Deciding to become your own boss by purchasing a franchise is a big lifechanging decision.  Not only does it require a large investment financially but requires a good amount of due diligence in hopes to find the right fit for you and your life plans.  Many don’t initially realize the process might be more than what they originally had in mind.

With thousands of franchise concepts available, one could find themselves with a severe case of “analysis paralysis” out of the gate.  Analysis paralysis refers to the inability to make a decision due to over-thinking a problem.  Typically, this individual has too much data available causing them to get bogged down in the process.   

The good news is this doesn’t have to be your fate as you begin your exploration journey.  Here, we have compiled our recommended process for kicking starting your trek into business ownership.

Consult a Professional

Yes, you read that right the first time.  Believe it or not, there are professionals who specialize in franchise matchmaking.  Just like a matchmaker for your love life, franchise consultants can match you with your perfect match in business.  And in even better news, you have already come to the right place to get started.

The team here at Evergreen Franchise Advisors, LLC provides free franchise consulting services to aspiring entrepreneurs. We represent over 700 of today's leading franchise opportunities and our professional franchise consultants can help you navigate the often-overwhelming franchise world to choose the franchises that are right for you and your market.

Define Your Goals

After connecting with a professional, it will be time to do a deep dive in your desired goals as a new business owner.  Understanding the “why” behind your transition will play a big role in what a good fit franchise looks like for you.  From financial to personal goals, there will be no stone left unturned.  

The assessment will result in compiling what are referred to as SMART goals.  This is an acronym for specific, measurable, achievable, relevant, and time-based.  Each element of the SMART framework works together to create a goal that is carefully planned, clear, and trackable.

Assess Your Finances

Once you figure out where you want to go, it will then be time to figure out where you can go.  After asking yourself what your desired level of investment is, it will be time to see what is possible based on your current financial position and what you will need to start your venture capital wise. 

Speaking to lenders can give you a good idea of what is possible.  Here at Evergreen Franchise Advisors, we have established partnerships with several lenders who have worked with several of our previous clients, and we would gladly refer you to get started.

Explore Opportunities

Now that your goals are in place and your financial picture has been painted, it is time to start exploring what opportunities are a good fit with both.  When partnering with a consultant, they will work through this process with you.  They will present the concepts that match your profile and financial goals, and you will have the opportunity to give feedback on each.  

The matchmaking process will continue until you have narrowed it down to a few concepts you would like to investigate further.  The consultant will then directly introduce you to each brand you are seriously considering, where you can speak to current franchisees and validate the business opportunity.

Welcome to Business Ownership

The due diligence process will continue until you have reached your decision.  By this time, you will have attended numerous calls, webinars, met the team, attended a franchise Discovery Day, and even had a franchise attorney review the final agreement. All the boxes will be checked, and the perfect fit franchise will just be waiting for your signature.

The key thing to remember is that franchising is a not a sales business.  They are not trying to sell you anything you are not capable of taking on, it is a mutual discovery process.  Good franchises are not sold – they are awarded.  Both parties must feel good about the decision in front of them. So, when it comes time to sign on the dotted line, just know they are investing in you just as much as you are investing in them.

Are you looking to explore the world of franchise ownership and don’t know where to start? My team and I would love to help. Utilizing our data driven approach, we specialize in helping our clients find that perfect franchise fit. Schedule a call today, and we will handle the rest.