Warm Up to Franchising: How to Do Due Diligence While on Vacation
It's summertime and you're so excited for that vacation you've been planning. You've been working hard and it's time for a nice break in paradise. But your dream of becoming an entrepreneur isn't going to be put on pause while you head out for a relaxing vacation. It will still be there when you get back -- and you'll be behind on your goals. But the good news is there are some ways you can continue your path to entrepreneurship while relaxing on vacation, and they aren't very hard to do. With a few additions to your vacation plan, you'll be making progress even as you're sinking your toes in the sand.
1. Get reading.
Read up on franchising and entrepreneurship as you relax by the pool or on the beach. You were planning on reading anyway -- why not make it educational. This is a great, relaxing way to continue working towards your goal while making sure you get as much relaxation as possible from your vacation. Don't know where to start? Take a pick from my list of recommended readings for aspiring entrepreneurs.
2. Scope out the landscape.
If you think you may want to buy a franchise in or near the same place you are taking your vacation, this is the perfect opportunity to do some research. Check out the area to determine if you would enjoy owning a business in this location -- and if there is potential for business growth. Are there lots of empty storefronts or is business booming? If you witness the former, it may be time to reconsider your franchise location. You even can visit some already established franchises in the area as a "secret shopper" to get a feel for what your franchise location might actually be like.
If you have a particular franchise in mind for your business ownership goals, find out if any current owner in your vacation area wants to meet you for drinks or dinner to discuss what it's actually like being a business owner in that franchise. You can network and do your research, while also having fun with a new friend in the franchising business. Just make sure you reach out to make plans at least a few days before you take your vacation -- franchisees are busy people.
Related: The 9 Advantages of Franchising
4. Relax and unwind.
Take some time to think about where you are in life and where you want to be 10, 15 or even 20 years from now. Build a vision of your future where you describe where you are living, what you are doing each day and what is giving you personal satisfaction. Clearly understanding your long-term objectives will help you make better short-term tactical decisions. If you need help, go to www.educatedfranchisee.com and check out my free download: "Step 1" from "The Franchisee Workbook -- Define Your Vision".