There is an old proverb that states a fact relevant to becoming your own boss:
“If you want to go fast, go alone. If you want to go far, go together.”
During today’s edition of FranNet’s blog, we’re going to look at the representation you’ll need in your corner to become a franchisee. Remember this, your support group—both immediate and secondary—will play a crucial role in your entrepreneurial journey.
Sufficed to say, it’s highly advisable to have your immediate family on the same page when you decide to take the entrepreneurial path in life. We’ve spoken in this space before about the importance of having support from your spouse, parents, children and even friends if you’re going to do this the right way. You’ll need their affirmations at several key decision-making points in the franchise investigative process. If you have push back from anyone in your immediate support group, it will complicate the process.
Depending on the size and scope of your preferences in the franchise industry, it is also highly advisable to line up professional assistance in your corner. By this, we mean a good accountant and a legal advisor. If you already employ a CPA to handle your annual tax returns, this is a great place to start. Your CPA will have an intimate knowledge of your finances. What you earn, how your savings is structured and where you’ll rate on the credit scoring spectrum should you require funding to complete your franchise purchase. The CPA can also be instrumental in crafting your initial business plan—especially the part where cash flow and income forecasting are prevalent factors.
Having a licensed and qualified attorney to represent your interests throughout the franchise investigative process is also recommended. There are several steps in the process in which an attorney’s counsel and advice will protect you and your end of the deal. Most notably, an attorney can help guide you through the dissemination of the franchise disclosure document (FDD). Not only can an attorney give you peace of mind regarding the legalities of a franchise agreement, but you’ll also get a clearer understanding of your role and responsibility—and that of the franchisor. Before you go into business for yourself, you need to know all the parameters to manage expectations on both sides.
Lastly, there’s the franchise consultant. And that’s where we come in. If you truly want to stack your corner with the best representation possible, you’ll need a partner like FranNet. But unlike your CPA and legal advisor, we don’t charge a fee for our services. And there’s never any obligation. What we do promise is a thorough investigation of your entrepreneurial hopes and dreams. Once understood, we’ll embark on a personal journey to match you up with the perfect franchise opportunity---solely suited to your needs, ambitions and goals.
Just like a prize fighter would never enter the ring without a good manager and trainer in his corner, you shouldn’t embark on an entrepreneurial journey without a solid team backing your efforts. It’s rare to go it alone in this business. If a positive outcome is what you’re looking for in becoming your own boss, schedule a visit with a FranNet representative in your area today.
So, go gather your own team of qualified representatives and allow us to lead the way!
Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!