While we all patiently (or perhaps, impatiently) wait for the NFL kickoff, the 2015 World Track and Field Outdoor Championships has provided us with some entertainment this week. In the last few meters of the 10,000 meter race, it appeared as if U.S. runner Molly Huddle was poised to win the bronze medal; however, just before crossing the finish line, she raised her arms high in the air to celebrate her third-place finish. Unfortunately, the celebration slowed her momentum enough to give another U.S. runner the opportunity to get a step on Huddle and cross the line first. The early celebration cost Huddle the bronze medal.
Although it was a regrettable end to the race for Huddle, her story provides a valuable lesson. When people find a franchise they like, they are excited about the opportunity and are eager to sign the contract and start celebrating. It is okay to be excited about the opportunity, but letting your excitement get the best of you is a big mistake. Sometimes the excitement can cloud your judgment, causing you to get ahead of yourself and not fully complete your due diligence. Researching a franchise opportunity takes time, due diligence, and a great deal of effort to make sure that both you and the franchise are a good fit for one another. Unlike a race, the goal is not to get the finish line first; the goal is to gather as much information as you can about the franchise, evaluate the information, and make an educated decision about what is best for you. Whenever you purchase a business, risk is always involved but you want to take a calculated risk and not make a decision based on emotion or the actual product or service that the business offers. If, like Huddle, you start to celebrate early and let your excitement get the best of you, you could make a bad decision and miss out on the prize at the end.
For more tips on why you shouldn’t rush into purchasing a franchise, listen to Josh’s podcast here: Don’t Rush into a Bad Franchise Decision.