Here are five strategies to keep you on track through your franchise search
We are all familiar with the feelings that accompany making an important decision — weighing the pros and cons, seeking opinions, pondering all the what-ifs. Indecision, at times, can be paralyzing. It can be a roadblock on your path to progress and even success.
Making decisions is not easy, especially when it comes to making important life-changing decisions like a franchise purchase. There is a multitude of franchise opportunities out there and it can be overwhelming to sort through them all. Weighing the current market, prospective competitors, opportunities for profit, business models, and your own personal interests can be a lot to consider, let alone determining if the opportunity is right for you.
With this in mind, here are five ways to overcome analysis paralysis in a franchise purchase.
Seek the help of a franchise consultant
Talking to a franchise expert may be the right option for you while combating your indecision. Franchise consultants counsel those who are considering franchise ownership. They will be able to guide you, help you evaluate different options, and are a great resource throughout the entire buying process. Utilizing a franchise consultant can be an excellent way to keep you on track and can be that extra push you need to help find the perfect franchise.
Acknowledge the difficulty and embrace uncertainty
One important step in any decision-making process is acknowledging that the decision at hand might truly be a hard one to make. But that doesn’t mean it’s impossible. Many times analysis becomes paralysis because we realize the decision has the potential to make or break a career or have an immeasurable impact on our lives. Understanding that you are not able to know all the answers or plan for every outcome is a key part of life, and realizing this might make the decision process a little less daunting and stressful.
Make deadlines for yourself
Making strict deadlines could save you from analysis paralysis — but that is only if you stick to them. The key is making realistic deadlines that you will be able to meet. Set as many deadlines as you need, including ones for making a pro/con list, discussing the purchase with friends and family, and doing your due diligence through the process.
No one knows you better than you! Find comfort in the fact that at the end of the day, you are the only one who knows what you want and what’s best for you. It is obviously important to do your research when making decisions, but your emotions also play a leading role in the decision-making process. Don’t ignore those gut feelings — following them may ultimately be the path to your final decision.
Don’t let the decision take over
Making an important decision can be extremely time consuming and even mentally draining. Setting limits and allowing for breaks can be healthy ways to escape from all your required thinking. For example, getting some exercise, working on a project or hobby, or catching up with friends and family can help recharge your batteries. Whatever you choose to do, make sure it is something that you enjoy and will provide you the outlet that will help get through your big decision.
With these strategies in place, you can remove the barriers between you and franchise ownership. Remember, with a franchise business, you are in business for yourself, but not by yourself, so whatever brand you choose, you will have the guidance and experience of your franchisor to support you. And after all that analysis is behind you, you may ask yourself, “why didn’t I do this sooner?”