Finding success in franchising means first asking yourself, “Why”? A strong clarity of purpose in entrepreneurship will lead to actions that are more effective and efficient in creating the result you desire. When you put the "why" before the "how" you position yourself for greater success.
Your “why” serves as a compass. It will orient your decision making to help you pursue opportunities that will put you on your path to your goals.
Knowing your “why” can keep you motivated when faced with obstacles. There is a learning curve with any new business, and it is easy to get lost in the details and planning. Your “why” can keep pushing you forward and help you stay committed. Knowing your “why” can also help bring others on your journey because passion is contagious.
Not sure what your “why” is? It usually lies where your passions, strengths and skills intersect with your measurement of success and value system. Take an inventory of your personal preferences and personality. If you're seeking a new business or franchise opportunity, a greater self-awareness will help you filter through brands that are in alignment with both your goals and your skills. Choosing the right franchise model is one of the biggest keys to positioning yourself for success.
Start by asking yourself why you want to go into franchising in the first place. Define your personal and financial goals, both midterm and long-term. At the core of all goals is the pursuit of freedom and independence of some form or another. What does this look like to you personally?
Do you envision yourself working in your business or on your business? Are you looking for an immediate job replacement? Do you want to be immersed in the day-to-day operations of a business, engaging with customers and delivering the product? If this is why you are looking into franchising, an owner-operator model would best align with this goal.
Are you looking to build personal wealth alongside your existing commitments? Do you want to be involved with the big picture and strategy behind the scenes and managing a team of managers? A semi-absentee business model is best suited for this goal.
You can’t get to the next level without knowing your “why”. It acts as a personal roadmap, helping you avoid unnecessary detours. It will help you stay motivated and bring others on board. Clearly defining your “why” is the first step in successful business ownership.