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When Do You Want to Start a Franchise?

When I speak with potential candidates looking to buy a franchise and start their own business, I always ask them what their time frame is for wanting to start. This question sometimes catches people off guard, but I want to get a feel for their motivation, and knowing their time horizon is valuable for me to be able to help them.

Some answer, “Oh, a year or so.” While it’s good to start planning as early as possible, have a timeframe of a year or more may not be a short enough target to keep someone motivated to stay on the path. Too many distractions or ever life events can side track buying a business over that time frame.

Others answer, “Right away, tomorrow if possible.” Urgency is good too, but if unchecked, can lead to haste. Understanding why the “hurry” is what I attempt to understand. Sometimes it’s related to cash flow (need to make money soon) other times it could be tied to personal circumstances (retirement is killing me). No matter what the reason, being too rushed will only cause rushed decisions and poor choices.

Most answer, “Three to six months, I want to make sure I make the right choice.” Ah, just right. With a time frame of about 4.5 months, they can conduct proper research without rushing, and the overall time frame is short enough to “get ‘er done” with limited distractions.

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About the author

Rob Bennett

Rob had served in the corporate-world for 18 years filling various technical capacities, from structural design to project engineer. His experience lends to FranFinders strategic planning, systems design and optimization.

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