Pete and Nat are joined by Trent Halvorson, the Vice President of Franchisor Relations with FranChoice on this episode. Trent has a unique perspective on franchising because he works directly with the franchise companies and sees what they are doing and where they are going.

Pete and Nat have worked with so many franchisees that they are starting to see some common mistakes newbies make when they start their business.

Allison Zorich from Guidant Financial joins Pete and Nat on the podcast today to discuss the changes to funding franchises in 2021. 

The Franchise Disclosure Document is a big step in the investigation process. When Nat invested in his first franchise, he skipped it (he's more of a ready, fire, aim guy sometimes). He doesn't suggest that approach. Both HYS consultants think you should spend the time to really read the FDD when you have narrowed down your choices.

We have helped many franchisees own a franchise in our years as consultants. We have also seen the same mistakes repeatedly (we even made a few as franchisees). And while none of these mistakes will spell the outright failure for a franchisee, making any of them will make running your business harder... and less profitable.

The first thing you need to keep in mind in your franchise investigation is that it is a process of mutual elimination for both you and the franchisor. It’s like dating. You might find exactly the franchise you’re looking for on the first try, but that is highly unlikely unless you are using a consultant like us to narrow the search for you. You have a ton of options, but only one will be the best choice for you.

Thinking about becoming a franchisee? The idea’s been percolating—the one about leaving the corporate rat race, investing in your own future, taking control of your professional destiny and steering a new path. You don’t want to keep clinging to the corporate ladder because it’s unfulfilling, insecure, and maybe even sucking the life out of you. You don’t want to go the start-up route because it’s complicated and far too risky.

When you decide to move forward in entrepreneurship, you’re going to find yourself overwhelmed with choices. There are nearly 3,000 different franchise opportunities in the US today and more than 740,000 unique franchise establishments. There is truly no segment of our economy franchising doesn’t touch.

With so many options, it can seem impossible to winnow the massive pool down to just a few prospects. But with research, you can find a franchise opportunity right for you!

HEAR PETE AND nat discuss finding the right franchise

A franchise consultant can help make this process manageable, but you can start by looking at these five main qualities that are the hallmarks of top franchising companies and promising investments when you are looking to own your own franchise.

By Pete Gilfillan, best-selling author of HIRE YOURSELF: Control Your Own Destiny through Franchise Ownership.