If you’re one of franchising’s “first-timers,” take heart. You’re about to embark on an unforgettable journey to entrepreneurship. If successful, you may very well end up becoming your own boss – in charge of your destiny, your schedule, and your income-generating potential. What could be more exciting? Which brings us quickly to our point – don’t get too excited when you’re first starting out. There’s a lot to learn, but patience will always serve you well.
To give you the best tips directly from the pros at FranNet of DFW & Oklahoma, here are six things to know before you begin your search for the perfect business ownership opportunity:
- Slow Your Roll
Echoing what we stated above in our opening paragraph, it’s only natural to feel a great deal of excitement when you consider the many ways your life may change if and when you become a business owner. But’s it’s no time to rush through things. In fact, some steps in the franchise investigative process legally require minimum time periods to consider the aspects of a franchise’s business model. Like many other things in life, good things come to those who wait (patiently).
- Keep an Open Mind
Once FranNet of DFW & Oklahoma has completed your personal assessment and provides you with a few franchise concepts that matched up well with your goals, it’s not at all uncommon to see one or two of the choices as, “what the heck?” When it happens, see #1 above, and remember to keep an open mind about the concepts until you know why a particular franchise was recommended to be a good match for you.
- Stay Current and Prepared
The franchise investigative process has several steps – a kind of progression if you will. But you won’t be able to successfully move on to the next step until you’ve done your homework. Much of it is required reading and a whole lot of comprehension. And that’s before you get to make any yea or nay decisions. We know you lead a busy life (don’t we all!) but staying current and prepared in between sessions is highly advisable.
- Ask Us Anything
As a franchise first-timer, you should be bursting with questions. But don’t worry about testing our patience. Having dealt with hundreds of clients before, there isn’t much we haven’t already encountered, putting us in a very unique position to help you on this entrepreneurial journey. There are no dumb questions. You can ask us anything. Just know that, per FTC guidelines, we cannot make any particular claims about your earning potential or your possibility of success as a business owner.
- Bring in the Heavy Hitters
Once you’ve progressed through the first few stages of the franchise investigative process, you should be getting serious about one or two of the business models. In addition to determining your financial tolerance, it’s highly advisable to seek the opinion of an attorney and/or CPA to help determine your particular suitability. If you don’t know of one, FranNet of DFW and Oklahoma would be more than happy to provide you with some trusted contacts we work with.
- Overcome Your Fears
It’s only natural to have second thoughts and even a few doubts once you decide to explore an entrepreneurial future. Guess what? Those feelings are very common – even among our previous clients who have gone on to lead successful franchise operations. Yes, it is a leap of faith. Yes, it is OK to be fearful of the future. But don’t let your fears overwhelm your dreams of owning a business of your own. If you put your heart, soul, and mind into accomplishing this goal, you’ll have no regrets. Promise.
If you’ve been considering a life more entrepreneurial, are you ready to put your “first-timer” status on the line and begin a business ownership journey with FranNet of DFW and Oklahoma? Our assistance is – and always will be – no-cost or no-obligation to you. If you’re ready to explore some suitable franchise concepts, we can help you discover a whole new world of possibilities. Each year, we help dozens of North Texans (and Oklahomans!) find franchised businesses that match up with their lifestyle, income, and work-life balance goals. We’d love to add your name to our client roster, so let us know what your lifestyle and income goals look like for 2022!