If you’re interested in finding good franchises and how to answer questions about your new investment – this is the article for you.
How to Get Your Family on Board With Finding Good Franchises.
1. Be open about your purchase and involve your spouse/family
When it comes to finding good franchises and purchasing something as large and life-changing as a franchise, it’s important to keep your family involved. Especially your spouse. “There’s a legal side, a practical side, and a personal side,” says Eric Reiss. Legally, your spouse is required to sign the franchise agreement in most cases, and “without that spousal guarantee the franchise lacks security.”
Practically speaking, involving your spouse just “makes sense.” They might not be involved directly in the day-to-day tasks of running the franchise, however they still need to understand what is going on. By leaving them out of the process, it could affect your marriage on a personal level.
Approach this new journey as a team, and it could actually deepen your relationship, as CEO Sabrina Wall states from her personal experiences.
2. What happens if they buy the franchise anyway, without the support?
Without the spouse in agreement, the franchise lacks security. When it comes down to it, this is a marital asset no matter where the money is coming from.
“They’re part of it from a risk perspective, an asset perspective, and just how your life is going to change as the business owner,” says Eric. “Your life is going to change for the better, but it’s going to change.”
Involving your spouse will make this journey smoother for both of you. Don’t take your first step alone, take the time and involve your family and develop a support system.
“It’s such a blessing that I’ve had Chris and have his support to help me see things I don’t see, and become more authentically who I am,” says Sabrina.
3. Discuss your goals together
Goals are more easily achieved when you have a support system behind you. By clearly explaining and talking through your goals together with your spouse, you can develop a mutual understanding of how you both feel about this journey. This is especially true with finding good franchises.
“He or she may have their own thing going, they’re employed or they may have their own business,” says Eric. “I do think it’s important that they understand the business so they understand what challenges you’re going through.”
Owning a franchise will change your life, but it will change it for the better. This is a goal that many may not understand, including your spouse. Walk them through the steps of this purchase and help them understand how to support you.
4. Help your spouse fill in the gaps
If your spouse is not sure about how a business works – especially finding good franchises – ensure you explain it to them in a way they can understand, using words and phrases they are familiar with.
“Understand the audience that you’re presenting to you, just like as if you were at work or giving a presentation – you always have to know your audience,” says Eric. “Then you can access how you can talk to that group.”
Think about what they already know and what they don’t, and approach the conversation with that in mind. They may not understand it all at once, but keep them involved in the whole process and their knowledge of the franchise system will continue to grow.
5. Over-communicating a plan
After communicating your goals and what you want from this journey, over-communicating your exact plan will help ease this process as well.
“No matter what business you get into, you already have a business plan,” says Eric. “Sharing this plan of how you are going to become an independent business owner with your support system will help to make this plan a success. Especially when provided with the proper tools and guidance as well.”
“Watching the webinar on due diligence guarantees you that if you follow the system, you will achieve these goals. These goals of independence and self-direction.”
This process is not going to be an overnight success. It’s important your spouse understands this. “It is not a light switch. You don’t go from day one, invest in the light switch, and on day two. Oh my gosh, this is everything, it’s self-directed and it’s tough,” says Eric.
This is why it is so important to have a support system behind you, so you can take this risk and feel confident during the entire process. There is no reward without risk!
How FBA can help in finding good franchises
Don’t let your support system stop with your family, let FBA help guide you through your journey as well. When it comes to achieving your goals, there’s no such thing as too much support. We’ll be here to help when you’re ready to embark on the next-step.
Hear more from Sabrina Wall on how to get your family to support your franchise dreams by watching the full episode.
Visit us today at www.franchiseba.com or call (866) 395-4697.
Find the best franchise opportunity for you: https://www.franchiseba.com/find-franchises/