What We Know
The Franchise Doctor, Jim Deitz, uses some episodes to share what he knows by explaining the best methods for finding, evaluating, and buying a great franchise. Presentations, which are noted with an “A” after their Episode Number, can be searched by Title and Topic.
Here’s a brief summary of Each “A” Episode by Title and Topic
001A 10 Critical Steps to Buying Your Best Franchise - Part 1 The Franchise Doctor provides an introduction to Franchising and begins laying out a step-by-step plan that will increase your odds for success in your franchise career. The first step we call “Someday I’ll Own a Franchise” and Mr. Deitz explains how some may move past this step in just a few weeks while others may need 5 to 10 years before they graduate… but all will benefit by laying a firm foundation for their future by studying this section of the road that will take you to your destination. Your need for a free FranchiseFit Entrepreneurial Survey is explained and links are provided for you to obtain a 20-page report that will give you focus as you move ahead. How to develop a Franchise Profile describing the attributes you’d like to find in your business where you’ll spend the next 10 to 20 years is fully explained and samples are available.
Head over to our website now for the Show Notes for Episode 001A. We have Printable lists of the 10 Critical Steps to Buying Your Best Franchise© and the Questions that you should answer when developing your Ideal Franchise System Profile. You’ll also find a Great Poster defining Entrepreneurship that you may want to hang on your wall. Links to resources that were mentioned in today’s podcast are also posted there.
Today’s Resource is a Quote I hope you’ll carry with you and repeat every day: Whatever the Mind Can Conceive and Believe, the Mind Can Achieve. This was written by Napoleon Hill in his seminal book: Think and Grow Rich. For more about this book and a link to use for purchasing it, go to our Show Notes for Episode 1A.
003A 10 Critical Steps to Buying Your Best Franchise - Part 2 Finding the Funds to Invest tackles the toughest hurdle most franchise buyers face. This episode covers
You’ll find more information on the Dave Ramsey Show, his training materials, SBA Resources, and Books that were referenced.
In the Show Notes, we provide links to introductory materials on the SBA’s primary lending programs:
--- Small Business Loan Programs and
Your Education Continues is the third critical step.
If I were you, I’d start a list of the business knowledge and skills I'd gained up to this point in my life. Then I'd honestly rate myself I. “Beginner”, II. “Good Understanding and Conversant Skill,” or III. “Master of the Topic and Experience in Using the Skill.”
Here's a General List of the knowledge and skills needed by all Franchise Owners. You should add to it and amend it as you learn from the franchisor’s management team and existing franchisees what elements drive the business.
I've listed these in descending level of priority.
Accounting (Financial Reports, Key Business Ratios, Inventory Control, Receivables Management, Cost Controls)
- Sales (Lead Generation & Development, Pricing, Negotiation, Closing Techniques, Contracts, Warranties, Customer Service)
- Communication Skills (Understanding and Being Understood by Employees, Customers & Vendors)
- Advertising & Marketing (including SEO, PPC, & Social Media)
- Human Resources (Hiring, Motivating, Managing, Scheduling, Dispute Resolution, Training)
- General Business Management (Budgeting, Strategic Planning, Business Model Analysis)
Rate yourself on this Chart now and set personal goals for improvement. Then post the chart where you can see it and change your ratings once a month as you improve.”
Upcoming Podcast Topics:
Why Buy a Franchise?
Understanding the Franchise Disclosure Document--an In-Depth Look at Each Section.
Using the FranchiseFit Entrepreneurial Survey to Find Your Best Franchise
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