemang Yeboah
“If you opt for a safe life,
you will never know what it’s like to win.”
― Richard Branson, Screw It, Let’s Do It: Lessons In Life
“If you imagine less, less will
be what you undoubtedly deserve. Do what you love, and don’t stop until you get
what you love. Work as hard as you can, imagine immensities, don’t compromise,
and don’t waste time. Start now. Not 20 years from now, not two weeks from now.
― Debbie Millman
As an independent franchise consultant, I want to experience the brands that I am most passionate about & give an independent endorsement of those that I think are worth the investment. I know first-hand that investing in a business is a big step and one that should not be taken lightly. Any brand-specific blog is 100% an independent experience & review; one that is not endorsed, nor initiated by the franchise brand.
Author: Stacie Shannon, Founder & CEO, Fusion Franchising