Call: 03335 670561
You’re Not Buying a Job
Have you asked yourself a question……….”Why am I looking at buying into a Franchise?”
I speak to many people who are looking at investing in a franchise and these are the kind of things they say to me……..
- “to earn loads of money”
- “cos I am fed up at work!”
- “I want to work for myself”
- “I want the freedom of running my own business”
On the surface these all appear very normal and not unusual, but to avoid making a mistake you need to really understand how franchising works (in the real world) BUT most importantly you must understand yourself, the real you!!
Who you Are?
Is your current research on franchising just a whim and a dream? Running your own business sounds exciting and rewarding – you would have heard all the success stories, inside and outside of franchising, potentially down the pub – but here is a scary fact; only 5% of business owners become really successful!! You may be brilliant at your current job and work really hard but how does that transfer into running your own successful business? Are you willing to move right outside your comfort zone and to be challenged to make decisions you have never had to make before; are you prepared for the hardest thing you will ever try to do (in the business world)? For me a key foundation of being successful is having the right ATTITUDE; skills and knowledge can be taught, that is key in any franchise, but ATTITUDE is down to YOU.
You’ll never know until you try
The facts speak for themselves; 90% of new business fail in the first year whereas 80% of new franchisees succeed (Natwest Franchise Survey). Franchising clearly mitigates much of the risk yet it remains a big step to take. 5 years ago I left paid employment and invested heavily to fulfil my desire to do things my way. My driver was not financial, although it obviously factored in my planning. I wanted to be nearer to my family and to build a business that I could look back on in years to come and be proud of what we had built, helping others along the way. I am now working harder than ever before but I have a different sense of purpose and fulfilment.
There is no “try before you buy” process so at some point you will need to make that step; there are no half measures. Don’t think you can juggle your franchise with other commitments (like carrying on with your current job) until “you are ready”. You will need to take that step and commit to making it work, and I really mean MAKING it work. Nothing happens by chance and with a good franchise name behind you, training, systems, experience, guidance etc.. you will be on the right path but the rest is down to YOU.
I hope you enjoy rollercoasters
Once you make that step to join a Franchise you are now “on the ride”. Just like a roller coaster it can be great fun, nervy and scary with situations changing very quickly in this ever changing world. Businesses are having to adapt all the time to economic, technological and social change. You must enjoy the highs and you must learn to roll with the lows; both can be used to learn and develop. That is the absolute guarantee that any franchisor can give a franchisee; you will learn, develop and change positively as a person very quickly.
Ultimately how you learn to ride the rollercoaster will be down to your attitude, continued training and the support of a good franchise network. The value of joining an engaged and engaging network is rarely measured but from talking to franchisees this is so important. Business can be a lonely place so having a good support network is hugely important.
So, are you running a business or buying a job?
When you invest in a franchise you are not buying a job; success will be based on what you do and how you do it. Just because you are really good at your job it does not mean that you can run and take responsibility for your own franchise. There are franchise models that offer you the comfort of getting the work for you; but in these cases your success is firmly in the hand that feeds you, just like when you were working for someone else. Is that really YOU?