How Do You Eat an Elephant?

How do you eat an elephant? Well, one small bite at a time. When you're buying a franchise it’s a similar process, you break it down into simple steps. Here at FranNet we have a four-step research process that breaks buying a franchise down, and provides additional smaller steps to break it down even further. Thinking about your personal business preferences will help you identify how various businesses will fit into your management style. Business goals tend to be universal , business preferences tend to be very personal. Keep thinking about what is important to you in owning a business.?

Entrepreneur Assessment

The first step is to take an online entrepreneurial assessment, that we have used for many years, that allows us to build a business model. We will ask you questions like, what are the pluses and minuses you want to see in a business? What are you trying to avoid? What would you be good at??

We then schedule a meeting, and we come up with recommendations. We will recommend a few to take a look and give you the reasons why.? We will also try to match it up to what you're looking for.?

The second step is having a call with the franchisors, so you can understand what the function of the owner is and what the job that you're going to have to do every day is.? If you can see yourself doing it, if those calls go well, and you understand the marketing and the operations then you are ready for the next step.?

Talking to the Franchisees and Franchise

The third step is to talk to the franchisees. You might talk to seven or eight of them and maybe visit two or three. You will find out who the successful ones are and decide if they are similar to you.? You will also discuss their failures.??

After talking to them and doing your research, the fourth step is going to visit the franchise company, meet the owners, the training people, the marketing, and the operations. Can you work with these people on a daily basis? Do you feel they will support you and be there when you need it? What's the vision? Where are they taking the company??

As you get all this together, you might start to think that this might be the franchise for you.? You will put your team together, hire an attorney to review the legal agreements, and get an accountant to help you with your projection.? You're also going to have to incorporate it at the same time.?

The Nerves Set In

Then you will try to get your funding, the financing. You've made your decision, so now we can go to the bank and say, here's what we want to do.?

The last step is to expect to get nervous. You're going to get very nervous. You're going to get scared. You've never done this before, that is why we break it down one step at a time. As you get nervous, go back to all the research you have done.

So, you eat that elephant, one small bite at a time, by breaking the process down into steps, one step at a time. Give me a call, let’s get together and talk.