{"id":40052,"date":"2022-04-22T09:14:42","date_gmt":"2022-04-22T13:14:42","guid":{"rendered":"https:\/\/www.thefranchiseking.com\/?p=40052"},"modified":"2025-02-14T13:06:59","modified_gmt":"2025-02-14T18:06:59","slug":"truth-buy-franchises","status":"publish","type":"post","link":"https:\/\/www.thefranchiseking.com\/truth-buy-franchises","title":{"rendered":"The Startling Truth About People Who Buy Franchises"},"content":{"rendered":"\n
\"startled<\/figure>\n\n\n\n

Most people who buy franchises have absolutely no idea what they\u2019re doing.<\/strong><\/p>\n\n\n\n

Kind of harsh, right? Especially if you happen to be looking at franchise opportunities<\/a>. But it’s true. And it has nothing to do with your business smarts and or intelligence.<\/p>\n\n\n\n

With that in mind, you have two choices.<\/p>\n\n\n\n

1. You can disregard what I just said, continue doing what you\u2019ve been doing, and potentially make a bank account emptying mistake.<\/p>\n\n\n\n

2. You can admit you don\u2019t know* how to buy a franchise and do whatever it takes to learn how to do it right, so you can become the owner of a profitable business you can be proud of.<\/p>\n\n\n\n

*Of course you don’t know how<\/a> to buy a franchise. You’ve never done it before!<\/p>\n\n\n\n

You: \u201cI know what you\u2019re trying to do, Joel. You\u2019re just trying to scare me so I\u2019ll buy one of your books or hire you to consult with me<\/em>.\u201d<\/p>\n\n\n\n

Am I?<\/p>\n\n\n

 <\/p>\n\n\n

Let\u2019s Get This Out Of The Way<\/h2>\n\n\n\n

I\u2019ve been providing franchise researching and information on the best franchises to own for 20+ years. And 90% of it is available in the public domain. In other words, it\u2019s free!<\/p>\n\n\n\n

So if you have a couple of months to spare, you could probably read enough of my articles and watch most of my videos on franchise opportunities<\/a> and more to get a good feel of how to choose, purchase and buy a profitable franchise. Probably<\/em>.<\/p>\n\n\n\n

And if you can give yourself another week or so, you may be able to listen to enough of the radio\/podcast interviews I\u2019ve done over the years to educate you further. Maybe<\/em>.<\/p>\n\n\n\n

Heck, I\u2019ll even get you started. Check out the next section of this blog post.<\/p>\n\n\n\n

<\/p>\n\n\n

 <\/p>\n\n\n

Free Information For People Who Want To Buy Franchises<\/h2>\n\n\n\n

Here\u2019s where you can find my free franchise articles, videos, and interviews. Have at it.<\/p>\n\n\n\n

The Franchise King Blog<\/a>\u00ae (1750+ articles<\/em>)<\/p>\n\n\n\n

U.S. Small Business Administration<\/a> (85 articles; 40 are still live on their website<\/em>)<\/p>\n\n\n\n

Entrepreneur<\/a>\u00ae (6 articles<\/em>)<\/p>\n\n\n\n

Small Business Trends<\/a>\u00ae (50+ articles<\/em>)<\/p>\n\n\n\n

Franchise Direct<\/a> (120+ articles<\/em>)<\/p>\n\n\n\n

AllBusiness.com<\/a> (30+ articles<\/em>)<\/p>\n\n\n\n

In addition, I’ve written articles on franchising for The New York Times\u00ae website, CNBC, Fortune\u00ae<\/a>, BPlans, Corpnet, American Express\u00ae and more.<\/p>\n\n\n\n

Audio Content<\/strong><\/p>\n\n\n\n

StartupNation<\/a>\u00ae Radio Interview<\/p>\n\n\n\n

Franchise Interviews<\/a> Podcast<\/p>\n\n\n\n

Duct Tape Marketing\u00ae Podcast<\/a><\/p>\n\n\n\n

Small Business Advocate<\/a>\u00ae – 40+ Radio Interviews<\/p>\n\n\n\n

Miscellaneous Radio\/Podcast Interviews<\/a><\/p>\n\n\n\n

My You Tube Channel <\/strong><\/p>\n\n\n\n

Check out my franchise videos on YouTube<\/a>. You’ll find them helpful. <\/p>\n\n\n\n

And those are only my<\/em> franchise articles, franchising videos, and audio resources. There are hundreds of other franchise business resources you can use and learn from.<\/p>\n\n\n\n

<\/p>\n\n\n

 <\/p>\n\n\n

The Not Free Part Of Buying Franchises<\/h2>\n\n\n\n

For some, there\u2019s going to come a time when basic information-gathering transitions to \u201cI\u2019m starting to like the idea of using the franchise model to be my own boss.\u201d <\/em>Notice I said, \u201cfor some<\/em>.\u201d<\/p>\n\n\n\n

That\u2019s because most people don\u2019t want to risk their money<\/a> on something they\u2019re not sure will work. Like owning a franchise business…or any business. And that\u2019s okay.<\/p>\n\n\n\n

But if you\u2019re determined to take more control of your life by owning a franchise business, and you\u2019re willing to take on some risk, welcome to the real world.<\/p>\n\n\n\n

A world where, in most cases, free information only gets you so far.<\/p>\n\n\n\n

That\u2019s why the next step for you may be to buy a book or two about buying<\/a> and researching<\/a> franchises.<\/p>\n\n\n

 <\/p>\n\n\n

The Hiring Professionals Part<\/h2>\n\n\n\n
\"using<\/figure>\n\n\n\n

The next logical step for those interested in buying a franchise the right way is to hire a few business professionals (ahem<\/em>).<\/p>\n\n\n\n

If you\u2019d like 1-on-1 guidance as you investigate franchise opportunities, you can work with me<\/a>.<\/p>\n\n\n\n

In addition, you\u2019re going to want to talk to a firm<\/a> that specializes in helping new businesses, so you can get an idea of how the numbers are going to work.<\/p>\n\n\n\n

Next, you\u2019ll need to prepare a formal business plan. But there\u2019s proven software<\/a> you can use to do that. And when you start hiring your employees, recruiting automation software<\/a> will simplify the process too.<\/p>\n\n\n\n

Finally, if you\u2019re 90% sure you\u2019re going to move forward and buy a specific franchise business, you\u2019re going to want to need to hire a competent franchise lawyer<\/a>.<\/p>\n\n\n

 <\/p>\n\n\n

My Observations About Most People Who Buy Franchise Businesses<\/h2>\n\n\n\n

Unfortunately, most of the people who buy franchises today don\u2019t do the things (above<\/em>) they need to do to lower their financial risk<\/a>.\n<\/p>\n\n\n\n

Like hiring franchise industry professionals, accounting\/bookkeeping firms, and franchise attorneys. And you know why.<\/p>\n\n\n\n

Because they want to save a few bucks!<\/p>\n\n\n\n

Think about this:<\/p>\n\n\n\n

Jim and Susan are about to plunk down $75,000 upfront, and then sign on the dotted line for a $150,000 small business loan<\/a>…but are all of a sudden \u201ccautious<\/em>\u201d about spending a couple of thousand dollars to protect themselves before they make a 10-year commitment* with a franchise company. Really?<\/strong>    <\/p>\n\n\n\n

*Most franchise contracts are 10 years in length.<\/p>\n\n\n\n

How smart is that?<\/p>\n\n\n

 <\/p>\n\n\n

You Can Do It Alone<\/h2>\n\n\n\n

There\u2019s nothing preventing you from trying to figure out how to choose, research, and buy a franchise all by yourself. Doing so would certainly save you money.<\/p>\n\n\n\n

Or would it?<\/p>\n\n\n\n

P.S.<\/strong> I\u2019m dedicating this post to former franchisees.<\/p>\n\n\n\n

Not the people who sold their franchise businesses for a profit and are (hopefully<\/em>) living large near a spectacular turquoise blue body of water.   <\/p>\n\n\n\n

\"successful<\/figure>\n\n\n\n

But to the former franchisees who went out of business-and didn\u2019t need to<\/em>, if only they did their homework upfront and spent some money to help protect themselves before they purchased their franchises.   <\/p>\n","protected":false},"excerpt":{"rendered":"

Most people who buy franchises have absolutely no idea what they’re doing. Kind of harsh, right? Especially if you happen to be looking at franchise opportunities. But it’s true. And it has nothing to do with your business smarts and or intelligence. With that in mind, you have two choices. 1. You can disregard what […]<\/p>\n","protected":false},"author":2,"featured_media":40055,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[2123],"tags":[2118],"class_list":["post-40052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-franchise-business","tag-buy-franchises"],"yoast_head":"\nThe Truth About People Who Buy Franchises<\/title>\n<meta name=\"description\" content=\"Would you like to know the truth about people who buy franchises? 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Finally, he's been in franchising close to 25 years.","email":"joel@thefranchiseking.com","telephone":"2168312610","legalName":"Franchise Selection Specialists Inc.","foundingDate":"2002-01-20","taxID":"20-1184045","numberOfEmployees":{"@type":"QuantitativeValue","minValue":"1","maxValue":"10"}},{"@type":"Person","@id":"https:\/\/www.thefranchiseking.com\/#\/schema\/person\/b560fd324f6df9be52ac875e631beb66","name":"Joel Libava","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/0c74981307dba3f4970cdf8359a1b2fc6ffe7721a2e3d1001acd9ac59db6ed61?s=96&d=mm&r=pg","url":"https:\/\/secure.gravatar.com\/avatar\/0c74981307dba3f4970cdf8359a1b2fc6ffe7721a2e3d1001acd9ac59db6ed61?s=96&d=mm&r=pg","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0c74981307dba3f4970cdf8359a1b2fc6ffe7721a2e3d1001acd9ac59db6ed61?s=96&d=mm&r=pg","caption":"Joel Libava"},"description":"I\u2019m The Franchise King\u00ae, Joel Libava. I'm the author of two helpful books on researching and buying a franchise. In addition, I'm a Franchise Ownership Advisor with 20+ years of experience working 1-on-1 with people interested in buying a franchise, safely. Subscribe to my free VIP Franchise Newsletter.","sameAs":["https:\/\/www.thefranchiseking.com","https:\/\/www.instagram.com\/thefranchchiseking1","https:\/\/linkedin.com\/in\/joellibava","https:\/\/in.pinterest.com\/franchiseking\/","https:\/\/www.youtube.com\/JoelLibava"],"knowsAbout":["Franchising"]}]}},"_links":{"self":[{"href":"https:\/\/www.thefranchiseking.com\/wp-json\/wp\/v2\/posts\/40052","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thefranchiseking.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thefranchiseking.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thefranchiseking.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thefranchiseking.com\/wp-json\/wp\/v2\/comments?post=40052"}],"version-history":[{"count":1,"href":"https:\/\/www.thefranchiseking.com\/wp-json\/wp\/v2\/posts\/40052\/revisions"}],"predecessor-version":[{"id":48701,"href":"https:\/\/www.thefranchiseking.com\/wp-json\/wp\/v2\/posts\/40052\/revisions\/48701"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thefranchiseking.com\/wp-json\/wp\/v2\/media\/40055"}],"wp:attachment":[{"href":"https:\/\/www.thefranchiseking.com\/wp-json\/wp\/v2\/media?parent=40052"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thefranchiseking.com\/wp-json\/wp\/v2\/categories?post=40052"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thefranchiseking.com\/wp-json\/wp\/v2\/tags?post=40052"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}