Before I signed on the dotted line for my first franchise, I asked just about everyone I knew what they thought. My mates. A couple of family members. Someone’s cousin who’d “done a bit of business” once… big mistake!
The problem most prospective franchisees face isn’t a lack of information; it’s too much of the wrong kind, from the wrong people, delivered with total confidence. That poor, uninformed advice can kill a decision that might have changed your life.
So, who should you trust for sound franchise investment advice?
The loudest person in the room isn’t always right
When I first started exploring home care franchising, the responses ranged from a little sceptical to entirely dismissive:
“What do you know about care?”
“That sounds like a lot of risk.”
“Why not just get a regular job?”
None of these people had ever bought a business, understood franchising, or understood the home-care industry. And yet, I let their opinions get to me.
Here’s what I’ve come to understand, years later: unsolicited caution is often more about the person than the opportunity itself. When you move towards something, you hold up a mirror to people who haven’t, which can make them uncomfortable – from my experience, discomfort fast-tracks to discouragement.
The source is everything
Before you take someone’s view on your franchise investment on board, ask three questions:
1. Have they built a business?
2. Do they understand how franchise models actually work?
3. Are they responding to your specific situation – or reacting from their own fear of change?
This matters just as much when it comes to professional advice. Remember, a solicitor is not a franchise lawyer; an accountant is not necessarily one who’s worked with owner-managed businesses. Credentials in one area don’t transfer automatically.
Build your own thriving council
I’m not saying you should go full-steam-ahead, blinkered, deaf to all advice. But you should be deliberate about which voices you let in. Seek out people who have invested in franchises themselves. Connect with franchisees already inside the network you’re considering. Speak to a franchise-specialist lawyer and a sector-experienced accountant. These conversations will help you decide your individual path to thrive.
Good advisors will find the gaps, test the structural integrity of your plan. Their challenge comes from knowledge, not anxiety. Not everyone around you will share your appetite for growth, and they don’t have to. Your investment decisions shouldn’t be shaped by people whose ambitions stopped where yours are just beginning.
FAQ
Q: Who should I trust for franchise investment advice?
A: Trust people who have built a business, understand franchise models, and are responding to your specific situation – not their own fears or assumptions.
Q: What questions should I ask before accepting someone’s view on my franchise investment?
A: Ask if they have built a business, if they understand how franchise models work, and whether they are speaking to your situation or their own discomfort with change.
Q: Why is it important to be selective about whose advice I follow?
A: Because not everyone shares your appetite for growth. Advice from those whose ambitions have plateaued can discourage decisions that might change your life.
