When most of my clients get to the point where they are ready to sign a franchise agreement, it is inevitable that some amount of fear or anxiety creeps in. It’s natural to feel this way. Starting a business is no simple task! It takes the right mindset just to do it, let alone overcome the obstacles you will inevitably face in your early years as a first time business owner. When that fear starts to creep in, I try to remind my clients of these simple steps that will help them reach their goals.
1. Trust the Process
You bought a franchise for a reason! We have just spent the past 2-3 months vetting the systems and process that this franchisor has developed, that will help you launch your business smoothly, and quickly. We then validated those systems by speaking with existing franchisees and learned from their experiences. Now you need to stay focused on executing the road map that the franchisor is laying before you. You got this!
2. Know Your Business
Perhaps this franchise is sort of an “investment” for you, and you will be hiring a manager to run it. Maybe you are leaving your current career and “going all-in.” Either way, you need to know ALL aspects of your business inside and out. From what to look for in an employee, to how to acquire and treat your customer, and how to deliver the product or service yourself. As the business owner, this is all on you, and you need to own that!
3. Ask For Help
Again, you bought a franchise for a reason! The network and support from both corporate AND other franchisees is invaluable. But none of them will know you need help if you do not ask. It is inevitable that within the first few months of business, something will come up that you were not prepared for.
Do not attempt to “figure it out” on your own, ask for help. A good franchisor sees you as a business partner, and your success is their success. The same should be said for other franchisees in the network. Leverage this network of like minded individuals so that you can all achieve greater success!
4. Be Patient
Success in business does not happen overnight. Everyone knows this. It is said that the first year in business is the toughest, I personally believe that the hardest year is year 2. This is because you now know what you should be doing, and are doing it, but may still not be seeing your intended results. Stay the course.
Remaining patient and consistent will allow you to push thru these barriers. Every business will reach this point of critical mass at different times. For some it might take 3 months, others it may take 3 years, but if you lack the patience to see it through, you will never reach your goals. I like to say “Businesses do not fail, Business owners give up.” Don’t give up.
5. Believe in Yourself
If you have done your due diligence, you must believe in the product, the brand, and the systems and processes that the franchisor has in place. If you do not believe in that, you should not be signing a franchise agreement. Now all that is left is believing in yourself. Know that you are going to own this decision, and come hell or high water, you have what it takes to make it great!
The decision to invest in a franchise is not a quick and easy process. My job is to provide expertise and guidance throughout that whole process to entrepreneurs. I will help you decide whether franchising is right for you. And if it is, I’ll help you determine which type of franchise is best for you and your goals.
Connect with me via Linkedin if you would like to discuss how I can help you find the right investment opportunity out there for you!