Are you ready to quit your 9-5 job and be your own boss? Do you want a career that fits the lifestyle that you truly want to live, can’t figure out how to make your ideal lifestyle work with your current profession? Rather than try to come up with a whole new business idea, there is another fantastic way that you and other entrepreneurial-minded folk can manage your own enterprise: by becoming a franchise owner. This business opportunity has the potential to be very lucrative!
Before you start researching the countless franchises that you can buy into, it is imperative that you first determine if becoming a franchisee is the best path for you. In my experience of launching and growing MaidThis, a top-rated cleaning business franchise that can be run remotely from anywhere, I have discovered what it takes to excel in the franchising realm. Here are six key fundamentals of becoming a successful franchise owner.
Make Sure You Share the Franchise’s Core Values
It is absolutely critical that your core values are aligned with those of the franchise you’re considering buying into. Make sure to research what the franchise is all about and what it stands for, as you don’t want its values to directly conflict with yours. This is key, because you want to ensure that you agree with the people running the entire franchise. You may end up working with them for 5, 6, 7, or 10+ years, so you want to make sure that you actually enjoy interacting with them. This will help you stay motivated and happy in your franchising journey.
My personal philosophy is asking myself “would I want to have a beer with this person?” If the answer is No, then it’s an immediate pass.
Trust in the Franchise’s System
When you embark on the journey of becoming a franchise owner, you may be thinking of ways that you can change the company’s current systems in place. However, this can lead to costly mistakes that can hurt your franchise’s success! Remember that when you buy into a franchise, you are investing a ton of capital to learn from the franchise executives’ past mistakes. Through trial and error, and a lot of money spent to fix mishaps, they have discovered what truly works and have made it possible for others to reap the benefits by becoming franchisees.
That is what is so great about becoming a franchise owner — you already have a successful system and blueprint to follow. It’s kind of like bowling with the guard rails up. You don’t want to just change up the whole business model and build an entirely new company. Trust the system that the franchise has in place, because it has been proven to work.
Keep in mind that in becoming a franchise owner, you are learning from someone who has already been in your shoes. They have gone through the trials and errors and have put the systems for success in place. That said, make it a point to be open-minded and receptive to feedback. You may not even realize that you are doing something wrong until the franchise’s executives or in-house coaches tell you. Don’t let your ego get in the way — understand that they are just trying to help you succeed in your venture. It’s all about having a growth mindset.
Resourcefulness is Key
Remember that when you become a franchisee, you are not an employee at a company anymore — you are a franchise owner and business owner. Thus, just like entrepreneurs who launch entirely new startups have to do, you will need to figure out how to fix problems that arise in your franchise yourself. You cannot just rely on the franchise itself. Things are not always going to go right in entrepreneurship, and that’s a guarantee. Therefore, having a resourceful mindset allows you to be nimble and solve problems quickly.
All kinds of issues can arise in your business journey with your franchise. For example, you may hire an employee who ends up not being a great fit. Or, one of your star team members may put in their two weeks’ notice because of a personal issue. You will need to be resourceful and rectify these kinds of situations before they hurt the progression of your business.
Grow Your Business Sense
As said above, it is pivotal to have a growth mindset when you become a franchisee. This is because you are your own boss as a franchise owner, and a business can only go as far as its leader. Thus, constantly evolving yourself and striving for improvement will also have a direct effect on your enterprise. Take time to read books by other successful franchise owners and listen to podcasts that share helpful franchising tips. Also, there are many online courses about business management, leadership, and more, which can help you grow your skill set.
Know Your Vision
Before you invest your money into buying a franchise, you need to know the true vision that you want for your life and be self-motivated to make that vision a reality. Then it is important to pick the franchising opportunity that accommodates the vision that you want. For example, you won’t want to buy a franchise that will likely make you $50K a year if you want to live on a yacht and make $50K a month. Ensure that the vision for your life would be fulfilled by the franchise that you buy into, then be driven to make your franchise a success.
To Wrap it All Up
Becoming a franchise owner is a wonderful business opportunity for entrepreneurial-minded individuals who want to be their own boss. If you want to be a franchisee of a company, first make sure that you share the franchise’s core values. To be successful, you must also trust in the franchise’s system in place, be coachable and resourceful, take steps to grow your business sense, and know your true vision for your life. Following these fundamentals will help ensure that your franchise is both thriving and fulfilling for years to come.
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