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How to Move Forward with Confidence When Not Sure You Want to Become a Franchise Owner

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I once interviewed a successful home services franchisee who told me that he almost signed a franchise agreement with a completely different concept. He put the franchise agreement for that other concept on the shelf for weeks and didn’t touch it. He was at the end of his due diligence process after spending months researching that company and speaking with both the franchisor and many franchisees. It was time to decide. The franchise agreement remained dust on the shelf. He stopped researching the company because he had no more questions. There was no missing information. He stopped talking about the business with his family and seemed to quietly stew about it instead.

His wife finally asked him, “What’s holding you back?” He replied that he liked the overall franchise model, franchisees, brand and culture. But he felt the franchise agreement was overly riddled with “gotcha” clauses that seemed out of place compared to the company as presented to him. Also, the royalty seemed too high compared to what he got as a franchisee. He just couldn’t move forward.

Related: 6 Tips to Consider When Looking for a Franchise for the First Time

That realization was a successful outcome for him, although he didn’t see it until later. Why? While most of the model fit, the overall package still wasn’t enough – based on facts about the license agreement and his assessment of the return on investment. These are perfectly reasonable concerns, and he was right to stop the trial based on this information.

It turned out to be a good move and not just because he avoided a bad fit. The franchise consultant he worked with introduced him to another brand that finally had the total package he wanted. When the fit was right and the facts supported his decision, moving forward felt natural and wasn’t stressful.

When it comes time to make your franchise purchase decision, trust the facts you have gathered and trust your gut. If the ownership package doesn’t quite fit, don’t try to talk yourself into it. Move on and find a better concept. When you develop conviction based on data, you can move forward with confidence.

Related: 7 Things You Need to Know Before Becoming a Franchise Owner

Decision is running out

What if you’ve done thorough and thoughtful due diligence on a franchise concept, consulted with your personal advisory team, support system and franchisees, and received the right feedback across the board? You now have an actual confirmation of the fit. You knocked over all the rocks and looked underneath. Validation of franchisees and business results are strong. You have a clear and complete picture of this opportunity. You trust your gut and the facts are the facts. Both say ahead. Are you stuck at this point? It’s not analysis paralysis, because you feel conviction about this franchise. But your feet are still on the ground. Why?

The real problem at that point is slowness and (sometimes) confused emotions. It can be hard to let go of your “before” life and comfort zone because it is familiar. It feels risky, because it is a change – even if it is rational, you see that change will push your life in the right new direction. You can see “what’s next”, but you feel uneasy. This feeling is often similar to that vague unease or stress you might feel when leaving a job or the military, locking the front door of your house for the last time when you move house, or when you drop off your child at college. . There is that moment when time seems to stand still. You are not quite ready to let go of your “before” life state to step across the gap in your “what’s next”. This feeling can come as a shock and unnerving, especially for seasoned businesspeople who are used to having confidence in their ability to make smart, fact-based decisions.

Related: You Can’t Be Afraid to Take the Plunge to Become a Franchisee

Continue with confidence

When it comes to entrepreneurship, many people only realize much later that this particular decision gap is an illusion. You have already changed. You can’t just go back to your old life now. Your mindset has changed and you probably won’t be happy being someone’s employee. You are proven fit based on data and your own thorough due diligence. That information enabled you in the first place to develop the belief that this is the right franchise for you.

Making the decision to move forward and become a franchise owner when all the data and signals are correct is not about crossing a chasm. It is simply taking the first conscious step on the new path that you are unconsciously already On. You have wanted to start your own business for a long time. Now you have the fit, support and operational framework to be successful. You already see yourself in this business. You have already promised yourself that you will do everything you can to make it a success.

If you have developed a strong belief in the opportunity and culture, factual proven suitability and economic viability through a robust due diligence process, and if your gut feeling tells you this is the right company for you, then proceed with confidence. Entrepreneurship is no longer just in your future, it is now ingrained in your current way of thinking. You’ll never see the world the same way again, and from one londonbusinessblog.com to another: that’s a good thing.

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