Ensuring you have a strong commitment the ups and downs for success.
When I meet with potential franchise owners, we usually start with a conversation about what it takes to launch your own business. What are the character traits and focuses needed to be successful?
The first thing that I try to reassure people about is that they don’t need to have a ton of skills in business or background in anything specific to run a successful franchise. You don’t need the title of “Entrepreneur” to start your own business and build your new income streams. What you do need is a 100% commitment to the journey and going all in to create your own success.
Just recently I had a conversation with a potential franchise owner. He had a very successful sales career and is looking to rebuild his net worth and cash position to achieve even more success for himself and his family. As we continued our conversation, I noticed something wasn’t quite clicking in regard to my perception of his level of commitment. After a while, I finally looked at him and said, “You’re too light.”
I told him bluntly, “I need you to recognize that – for something like this to succeed – you need to be all in”
When I work with potential franchise owners, I want to know that they, their families, their partners, are committed with a “long-term” mindset. It is important to me that those that I help to become business owners have a clear understanding for what life could look like as a franchise owner; the good and the bad. Having a clear picture for what you want from the business is half the battle, the other half is understanding what you are willing to invest, money, time and effort to make this endeavor successful.
The first few years of running a franchise can be tough, it can be hard to get in the mindset that this new venture will lose money in the short-term but that those losses are normal and are all supporting the long-term plan. But that commitment and focus on growth helps build the momentum that moves you to that place of financial stability for you and your family you so greatly desire.
After I knew that this potential franchise owner was ready, I recommended that he talk to our franchise financial partners to map out a reasonable investment model that could work for his situation and to ensure that he wasn’t going to take risks that were outside of his comfort zone. I have learned over the years that most people think business owners take enormous risks, the reality is that most are calculated risk takers. When I am coaching candidates through the investigation process I work with them to ask the right questions that allow them to do the homework necessary to develop their own calculated risk profile and plan. This develops the confidence to take that final step toward their dream of business ownership.
There will always be risks associated with starting a new business but those can be managed and overcome if you are all in. Once you get the first few years and your business reaches maturity, you will have developed the traits of an entrepreneur: self confidence, cash flow, and the ability to support your family and a successfully growing business. Embracing that “all in” mentality that will help get you there.
If you are ready to commit to making a living while having a life – give David a call to find out more about franchising as a career alternative.
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