Listen to Tom Scarda, franchise consultant and the owner of the Franchise Academy, outline 7 common potholes on the road to franchising freedom.
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0:00 Tom Scarda is my longtime friend, fellow franchise consultant, and the owner of the Franchise Academy. He has identified 7 potholes on the road to franchising freedom. Without a strong consultant, people trip over these potholes! Tom joins me to discuss how he successfully uses them to help candidates reach the end of the franchise discovery process.
1:38 – The #1 reason for not buying a franchise
We’ve found that no matter who we speak to, their background, or their net worth, they all have an anxiety attack as they go through the process because it’s unknown. Tom has identified the seven junctures where people sometimes freak out. Most people won’t hit every single pothole, but they’ll hit several of them.
2:24 #1 – The initial search
An experienced franchise won’t be bringing you a Chick-Fil-A and McDonald’s franchise—they may be companies you’ve never even heard of. You’ll be talking about businesses that actually make sense for YOU. And they’re going to be out of left field. Never judge the book by its cover because these concepts have fantastic power. And if you buy into the blueprint, you can be very successful.
4:38 #2 – The franchise disclosure document
This is the franchise’s Bible. People get it and they freak. But the funny part is, it’s your best friend. It makes the company transparent. A franchise consultant can show you how to sort through it and identify the pertinent data. If you decide, yeah, I want to buy this franchise, you need to read every sentence and understand it. We have the tools to help you do that.
6:08 #3 – Third-party advice
When you’re buying a franchise, you’re usually excited about it and want to tell everyone. People will try to talk you out of it. This resistance comes at you when you’re trying to do something positive for yourself and for the community. Be wary of those who might have an opinion about franchising but really not know what they’re talking about, even people that might be great business owners. It’s your dream and your life. You have to trust yourself in this process. And the whole idea of being in a franchise is that you’re in business for yourself but not by yourself. You’re finding other people who can train and mentor and support you. It’s you and the franchisor.
#4 – Validation calls
With franchising, you have the opportunity and are encouraged to talk to the franchise owners in that particular system before you spend a dime. But keep in mind: Their insight is so important but shouldn’t make or break your decision on its own.
12:45 #5 – Liquidating funds
If you’re not serious, this is where you’ll fall out of the process—applying for loans and figuring out the money. Know that’s going to be a struggle when you get to that point because it makes a real.
14:15 #6 – Meet the team
Before you spend a dime, you’ll meeting the team and interview them—as much as they’re interviewing you. As they say, when you get married, you’re not marrying just a person, but you’re marrying the whole family. You want to make sure you’re a good fit for the culture.
15:51 #7 – The 11th hour
Every person hits this pothole. It’s the 11th hour, and you’re sitting at your table writing a check for a franchise fee that’s equal to a down payment on a small house. It can be terrifying. It’s like jumping out of the plane; you’re scared as heck, and all of a sudden, it’s the most freedom that you’ve ever felt in your life. And the freedom comes when you sign your franchise agreement.
16:33 Bonus: #7.5 – You will get the perfect job offer right when you get comfortable with a franchise or even say yes
You will absolutely find yourself standing at that fork in the road. Both paths are okay. It’s not necessarily about choosing franchise A or franchise B. In the end, your choice is a choice between uncertainty or unhappiness. Most people choose unhappiness, and they go back to the stupid boss and a long commute and the reports instead of choosing uncertainty, which is where the magic happens. When you choose uncertainty, you’re choosing faith. Nobody wants uncertainty, but that’s where everything changes in your life.
If you’ve enjoyed this video and like Tom’s style, you can reach out to Tom directly by visiting
http://tomscarda.com/contact
And as always, I invite you to contact me to begin your exploration into franchise business ownership at http://thedalycoach.com/contact
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