Evaluating a franchise is a lot like dating.
You may look at a lot of franchise concepts and immediately know they are not right for you. Others may seem attractive or pique your interest, but after you spend a little time getting to know them, you realize they aren’t a good match. You might even experience love at first sight, only to realize later that despite an exciting concept, it just isn’t “the one” for you.
If you’re lucky, you will find a franchise that you really want to get to know. If you are truly blessed, you will find a partner that you are ready to commit to for the long run.
Just as in any dating experience, there will be various stages in a franchise relationship. It’s important to understand that there may be some emotional ups and downs, possible moments of doubt, and hopefully many moments of excitement along the way. If you are looking for a long-term partner, you won’t want to jump ship at the first sign of trouble.
When determining whether you and the franchise are truly meant to partner and go into business together, look for these key components:• Open communication
• Trust between all parties
• Thorough evaluation of the business model
Here Are The 5 Stages of Franchise Dating:
Stage One: Initial Attraction & Infatuation
You have discovered a franchise concept that gets you excited. You can envision yourself running this business. You are focused on all of the possibilities and reasons why this business would be a good fit for you. You can’t wait to get started on the path towards opening your new business. You are on an emotional high.
Stage Two: Reality Sets In
This stage often kicks in when you begin to do your due diligence. At this point, you are reviewing the Franchise Disclosure Document, getting to know the franchise representatives and other franchise owners, determining if this business will support you and your family, accepting that there are significant risks in any business venture, etc. There will be highs and lows during this part of the process. It is normal to have some doubts and reservations at this point and question whether the pros outweigh the cons.
Stage Three: Re-evaluation
You may feel a lot of stress during this stage. Are you confident enough in this business model and in your ability to successfully execute it to go forward? Do you feel like the franchise has provided you with all of the information you need to make a decision about whether or not this is the right business partnership for you? It is critical during this stage that there is open communication between you and the franchise. You will need to know that the franchise is there for you and is going to follow through on their commitments, provide answers to your questions, and respond to your requests.
Stage Four: Renewed Excitement
At this point, you should have thoroughly evaluated the franchise and determined that the strengths of the business concept far exceed the flaws. You now know in your heart that this is what you were meant to do. Even though you know that running your own business will be full of challenges, you are ready to take them on.
Stage Five: Commitment
You and the franchise are ready to commit to each other. All parties have determined that there is potential for a successful long term business partnership. At this stage, you are ready to sign a Franchise Agreement and begin planning for opening up your business. Congratulations are in order!
Is a Great Harvest Franchise in your dating future? To find out if our franchise concept gives you butterflies, please visit our website for more information.
- 5 Reasons to Choose the Great Harvest Franchise
- The Ultimate Guide to Franchise Due Diligence, Great Harvest Edition
- Why the Freedom Franchise is a Great Fit For You
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