Do you want to own your own business? Have you ever thought about buying a franchise?
If you have, the best place to read comprehensive answers on everything you need to know about franchising will be in the BizSugar Mastermind Community.
If you are not already a member, first join the BizSugar Mastermind Community by clicking the button below.
Once you’re a member, click the button below to go directly to this event in our Mastermind Community Forum.
Who is Joel Libava?
Few know as much about franchising as Joel Libava, best known as The Franchise King®♛.
How big an expert is Libava? He actually wrote the book on franchising: “Become a Franchise Owner!: The Start-Up Guide to Lowering Risk, Making Money, and Owning What you Do”.
He has been quoted in The Washington Post, interviewed for the Bank of America Small Business Community website, and predicted the Franchise Trends for Small Business Wire.
In addition, he has been writing about franchising for the Small Business Administration (SBA.gov) since 2009. He has also written for Small Business Trends and other authority sites. And content from his own site has been republished by Entrepreneur.
Buying a Franchise isn’t about Buying a “Franchise.”
Why does Joel say that? This short video is a good introduction into what it means to buy a franchise:
Are you sick of being an employee or working for bad or nasty bosses? Have you been down-sized? Would you rather work for yourself? If that sounds like you, find out whether franchising is a good fit.
Should You Buy a Franchise?
If you choose the right company, franchising can be the shortcut to business success. But not all franchise opportunities are a good deal for the franchisees!
Buying into a bad deal can cost you a fortune – or even your life savings.
That is why it is imperative to do your research and where Joel comes in. He knows franchising inside and out. It is quite likely that he has already researched any business opportunity you might consider.
And whether he has or not, he knows the right questions to ask and the pitfalls to avoid at all costs.
The Pros and Cons of Franchising
Some of the pros can also be cons at times. You buy a franchise because it is an established, proven business model with all the branding, building design, business processes and more already in place.
That means you have to do what the franchisors dictate and run the business the way they tell you to run it.
Really think about your own personality and whether you would love to have someone else already have made all those decisions for you – or it would grate on you over time.
How to Ask Your Franchising Questions
Even if you’ve never thought about buying a franchise, you could learn strategies you can apply to starting your own business or a business you already own.
Please join us in our Mastermind Community by using the buttons below. Know someone else who might be interested? Feel free to send them this post and invite them on our behalf.
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If you are not already a member, first join the BizSugar Mastermind Community by clicking the button below.
Once you’re a member, click the button below to go directly to this event in our Mastermind Community Forum.
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Very informative read. Thank you for your clear explanation, and yes I agree, research is your friend!
Thank you for taking the time to comment, Helen. I do hope you’ll consider joining our Mastermind Community and checking out our weekly events and other resources.