{"id":19207,"date":"2016-04-21T03:59:18","date_gmt":"2016-04-21T03:59:18","guid":{"rendered":"https:\/\/www.thefranchiseking.com\/?p=19207"},"modified":"2016-07-05T23:41:43","modified_gmt":"2016-07-05T23:41:43","slug":"buying-a-franchise-you-need-to-avoid-opinions-at-all-costs","status":"publish","type":"post","link":"https:\/\/www.thefranchiseking.com\/buying-a-franchise-you-need-to-avoid-opinions-at-all-costs","title":{"rendered":"Buying A Franchise? You Need To Avoid Opinions At All Costs"},"content":{"rendered":"<p><a href=\"https:\/\/www.pinterest.com\/pin\/299278337718690370\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-19208\" src=\"https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/opinion.png\" alt=\"buying a franchise avoid opinions at all costs\" width=\"500\" height=\"480\" srcset=\"https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/opinion.png 500w, https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/opinion-313x300.png 313w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/a><\/p>\n<p>&#8220;<em>What&#8217;s your opinion of Quiznos, Joel<\/em>?&#8221;<\/p>\n<p>&#8220;<em>Joel, do you think McDonald&#8217;s is a good franchise<\/em>?&#8221;<\/p>\n<p>&#8220;<em>Joel, is a $60,000 franchise fee out of line<\/em>?&#8221;<\/p>\n<p>&#8220;<em>Should I invest in multi-units, Joel<\/em>?&#8221;<\/p>\n<p>&#8220;<em>Joel, do you think it&#8217;s okay to buy a franchise right out of college<\/em>?&#8221;<\/p>\n<p>I <em>d<\/em>o have opinions on every question asked above.<\/p>\n<p>&nbsp;<\/p>\n<h2>My Opinions<\/h2>\n<p>I could have given my opinion about Quiznos <a title=\"quiznos franchise\" href=\"https:\/\/www.thefranchiseking.com\/quiznos-subs-lowers-its-franchise-fee-buy-quiznos-franchise\"><strong>here<\/strong><\/a>, but I didn&#8217;t.<\/p>\n<p>On McDonald&#8217;s, I&#8217;ve given <a title=\"the franchise king's opinion on mcdonalds\" href=\"https:\/\/www.thefranchiseking.com\/mcdonalds-moving-mcslow-franchisees\"><strong>my opinion<\/strong><\/a>-rather strongly, many times.<\/p>\n<p>$60,000 <em>is<\/em> pretty high for a <a title=\"what is a franchise fee\" href=\"https:\/\/www.thefranchiseking.com\/the-franchise-fee-dont-focus-on-it\"><strong>franchise fee<\/strong><\/a>. That&#8217;s a fact. It&#8217;s also my opinion.<\/p>\n<p>Multi-unit franchise ownership can be a great thing for the right person-in the right situation. For someone who truly wants to grow a business. (<em>In my opinion<\/em>.)<\/p>\n<p>I shared my opinion on college graduates buying a franchise-along with some important facts, in <a title=\"buy a franchise right out of college the franchise king joel libava\" href=\"https:\/\/www.sba.gov\/blogs\/should-you-buy-franchise-right-out-college\" target=\"_blank\"><strong>an article I wrote for the SBA<\/strong><\/a>.<\/p>\n<p>What do you think?<\/p>\n<p>Considering the fact that I:<\/p>\n<p>Wrote this book:<\/p>\n<p><a href=\"https:\/\/www.amazon.com\/gp\/product\/1118094026\/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=9325&amp;creativeASIN=1118094026&amp;linkCode=as2&amp;tag=thefrakin-20&amp;linkId=XUZJ7L2WBWSQCUOP\"><img decoding=\"async\" src=\"https:\/\/ws-na.amazon-adsystem.com\/widgets\/q?_encoding=UTF8&amp;ASIN=1118094026&amp;Format=_SL250_&amp;ID=AsinImage&amp;MarketPlace=US&amp;ServiceVersion=20070822&amp;WS=1&amp;tag=thefrakin-20\" border=\"0\" \/><\/a><img loading=\"lazy\" decoding=\"async\" style=\"border: none !important; margin: 0px !important;\" src=\"https:\/\/ir-na.amazon-adsystem.com\/e\/ir?t=thefrakin-20&amp;l=as2&amp;o=1&amp;a=1118094026\" alt=\"\" width=\"1\" height=\"1\" border=\"0\" \/><\/p>\n<ul>\n<li>Wrote <a title=\"ebook\" href=\"https:\/\/www.thefranchiseking.com\/digital-franchise-ownership-products\"><strong>these<\/strong><\/a> eBooks<\/li>\n<li>Created a\u00a0<strong><a title=\"course on buying a franchise\" href=\"https:\/\/franchisebusinessuniversity.com\/do-you-want-to-make-a-minimum-of-100k-a-year-as-the-owner-of-a-franchise-business\/\" target=\"_blank\">comprehensive buying a franchise course<\/a>\u00a0<\/strong><\/li>\n<li>Write franchise articles for <a title=\"franchise articles from the franchise king\" href=\"https:\/\/www.entrepreneur.com\/author\/joel-libava\" target=\"_blank\"><strong>several<\/strong><\/a> publications<\/li>\n<li>Have personally <a title=\"franchise consultations\" href=\"https:\/\/www.thefranchiseking.com\/franchise-ownership-advisory-packages-the-franchise-king\"><strong>worked<\/strong> <\/a>with thousands of prospective franchise owners<\/li>\n<li>Frequently get contacted by <a title=\"the franchise king is a top franchise expert\" href=\"https:\/\/www.thefranchiseking.com\/franchise-press-releases\"><strong>the press<\/strong> <\/a>and others for my perspectives on franchising<\/li>\n<\/ul>\n<p><strong>A question:<\/strong> Based on <em>only<\/em> the information I shared with you, do you feel that my opinions on franchising and franchise ownership are valid?<\/p>\n<p>If <em>you<\/em> were the person asking those questions, would you listen to what I had to say?<\/p>\n<p>And, what if you read an op-ed&#8230;like the one I wrote about <a title=\"franchise businesses that take advantage of the poor\" href=\"https:\/\/medium.com\/@FranchiseKing\/why-franchise-businesses-that-target-low-income-uneducated-consumers-are-crushing-it-e840e7ca544e#.rftvqwk13\" target=\"_blank\"><strong>franchise businesses that take advantage of the downtrodden<\/strong><\/a>, an article laden with facts; would you be influenced by it?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2>Avoid Opinions At All Costs<\/h2>\n<p>That&#8217;s right; even opinions from me (<em>or other franchise professionals<\/em>), serve no real purpose when you&#8217;re buying a franchise.<\/p>\n<p>That&#8217;s because my opinions come from <a title=\"franchising world and earnings\" href=\"https:\/\/www.thefranchiseking.com\/item-19-how-to-change-the-franchise-world-ignore-earnings-claims\"><strong>my world view<\/strong><\/a>. Not yours.<\/p>\n<p><a href=\"https:\/\/www.thefranchiseking.com\/featured-franchise-opportunities-and-franchise-business-resources\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-19217\" src=\"https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/franchise-opportunities-with-the-franchise-king-620x349.jpg\" alt=\"the franchise king best franchise opportunities\" width=\"703\" height=\"396\" srcset=\"https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/franchise-opportunities-with-the-franchise-king-620x349.jpg 620w, https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/franchise-opportunities-with-the-franchise-king-320x180.jpg 320w, https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/franchise-opportunities-with-the-franchise-king-768x432.jpg 768w, https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/franchise-opportunities-with-the-franchise-king-1536x865.jpg 1536w, https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/franchise-opportunities-with-the-franchise-king.jpg 2048w\" sizes=\"auto, (max-width: 703px) 100vw, 703px\" \/><\/a><\/p>\n<p>(<em>3 different franchise businesses in one terrific location<\/em>)<\/p>\n<p>&nbsp;<\/p>\n<h2>Check Out This Scenario<\/h2>\n<p>Let&#8217;s say <em>you<\/em>, we&#8217;ll use the name, Tim-are seriously considering buying a franchise, and you wanted a few opinions on your idea of becoming the owner of a franchise business,<em> and<\/em>\u00a0on the specific franchise opportunities (<em>or opportunity<\/em>) you were investigating.<\/p>\n<p>One of your tactics to obtain opinions involves contacting friends of yours who know a lot about small business and\/or entrepreneurship&#8230;.franchising, too-if possible.<\/p>\n<p>The first person you call is an old-college buddy who just so happens to be the head of a small, but fairly well-known business school.<\/p>\n<p><strong>You:<\/strong> Ned, Tim Randle here. How the heck are you?<\/p>\n<p>Ned: <em>Great, Tim! How&#8217;s things by you?<\/em><\/p>\n<p><strong>You:<\/strong> Great! Look, real quick, I&#8217;m thinking of buying a franchise, and I wondered if I can have your opinion of franchising, and of the two franchises I&#8217;m looking into?<\/p>\n<p>Ned: <em>I&#8217;ll try to help.<\/em><\/p>\n<p><strong>You:<\/strong> Thanks!<\/p>\n<p>Ned: <em>As to franchising, it&#8217;s a good business model. Do you remember Linda Houston?<\/em><\/p>\n<p><strong>You:<\/strong> Of course! She was a smart one if I remember correctly. Real smart.<\/p>\n<p>Ned: <em>That&#8217;s right. Her SAT score was even higher than mine, LOL! Anyway, I heard through the grapevine that she owned a franchise for awhile-something in food, I think.<\/em><\/p>\n<p><strong>You:<\/strong> Really?<\/p>\n<p>Ned: <em>Yup. The story goes that Linda and her husband bought this franchise&#8230;two of them, actually, but the locations turned out to be horrible, and they lost everything.<\/em><\/p>\n<p><strong>You:<\/strong> Everything?<\/p>\n<p>Ned:<em> I believe so. This was like 5 years ago. Sucks.<\/em><\/p>\n<p><strong>You:<\/strong> For sure. You say it had to do with their locations?<\/p>\n<p>Ned: <em>That&#8217;s what I remember.<\/em><\/p>\n<p>_____________________________________________________<\/p>\n<h3>Intermission<\/h3>\n<p>Location, location, location. It&#8217;s really too bad that Linda Houston and her husband didn&#8217;t have the ability to use <strong>real-time market data<\/strong> to help them find their ideal locations. But <strong>you will<\/strong>, if and when you&#8217;re ready to start looking for franchise locations. Check out what <a title=\"best location for your business\" href=\"https:\/\/www.idealspot.com\/?r=fk\/\"rel=\"nofollow\" target=\"_blank\"><strong>this Texas-based company<\/strong><\/a> is doing to increase your chances of finding the best locations for your business.<\/p>\n<p>_____________________________________________________<\/p>\n<p>The story continues&#8230;<\/p>\n<p><strong>You:<\/strong> This is terrible news. I wonder if I&#8217;m doing the right thing.<\/p>\n<p>Ned: <em>I don&#8217;t know. But, as I said, the franchise model is a good one, but you have to make sure you have a good location and plenty of money to help you make it through the first year or two. That&#8217;s my opinion. It is possible to fail, though-and lose a lot of money in the process. What franchises are you looking at?<\/em><\/p>\n<p><strong>You:<\/strong> I&#8217;m looking at <a title=\"charlie graingers\" href=\"https:\/\/www.charliegraingers.com\/#home\" target=\"_blank\"><strong>Charlie Graingers<\/strong><\/a> and <a title=\"dickey's\" href=\"https:\/\/www.dickeys.com\/\" target=\"_blank\"><strong>Dickey&#8217;s Barbecue Pit<\/strong><\/a>.<\/p>\n<p>Ned: <em>Food franchises, huh?<\/em><\/p>\n<p><strong>You:<\/strong> Yep. What do you think?<\/p>\n<p>Ned: <em>Tough business, Tim. Food franchises are some of the <strong><a title=\"food franchises\" href=\"https:\/\/smallbiztrends.com\/2013\/07\/toughest-franchise-business.html\" target=\"_blank\">toughest franchises<\/a><\/strong> in the world to own.<\/em><\/p>\n<p><strong>You:<\/strong> Really?<\/p>\n<p>Ned: <em>That&#8217;s my opinion. Others I speak to feel the same way. Have you ever worked in food service, Tim?<\/em><\/p>\n<p><strong>You:<\/strong> Well, no.<\/p>\n<p>Ned: <em>You may be taking a big risk. Now, I am not familiar with either of the franchises you&#8217;re looking at&#8230;they may be good opportunities. You may be taking a big risk here, Tim. Having no food service experience and all.<\/em><\/p>\n<p><strong>You:<\/strong> Well, thanks a lot for letting me bend your ear. I really appreciate it.<\/p>\n<p>Ned:<em> Let me know what you end up doing, okay?<\/em><\/p>\n<p><strong>You:<\/strong> Will do.<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-19218\" src=\"https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/orange-698534_640-620x413.jpg\" alt=\"deflated balloon\" width=\"620\" height=\"413\" srcset=\"https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/orange-698534_640-620x413.jpg 620w, https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/orange-698534_640-320x213.jpg 320w, https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/orange-698534_640-600x400.jpg 600w, https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/orange-698534_640.jpg 640w\" sizes=\"auto, (max-width: 620px) 100vw, 620px\" \/><\/p>\n<p>(<em>A balloon. Deflated<\/em>.)<\/p>\n<p>&nbsp;<\/p>\n<h2>How Are You Doing Tim?<\/h2>\n<p>I&#8217;m guessing that you&#8217;re feeling a little deflated. All because of an <em>opinion<\/em> or two. An opinion you could have avoided.<\/p>\n<p>So, Tim, are you ready to give up on your dream&#8230;<a title=\"dream of owning a franchise business\" href=\"https:\/\/www.thefranchiseking.com\/dream-of-buying-franchise-business\"><strong>your dream of owning a business<\/strong><\/a>?<\/p>\n<p>_________________________________________________________<\/p>\n<p>And, what about <em>you<\/em>?<\/p>\n<p>Are you going to allow someone&#8217;s opinion to sway you one way of the other?<\/p>\n<p>Really?<\/p>\n<p>Do you really think I&#8217;m going to fall for the thought that just popped into your head?<\/p>\n<p><strong>This one:<\/strong> &#8220;<em>I would <span style=\"text-decoration: underline;\">never<\/span> allow someone&#8217;s opinion to influence me-especially with something as big as this<\/em>.&#8221;<\/p>\n<p>If you say so. But, just in case, I have&#8230;<\/p>\n<p>&nbsp;<\/p>\n<h2>A Way To Counteract Opinions<\/h2>\n<p>My way is easy, actually. Here goes.<\/p>\n<p>The way to counteract opinions you get from others&#8230;from well-meaning friends and\/or relatives, is to&#8230;<\/p>\n<h3>Get The Facts!<\/h3>\n<p>Crazy, right?<\/p>\n<p>Facts, shmacks. Who needs em?<\/p>\n<p>You do.<\/p>\n<p>And, it&#8217;s not that difficult to get the facts. You just have to know <em>how<\/em> to get the facts on the franchises you&#8217;re exploring and <em>where<\/em> to get them from. (<em>Of course you need to know what to do with all the facts you gather once you have them<\/em>.)<\/p>\n<p>Good thing <a title=\"get the facts on how to buy a franchise\" href=\"https:\/\/franchisebusinessuniversity.com\/do-you-want-to-make-a-minimum-of-100k-a-year-as-the-owner-of-a-franchise-business\/\"><strong>there&#8217;s a product<\/strong><\/a> or two that can teach you how to get the facts on the franchise opportunities you&#8217;re investigating.<\/p>\n<blockquote><p>&#8220;<em>The fewer the facts, the stronger the opinion<\/em>.&#8221;<\/p>\n<p>-Arnold H. Glasow<\/p>\n<p>&nbsp;<\/p><\/blockquote>\n<h2>Here&#8217;s My Opinion<\/h2>\n<p>Before you buy a franchise-I&#8217;m talking about sending in money and signing a franchise agreement, you need to focus on all of the facts you were able to gather as you investigated the franchise opportunity you&#8217;re thinking of buying. \u00a0And, really try to avoid opinions if possible.<\/p>\n<p>Facts is facts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&ldquo;What&rsquo;s your opinion of Quiznos, Joel?&rdquo; &ldquo;Joel, do you think McDonald&rsquo;s is a good franchise?&rdquo; &ldquo;Joel, is a $60,000 franchise fee out of line?&rdquo; &ldquo;Should I invest in multi-units, Joel?&rdquo; &ldquo;Joel, do you think it&rsquo;s okay to buy a franchise right out of college?&rdquo; I do have opinions on every question asked above. &nbsp; My [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":19208,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[204,32],"tags":[1717,1718],"class_list":["post-19207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-due-diligence","category-franchise-purchasing","tag-franchise-facts","tag-owning-a-franchise-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Buying A Franchise? 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The Franchise King\u00ae explains.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.thefranchiseking.com\/buying-a-franchise-you-need-to-avoid-opinions-at-all-costs\" \/>\n<meta property=\"og:site_name\" content=\"The Franchise King\u00ae\" \/>\n<meta property=\"article:published_time\" content=\"2016-04-21T03:59:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-07-05T23:41:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/opinion.png\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Joel Libava\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.thefranchiseking.com\\\/buying-a-franchise-you-need-to-avoid-opinions-at-all-costs#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.thefranchiseking.com\\\/buying-a-franchise-you-need-to-avoid-opinions-at-all-costs\"},\"author\":{\"name\":\"Joel Libava\",\"@id\":\"https:\\\/\\\/www.thefranchiseking.com\\\/#\\\/schema\\\/person\\\/b560fd324f6df9be52ac875e631beb66\"},\"headline\":\"Buying A Franchise? 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