Only Look For a Franchise To Own After You Do This

If you’re serious about becoming a franchise owner someday, and you’re focused on lowering your financial risk, do this first;

(Future franchise owners)

There is no legitimate reason for you to start exploring all the different franchises that are available online—or offline, until you know exactly where you stand, financially.

As much as you may be tempted to “look around to see what’s out there,” I strongly suggest that you take the time right now to do a financial snapshot, so you can find out what you have to work with. To get all excited about an amazing food franchise before you even know if you have the financial wherewithal to invest in it, would be a massive waste of time and energy.

The only way to get that financial snapshot is by doing a net worth statement. Subtract all of your liabilities from all of your assets. The difference between the two is your net worth. In addition to the down payment required that will be required by lenders these days, don’t forget about your living expenses during the start up period. You should have funds set aside for 6 9-12 months, while your business ramps up.

Now, if you’ve already started your search for that “perfect” franchise, but you’ve skipped the part that I just mentioned, S T O P.  It’s time to wipe your slate clean, and start at the beginning. You’ll really save yourself some grief. The decision to buy a franchise–be your own boss, is a large enough one to move through the process slowly and steadily.

There are several things that you’ll need to do before you Become a Franchise Owner. Figuring out “the money part,” is only one of them. Here are some of the other things you must do before you buy a franchise.

You may say to yourself that, “This is common sense, Joel.”  In a perfect world it is common sense. But, our emotions have a way of creeping into big, and usually intense decisions like the one concerning becoming the owner of a business. Our emotions can easily overpower our logic…our common sense. I’ve seen it happen before. I’ve told many people that they should forego franchise ownership, and instead get a job in my role as a franchise advisor. But, their emotions got in the way…and they went ahead with their poorly laid-out plans anyway.

I write about all of the emotions that you’ll be experiencing in my franchise book.

And, I show you how to keep them out of the picture during the franchise selection and research process.

That way, your decision to become the owner of your own business will be an intelligent one, but more importantly, one that will let you sleep well at night.

“What I love about Joel Libava’s style is his sensible, honest-to-goodness demeanor combined with an expansive knowledge of the franchise industry. ‘Become a Franchise Owner! The Start-Up Guide to Lowering Risk, Managing Money, and Owning What You Do’ is a testament to knowing you’re in caring hands receiving the very best information so you can make your smartest decision!” —  Betsey Merkel, All Analytics

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