If you are serious about finding your franchise, stop being "open to anything."

It's easy to get stuck in analysis paralysis when searching for a franchise. Every franchise development rep will sell you the dream and they all sound amazing when you have shiny object syndrome. Every FDD you read will fry your brain, and you get information overload.

You have dreams of entrepreneurship, financial freedom & building wealth. You feel that owning a franchise is the best path to create that future. If you don't act, time will pass you by, and 10 years from now, you'll still be in the same place.

Focus is like a flashlight in a dark room.

When you are "open to anything," your flashlight is spazzing out, going from one corner to another, up, down, left, right. It never stops long enough to truly understand what you're looking at, and you miss the great opportunity.

Narrow Your Criteria:

#1: Financial Qualifications

Every franchise requires every candidate to meet minimum financial qualifications based on net worth & liquidity.

Net Worth = Assets - Liabilities

Do you track your net worth? If not, you should start TODAY. By tracking it you can see how small changes in your earnings & spending habits begin to have a compound effect.

3 options to track your net worth:

• App like Simplifi or Mint

• My custom tracker

• Create your own

A franchisor will set a minimum net worth requirement. Could be as low as $50, $100k, $250k, $500k, up to $1.0M+

Liquidity - cash from "liquid" sources - checking/savings/brokerage. Running out of money is the #1 reason businesses fail. Franchisors want to make sure their franchisees are well-capitalized.

Some require $25k, $100k, $200k, up to $500k. You don't necessarily have to invest that cash into the business but you must have access to it.

#2: Simple or Complex

Businesses vary greater in their ease of operations. Some have a very simple model, while others are very complex, with many moving parts. Which one do you prefer?

Simple - easy to learn + easy to operate. Lots of competitors due to the low barrier of entry

• Junk Removal

• House Cleaning

• Dumpster Rental

• Dog Poop Pickup

• Residential Painting

Complex - harder to learn + harder to operate. Only the strongest survive!

• Fast Food

• Auto Repair

• Health Care

• Plumbing/Electrical/HVAC

• Water/Mold/Fire Remediation

#3: Employees

What pool of employees do you want to hire from?

"Unskilled" (Anyone can learn)

• Lower pay

• Bigger applicant pool

• Easier to hire + harder to retain

• Lower margin on their work

• Cleaner, landscaping, cashier, drivers, home-health

"Skilled" (Years of training)

• Higher pay

• Smaller applicant pool

• Harder to hire + easier to retain

• Higher margin on their work

• Plumbers, electricians, mechanics, professionals, salespeople

What size of team do you want to work with?

• Small Team (1-5)

• Medium (6 - 20)

• Large (21 - as many as you need)

A bigger team is harder to manage but more resilient

#4: Business Location

Where are you going to be conducting the business?

Retail

• High rent & expenses

• High visibility to create drive-by traffic

• Finding locations becomes a bottleneck for growth

Flex

• Small warehouse space

• Lower rent & expenses than retail

• Territory service-based businesses

Home

• Operated from home + self-storage for equipment & vehicles

• Team meetings at your house, co-working space, or Starbucks

• Territory service-based business

#5: Scalability

How big do you want to scale your franchise?

Almost any franchise will work if you plan on staying small and dominating your local market

Be more selective if your goal is to scale to 5, 10, 25, or 100 units. You want a franchisor that encourages growth. If it's an established brand, look for existing franchisees at your target size. For example, if your goal is 20 units and the largest franchisee has 4, figure out why no one has grown.

Get The Full List

I have a detailed list of 13 items to help further narrow your focus. To get the list for free, reply to this email telling me about yourself & why you're interested in franchising.

Progress is more important than perfection. Start taking action by defining your criteria. Hit the search pause button once you find a business that meets 80% of your criteria. Take time to dive in & learn about the business.

When you're ready, there are 3 ways I can help:

Franchise Group Coaching - for those just getting started in franchising. Learn everything you need to know to buy your first franchise.

Personalized Franchise Matching - I help people find the best franchise based on their skills, budget, goals, & location

1-1 Coaching - for existing franchisees who want to accelerate their business growth. I help bring you massive clarity, proven systems, & loads of inspiration.

Let's Connect:

Twitter: @brianbeers 

Podcast: Business with Beers