When it comes to investigating the world of franchising, there are several ways to find a franchise. You can:

• Conduct a Google search.
• Go to franchise portals.
• Choose from a franchise ranking list.
• Ask your friends and family if they know anyone who owns a franchise.
• Throw darts at a list of franchises.

There is a clear way to elevate your franchise exploration and discovery, and I will lay it out for you. This system has guided thousands of people to successful business ownership through franchising. In my experience, the closer someone adheres to the model, the better the outcome.

The approach will transform unknowns, fears, and uncertainties into facts, data, and knowledge so you can make an informed decision. Whether or not you ultimately join a franchise, it is my goal that you will make a rational, fact-based decision.

There are three critical steps to finding the right franchise:

Understanding and Introspection. During this foundational step you will learn about the basics of franchising and clarify your motivations. This stage requires a high level of introspection, as you will consider questions such as:

• • Why do you want to own a business? (Addresses pain and motivation)
  • Do you want to enter a business on a full-time basis, or would you prefer to keep your current job and build something on the side? (Time commitment defines business type)
  • What are you good at professionally? (Skills and strengths define ideal fit; focus on transferable skills rather than just the hard skills related to medicine)
  • What do you struggle with in the workplace? (Weaknesses are areas to avoid)
  • What are your fears about business ownership and franchising? (Yes, you have them!)
  • What is your net worth, credit score, and liquidity? (The number one reason businesses fail is because of lack of financial wherewithal)

These questions drive self-examination, increase understanding, and elicit anything germane to identifying, launching, and managing a business successfully. I use a combination of written questionnaires and conversations to gather this information.

The other aspect of the understanding stage is education on the basics of franchising. I want you to make informed decisions and have a context for due diligence. Knowledge includes different aspects of franchising, including sectors, success factors, funding options, and expectations.

• Business Model and Matching. During this stage, the information is assimilated into a personalized franchise business model. Essentially, this will be the blueprint for your perfect franchise brand and serve to guide the process forward. Fundamental is to identify the critical business features you seek.

Next, the business model is juxtaposed to leading franchise brands. This step is part science, part art, and heavily research-based. When I perform it for you, I rely on my knowledge of you and franchise brands. During matching I will identify a handful of brands that match your business model and will have resonance in their location. Essentially, these are the brands that you would choose for yourself if you knew all of the available options intimately!

• Due Diligence and Discovery. This is when you learn all aspects of the individual franchises. During this step, you speak regularly with the franchisor, review documents, and connect with franchisees. You will learn everything you need to make an informed decision.

I communicate regularly with you during due diligence, debriefing and sharing insights. Due diligence is a methodical, thoughtful, and efficient approach  to exploring franchise ownership. I will also introduce you to the best franchise professionals, folks who specialize in franchise financing, franchise attorneys, insurance professionals, and accountants.

There is actually a fourth step in the process—hire a top franchise consultant to guide you. That this is a gratuitous plug does not make it any less true. The guidance of a leading consultant is invaluable and free. Consultants are paid by the brands, not the franchisee, so if you join so there is no extra cost to you! As a physician, your time is incredibly valuable and limited so having an expert help you streamline your exploration is a no-brainer.

Be open-minded. Be open to different industries and concepts, even ones you never considered before. For example, few people grow up excited to enter the fields of window coverings, cost reduction, or sign manufacturing, but those are incredibly successful franchise sectors.

Obviously, the business and sector play roles in the decision. However, to maximize your success, it is essential to find a business that matches your style and talents.

Go at a comfortable pace. Explore franchising from a position of strength. As you enter the process, there is no obligation or commitment to join. Just follow the process and be true to who you are and your vision of your life. So, take your time; go at your pace. The franchise exploration journey typically takes sixty to ninety days. If finding the right fit takes more time for you, that is okay.

Decide. Don’t be afraid or hesitant to make a decision once you have all the facts. If additional information is needed, create a plan to get it. Once you complete your due diligence and have all necessary information there will still be a leap of faith, and some degree of fear. At this point procrastination becomes a bad word. You will never, ever be 100% certain. If you are 80% confident, you are ready to decide.

Be Honest. It is important that you are introspective  and authentic with yourself. If the inputs are bad or inac- curate, you will get suboptimal results. Take your time and be thoughtful, intentional, and open in what you share with your consultant. Bad information may generate less than ideal results.

Prepare. This is where consultants add tremendous value. They will provide resources and tools, help you analyze information, and empower you to put your best foot forward.

Stick to the process and you will make a logical decision. Your unknowns and fears will be traded for information, financial models, and validation.

A high percentage of people who conduct due diligence eventually join a franchise. But not everyone does, and that is okay. Decisions about careers, business ownership, and indeed life are very personal, and the goal is simply to enable you to make non-emotional decisions.

There are three common outcomes to completing the franchise exploration process.

You find a franchise that resonates with you and join. Happy ever after.

You are very interested in franchising and want to recalibrate and explore different brands. We circle back and find the right concept.

You decide that franchising is not the right path at this point in your life.

There is one additional, suboptimal outcome: some candidates, though not you, do not follow the process and fail to make an informed decision. Fear drives their decisions, confirms their preconceived notions, and they bow out of the process prior to gaining the facts. To paraphrase the great physicist Edward Teller, knowledge is what we strive for, but relying on false knowledge is the biggest problem people create in their lives.

If you are interested in this opportunity, send a message through
Contact Form. Reference the opportunity.

If you are interested in this opportunity, send a message through Contact Form. Reference the opportunity.