Excerpt from Take the Fear Out of Franchising

For more than 25 years, I’ve taught at franchise conferences worldwide, and on every occasion I’ve asked this same question:

Why don’t you already own a franchise?

The answers vary from “I don’t have enough information” to “I don’t know which one to buy” to “I can’t figure out how much I can earn if I own a franchise.”

Fair enough. But the one thing all the answers have in common is an unstated four-letter word that means False Evidence Appearing Real: FEAR!

Not many people want to admit they’re afraid to buy a business, especially when they’re sitting among a roomful of strangers. So the “F” word doesn’t get mentioned, but it’s always present, and it’s constantly gnawing away creating doubt in the minds of prospective franchisees.

And to that I say: Hooray!

Because you should be fearful of franchising.

Are you a franchise misfit?

It’s easy to find negative information that is intended to either make you fearful of franchising or persuade you not to buy a franchise. Much of that information is nonsense, and it often comes from failed franchisees who may feel better by getting even with a franchisor. But most of these people failed because they were franchise misfits. They are good people who never should have been sold a franchise.

And that’s one of the reasons why you need to be fearful of franchising. If you show interest in buying a franchise, and you’ve got the money to invest, there are many, many franchise companies that will help you buy a franchise, even by loaning you money.

However, most people should not buy franchises. Even though franchising is a very simple concept, which I explain thoroughly in Take the Fear Out of Franchising, it’s not a concept that works for everyone. And yet, franchise sales people tend to believe that their job is not to judge but to sell. Consequently, if you are going to buy a franchise it is your responsibility to make certain not only that a particular business is right for you but that franchising makes sense for you, too.

Franchising may not be for you

And I maintain that if you’re a good fit for franchising there’s no safer way to get into business for yourself and to begin building personal wealth than to buy a franchise. However, evidenced by the abundance of franchise horror stories, franchising is not for everyone.

Franchisors are not created equally. Some are better than others. Some may purposely use franchising to access other people’s money and talent to create their own financial fortunes. But I’ve spent nearly 40 years in franchising and it seems to me that most franchisors have the best of intentions and they want their franchisees to succeed.

My experience includes owning multiple franchises through the years, including one that placed and serviced ATM machines and another that bought and sold real estate. I know that franchisors must divulge pertinent information about their businesses prior to awarding a franchise to a buyer, and that’s why I’m confident that most of the franchise horror stories are exaggerated. They’re intended to discredit franchisors and franchising in general.

Nonetheless, the horror stories are scary. They create fear of franchising, and rightfully so.

You can avoid the horror stories

But let me assure you that almost anyone who can read can avoid personally experiencing a franchise horror story. I’ve written Take the Fear Out of Franchising to show you how to protect yourself from a franchise horror story. Early in the book, I teach you about five franchise tenets that quickly help you understand why franchising works, and why it will or won’t work for you.

Then, with the help of two franchise attorneys, I show you how to investigate franchise opportunities. I also include my unique perspective about investigating franchising as an industry. I say it’s mostly a waste of your time – it will do more to create fear than anything else. I think you’ll appreciate my approach, and you’ll be able to use it to investigate franchise opportunities that make sense for you. That is, of course, providing that franchising makes sense for you.

Many people use franchising as a means to business success and personal wealth. You can, too, if you’ll verify that you’re a good fit for franchising, and if you’ll commit to the five franchise tenets that I discuss in this book.

Click here to pre-order the eBook.

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