Final Validation: Confirm the Fit, Conquer the Fear (Step 15 of 18)
Conduct Final Validation
This is your final checkpoint:
Clarify Uncertainties: Reach out again to trusted franchisees who have been open and honest with you previously. Make sure any promises around support, training, vendor relationships, and unique selling propositions are valid.
Double-Check Numbers: Confirm critical details like revenue streams, expenses, labor costs, and any other financial components.
Stay Focused: Avoid getting trapped in minor details ("analysis paralysis"). Focus your final questions on major decision-making elements.
Not important: Will technology be 4% or 5%? (Just estimate the higher one) Do you think I should get an LLC or S-Corp? (A lawyer will tell you). Are support meetings on Tuesdays or Wednesday? (Not important as long as they happen weekly)
Important: Will marketing be 20% or 30% of your revenue? (This is a big difference). If you wanted to sell your business, would the franchise help your or fight you? The franchise promises a steady flow of quality leads year round, has this been your experience?
You should be about 80-90% sure this is a great business model and is a great fit for you. If not, you either forgot to ask some important questions or have everything answered and it aligns with your checklist but you are experience fear. If it’s the first one, go back and do more research. If it’s the second one, you need to stay focused on your goals and realize the cost of not starting your own business is far greater than the cost of facing the fears you are experience right now.
