The role of excitement in choosing the franchise that is right for you
Author: Vasilis Georgiou, CBI, M&AMI, CBB, MBA, CIRM
President, CrossRoads Business Brokers, Inc./ Franchise Consultant with FranChoice
One common objection that I come across when I consult with Candidates who are looking for a franchise to get into, has to do with the thrill factor as a selection criteria. In other words, Candidates often want their top choice for a franchise to be the one that “jumps out”, the one that gets them “excited”.
That is often a very misleading way to go about finding the franchise that is just right for you, the Candidate. A franchise opportunity can be very exciting, with products or services that feel “right” to your temperament and personality. It can even present extremely well when you go through the normal discovery cycle. Even if that is true, it can still be the wrong choice for you when you factor in the geographical area you will operate in, the demographic composition of that area, the competition and saturation factors, and the sustainability of the product or service offering in the long term.
As I covered in another recent article, “Buying a Franchise: It’s all about you“, buying the right franchise is not about how much you like its product or service and is not about being first to market in your geography. It is also not about following the hottest trend based on the latest statistic, choosing the franchise with the best track record, or even about following someone else’s lead who was successful doing it. It’s about finding a business that fits your skills, lifestyle, and goals & objectives. It’s about reducing business risk by matching your skills and abilities to the optimum franchise opportunity for YOU, which would result in the best long term success.
At the end of the day, it’s about whether you can convert your investment into a cash flow you can be happy with. Believe me, the thrill and excitement of getting into a franchise that gets your heart pumping really hard can quickly turn into an anxiety attack when you suddenly realize that paying customers are not as willing to share that enthusiasm.
Read the full article at: https://www.bizquest.com/franchise-for-sale/articles/Looking-For-The-Thrill-Factor-In-A-Franchise/