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STEP 5 - MAKE A DECISION

As with all decisions, this is usually easier said than done. Many questions have been presented above which need to be investigated. Sometimes you will discover positive facts about a franchise, and sometimes you will discover negative facts. It is possible that the positive or negative facts will be so one-sided that it is simple to make a decision. However, it is more typical to find that the facts must be organized in a manner that facilitates the decision-making process.

A simple but effective decision-making approach is the "T" method. To follow this method, you make a "T" on a page. On the left side of the "T", list all the positive reasons for purchasing the franchise, and on the right side, all of the negative reasons. Once the two lists are completed, assign each item a number to designate its importance. A simple scale of 1 for "unimportant", 2 for "somewhat important" and 3 for "very important" can be used. Total the numbers for both sides. The larger the numerical difference between these totals, the more sure you can be of your decision. Totals that are close will make it more difficult to decide. However, an investment of this importance should usually be one that makes you feel confident of success. After completing the "T" method exercise, you should feel certain that your decision is correct. A decision to purchase a franchise should result in enthusiasm for the undertaking. Without dedication and enthusiasm, you may find it difficult to achieve success.

The "Five Steps of Selecting a Franchise" were designed to provide a basic introduction to the concept of franchising, including its advantages and disadvantages. This information should help guide you in your decision-making process about purchasing a franchise. Good luck!

Step 2 - Examine the Franchise and the Franchisor

Step 3 - Analyze and Evaluate the Disclosure Statement

Step 4 - Investigate the Franchisor

Step 5 - Make a Decision