Susan Boyle's moving performance on Britain's Got Talent reminds us that we should not judge a book by its cover. You have to read the whole things or at least a good portion to really understand what it is all about. The same rule applies when evaluating a franchise business. Specifically:
1. Keep an open mind
Just because you may be familiar with a company, do not assume that you can simply tell from the product or service what your income, role, or lifestyle will be like. Thus it is critical to focus on the business model, not the widget.
2. Keep your emotions in check
Emotions -- good and bad -- can get in the way of objectivity. Thus, if necessary, pretend like you are a reporter trying to gather as much information as possible about a particular franchise company.
3. Keep the main thing the main thing
Information gathered should be trying to answer four key questions:
a) Does the business model work?
b) Do you want to execute the business model?
c) Will this model take you to your goals and dreams?
d) In other words, is this an owner's role you will enjoy in the long-term?
By trying to answer these questions through a process of mutual due diligence rather than getting bogged down in the minutia of the details, franchisee candidates are better able to stay focus on what is really important -- finding and investing in a franchise business to help create their desired future.
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