Step 4 – The Toughest Part
This is the last step in the process and for many people it is the hardest step. The last step is to make a decision. After Discovery Day, both parties generally spend a day to gather their thoughts. Generally the franchisor will then contact the prospective franchisee and inform the prospective franchisee as to whether they wish to offer a franchise. Should the offer be made, the prospective franchisee would then inform the franchisor whether they wish to accept the offer. Sounds easy, but in reality it is the hardest part.
The first four to six weeks in this process revolved around conducting the due diligence. This is all about ‘doing’ and most of us are good ‘do’ers’. Give us a list of things to accomplish and we will get it done. However, making decisions, choosing to vote on ourselves is much harder. It involved that voice in your head that says – ‘I know I can do this’ and ‘I believe in myself’.
Obviously, we cannot make the decision for you – nor should we. All we can do is provide you with a thoughtful sounding board and well reasoned decision making approaches. Mostly, this is the time when most people feel the most fear. This topic is so important that the entire first chapter in The Educated Franchisee is dedicated to this topic. If you wish to read the first chapter from The Educated Franchisee – Click Here
The most important thing to realize is that uncertainty of decision making is temporary. Once you make a decision, everything will once again become clear and you will once again move into a ‘doing’ mode.