Why Deciding On A Franchise To Own Isn’t Only About Data
Choosing and then buying a franchise isn’t all about data. No major decision is. You just “think” it is.
Which begs the question:
How do you make a yes or no decision on a specific franchise to own?
Is it really going to be based on all the information you’ve collected?
Or is it something else?
Let’s find out…
Yes Or No?
You may find this hard to believe, but your decision to say yes or no to a specific franchise business opportunity comes down to trust and feel.
As in, do you trust the founder and the other members of the executive team at franchise headquarters?
Do you feel they know what they’re doing?
Do you feel confident about the marketing team? The technology team? The real estate department?
How do you feel about the products or services the franchisor provides through it’s franchisees?
How do you feel about the brand?
What? You don’t believe me?
You still think your decision is data-backed?
Is that what you really feel?
Are you starting to see a pattern here? Let me help you.
Look up (on this page) and count how many times I used the word “feel.”
Now count how many times I used the word “data.”
Here’s the interesting part.
Even as you read this, your brain is trying to trick you. It’s telling you I’m wrong.
That your decision to buy a franchise is going to be based on data.
Your decision to buy a particular franchise is going to come down to this:
The franchise opportunity needs to “feel” right.
Because if it doesn’t, I don’t care what the data says. You’re not going to buy it.
You Do Need Data
Even with everything I just said, it’s 100% true the data you collect is super-important.
That’s right. You still need to get the facts. On paper. From phone calls with franchise headquarters and franchisees. And it’s not difficult to get that data. You just need to know how.
It all boils down to this:
Doing great franchise research makes your yes or no decision a little less scary.
But the data you gather needs to be backed by how you feel about the company.
About how you feel about your chances of being successful (profitable).
And your feelings about how high the the odds are of building equity in your franchise business, so you can sell it for a nice profit someday.
Finally, there are a lot of great franchise opportunities to choose from these days (thousands).
You just need to make your choice in a franchise to own based on facts and feelings.
(For more tips on how to buy and how to research a franchise, subscribe to my free VIP Franchise Newsletter. You’ll get useful article updates from The Franchise King Blog, too.)