How to Apply Your Home and Car Buying Skills to Business Ownership

When you buy a house, you go into it looking with certain criteria. You know the town and perhaps the school system.? You know how many bedrooms you want, how many bathrooms, living rooms and kitchens. You may want a certain size yard or a pool. You may have your search narrowed down to a neighborhood. You have a “not to exceed” budget and maybe a bank pre-approval for lending. You have thought through how you will pay for it and looked at your finances to make sure you can afford what you want.?

When you go to buy a car, the thoughts are much the same. You may consider items like how many seats, doors, color inside and out, heating, cooling, stereo system, navigation, cruise control, etc.? Maybe you need a third row seat or you want a heated and cooled front seats, but you have criteria.? You will research what kind of cars are out there that are going to fit what you want. And again, you will look at your finances, consider affordability and create a budget. This may require lending or leasing.?

In your home and auto purchases, you make a list of what you want and these are your criteria for the investment.?

You Have Goals

Usually, when you begin thinking about these investments, you start by creating goals. You know that the house that you're searching for is going to be in a certain neighborhood where your kids are going to be great going to school, or you can walk your dog. You know that when you buy that car, you can flip those seats down and take it on your upcoming vacation.?

Owning a business is no different, especially owning a franchise.? It is important to put your goals together. Perhaps owning a business will help you diversify your assets, allow you to leave your job, provide extra income to your family or allow you to pursue the entrepreneurial dream you have always had. Your criteria may be more focused on finding a business where you can leverage your skills, serve a certain customer type, employ people with certain skill sets, etc. You also have to establish a budget for covering your living expenses while you ramp it up and a budget to cover the initial investment. Again, you will want to consider your finances and all your funding options for that investment. You've got to go into looking for the right franchise fit by looking at who you are first, putting together your goals, your strategies, your criteria, and then doing your proper research.?

This is what I help my clients with everyday and then help them identify franchises that could be their best fit.?

Research is Key

I can't think of any place else where you could go looking for businesses and find that all the research has already been mapped out for you. You have an opportunity to talk to the franchisor to get a copy of the Franchise Disclosure Document and read it, and you have an opportunity to speak with other owners to see if this business is going to be a fit for you.?

Having your goals, strategies, criteria and research together is key in making sure that you make good choices in all of these things, they are all things that will change your life. If you'd like to change your life and look at owning a franchise business, I'd be glad to help you. Please scan the QR code that you see here and let's schedule some time to talk.