By Rieva Lesonsky
Are you considering buying a franchise? Then you’ve got a lot of research ahead of you. One guide you should have with you on that journey is How to Properly Research a Franchise Business BEFORE You Buy It, a new franchise research course in e-book form by Joel Libava.
Libava dubs himself “The Franchise King,” and his sense of humor is one factor that makes How to Properly Research a Franchise Business BEFORE You Buy It worthwhile. You see, researching a franchise is a lengthy and daunting process—at least, it is if you do it right. Libava breaks the task down into smaller steps and gently encourages you through the process (“Almost done…” “Keep going….” “You can do it!”)
It’s easy to rely on other people’s opinions and bits of information you happen to come across here and there—easier, that is, than digging in and doing the hard work of researching a franchise. That’s why many people fail to do their homework—and make decisions they regret later. But this is a big decision—one of the biggest you’ll ever make in your life—and Libava urges you to do it right.
How to Properly Research a Franchise Business BEFORE You Buy It is sprinkled with useful podcasts, videos and links to articles, which help break up the subject matter and keep it entertaining and lively.
Libava provides all the tools you need in one place, taking you step by step through contacting the franchisor for initial information, talking to the franchisor, contacting franchisees for their insights, taking what you’ve learned back to the franchisor, visiting operating units, researching your financing options, creating a business plan, consulting an attorney and ultimately making the big decision. He includes checklists you can use to make sure you get all the information you need.
Perhaps the most valuable aspect of the course is Libava’s honesty. At each stage of the way, he explains what to expect, both mentally and emotionally. He acknowledges the excitement you may feel (or not) and that the end result of all your research may be different than you had hoped.
In my nearly 30 years in the world of small business, I’ve read more books about buying a franchise than I can count. (I’ve even written a few.) I didn’t think there was anything new I could learn about the process—until I read How to Properly Research a Franchise Business BEFORE You Buy It. Click here to view more details