{"id":35529,"date":"2021-02-12T08:52:45","date_gmt":"2021-02-12T13:52:45","guid":{"rendered":"https:\/\/www.thefranchiseking.com\/?p=35529"},"modified":"2023-08-28T14:54:12","modified_gmt":"2023-08-28T18:54:12","slug":"free-tools-franchise-buying-process","status":"publish","type":"post","link":"https:\/\/www.thefranchiseking.com\/free-tools-franchise-buying-process","title":{"rendered":"3 Free Tools That Will Make You A Smarter Franchise Buyer"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"620\" height=\"414\" src=\"https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/free-franchise-tools-620x414.jpg\" alt=\"the franchise buying process \" class=\"wp-image-35537\" srcset=\"https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/free-franchise-tools-620x414.jpg 620w, https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/free-franchise-tools-320x214.jpg 320w, https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/free-franchise-tools-768x513.jpg 768w, https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/free-franchise-tools-600x400.jpg 600w, https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/free-franchise-tools.jpg 999w\" sizes=\"auto, (max-width: 620px) 100vw, 620px\" \/><\/figure>\n\n\n\n<p>Before you begin the franchise buying process, you need to do a few basic things.<\/p>\n\n\n\n<p>The first thing you need to do is determine <strong>why<\/strong> you want to become a franchise owner.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Is it to become <strong><a href=\"https:\/\/www.thefranchiseking.com\/can-choosing-right-franchise-make-you-rich\">rich<\/a><\/strong>?<\/li>\n\n\n\n<li>Are you sick and tired of working for others?<\/li>\n\n\n\n<li>Have you always wanted to own a business?<\/li>\n\n\n\n<li>Another reason?<\/li>\n<\/ul>\n\n\n\n<p>Next, you need to determine your risk tolerance.<\/p>\n\n\n\n<p>Once you\u2019ve nailed that down, you need to make sure franchise ownership is the right way for you to go.<\/p>\n\n\n\n<p>Thirdly, you need to figure out your financials.<\/p>\n\n\n\n<p>I can help you with all 3.<\/p>\n\n\n<p>&nbsp;<\/p>\n\n\n<h2>3 Free Tools You Need To Use As Part Of The Franchise Buying Process<\/h2>\n\n\n\n<p>1. Risk Tolerance Calculator<\/p>\n\n\n\n<p>Would you like to know why most people don\u2019t own a business?<\/p>\n\n\n\n<p>Most people don\u2019t become business owners because <strong><a href=\"https:\/\/www.thefranchiseking.com\/quotes-on-risk-taking\">they feel it\u2019s too risky<\/a><\/strong>. But is it? Of course it is. Buying a business-even a franchise business, can be risky. But there are ways to lower that risk. One way?<\/p>\n\n\n\n<p>Learn all you can about yourself before you start searching for a franchise business to own. How?<\/p>\n\n\n\n<p>You can start by using* my <strong><a href=\"https:\/\/www.thefranchiseking.com\/free-franchise-risk-quotient-calculator\">Free Franchise Risk Quotient Calculator<\/a><\/strong>. &nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>*Out of the 3 tools I provide to visitors of this website, this one is not as \u201c<em>serious<\/em>\u201d as the others are. But it will get you thinking about risk. &nbsp;<\/p>\n\n\n<p>&nbsp;<\/p>\n\n\n<h2>The Franchise Buying Process: Quiz Me This<\/h2>\n\n\n\n<p>2. A Franchise Quiz<\/p>\n\n\n\n<p>Are you prepared to invest in someone else\u2019s business concept?<\/p>\n\n\n\n<p>One that comes with systems, technology, marketing templates, training and more?<\/p>\n\n\n\n<p>If so, are you <em>also<\/em> willing to follow everything exactly how it\u2019s laid out in the company\u2019s rather thick operating manual?<\/p>\n\n\n\n<p>To put it another way, will you follow the rules?<\/p>\n\n\n\n<p>The reason I ask is because the franchise model is rule-based. And it\u2019s precisely those rules that keep the brand uniform.<\/p>\n\n\n\n<p>For example, ordering a Domino\u2019s <strong><a href=\"https:\/\/www.thefranchiseking.com\/mushroom-pizza-dominos\">Mushroom Pizza<\/a><\/strong> in Tucson shouldn\u2019t be any different than ordering one in Pensacola.<\/p>\n\n\n\n<p>In other words, the ordering process <em>and<\/em> the taste of your pizza should be the same.<\/p>\n\n\n\n<p>That said, let\u2019s see how much of a rule-follower you are. It\u2019s crucial for you to find that out <strong>before<\/strong> you send in your franchise <strong><a href=\"https:\/\/www.thefranchiseking.com\/the-franchise-fee-dont-focus-on-it\">fee<\/a><\/strong> and open for business.<\/p>\n\n\n\n<p>Take my <strong><a href=\"https:\/\/www.thefranchiseking.com\/free-franchise-quiz-fit-franchise-business\">Free Franchise Quiz<\/a><\/strong>.<\/p>\n\n\n<p>&nbsp;<\/p>\n\n\n<h2>The Money Part Of The Franchise Buying Process<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/franchise-calculator.png\" alt=\"free calculator for net worth \" class=\"wp-image-35539\" width=\"279\" height=\"252\"\/><\/figure>\n\n\n\n<p>3. Free Net Worth Calculator<\/p>\n\n\n\n<p>As much as you\u2019d like to be in business, you need to make sure you have enough money for both your initial investment and your ongoing business expenses. This isn\u2019t the time to estimate. How?<\/p>\n\n\n\n<p>By putting together a financial snapshot of your assets and liabilities. &nbsp;&nbsp;<\/p>\n\n\n\n<p>The good news is once you have it, you\u2019ll be able to determine your budget for a franchise business opportunity.<\/p>\n\n\n\n<p>In addition, since most franchisors eventually request a net worth statement (<em>or similar<\/em>), you\u2019ll have it on file. That enables you to quickly send it to them when asked.<\/p>\n\n\n\n<p>To that end, I invite you to input your numbers in my Free <strong><a href=\"https:\/\/www.thefranchiseking.com\/free-net-worth-calculator-from-the-franchise-king\">Net Worth Calculator<\/a><\/strong>.<\/p>\n\n\n<p>&nbsp;<\/p>\n\n\n<h2>One More Free Thing!<\/h2>\n\n\n\n<p>If you&#8217;d like to discuss anything related to the things I went over, or to ask me your most burning question (<em>s<\/em>) about franchising, or the specific franchises you\u2019re looking into, I offer complimentary 1:1 calls. <strong><a href=\"https:\/\/www.thefranchiseking.com\/freeconsult\">Schedule yours today<\/a><\/strong> <\/p>\n\n\n\n<p>What do you think of my free tools?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Before you begin the franchise buying process, you need to do a few basic things. The first thing you need to do is determine why you want to become a franchise owner. Next, you need to determine your risk tolerance. Once you&rsquo;ve nailed that down, you need to make sure franchise ownership is the right [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":35537,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[2119,32,523,1167,1852],"tags":[2039],"class_list":["post-35529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-find-a-franchise","category-franchise-purchasing","category-franchise-quiz","category-free","category-net-worth","tag-free-franchise-tools"],"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>Franchise Buying Process | Use These Free Tools Now<\/title>\n<meta name=\"description\" content=\"The Franchise King\u00ae, Joel Libava, has 3 free valuable franchise tools to help you in the franchise buying process. 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