Depending on whose statistics you look at, there are somewhere between 3,000 and 5,000 franchises operating in the U.S. today. How many of them can you name?
Most people could probably name 10 to 20 franchises off the top of their head, which leaves at least a couple thousand they are not familiar with or perhaps have never even heard of.
Unfortunately, this is how many people approach their search for a franchise opportunity for themselves. They conduct their search by gathering information on companies whose names they recognize.
They use "brand name" as their main search criteria. In short, this means they look at a handful of franchises that have the most recognizable names.
In his popular book The E-Myth Revisited, Michael Gerber promotes the idea of using a business as a vehicle to meet your needs. He specifically cautions entrepreneurs about the dangers of making business decisions based on emotional responses.
When an individual determines that a particular franchise is a good opportunity because the name of the company is well known, they are doing exactly what the E-Myth advises against. They are basing their decision on an emotional response to the company's advertising and marketing activities.
The Entrepreneur's Source provides one-on-one consultation and coaching to individuals who are interested in identifying a franchise opportunity that is right for them. We gently but systemically guide our clients through the process of formulating and defining their goals, needs and expectations, and then introduce them to a series of franchise opportunities that have the potential to meet those needs.
Yes, this often means that the client is looking at franchises they are not familiar with or may not have considered on their own. However, our process is designed to help the client keep an open mind and avoid emotional responses when evaluating business models, even those they are not familiar with.
We coach our clients to make decisions based on fact, not emotion or perception. After all, the name of the franchise is irrelevant if the business model does not fit your individual needs and help you achieve your ultimate goals.
You may reach David at 216.916.0170
Reprinted with permission of The Cleveland Women's Journal