Many franchisee candidates approach me with a clear idea of what franchise they're interested in. But when I ask them why they want to be a franchisee, sometimes they're not sure.
Knowing your motivation will help you find a franchise that brings you long-term fulfillment. Without knowing why you want to be a franchisee, you're naturally going to have a harder time picking a franchise.
So, before you choose a franchise, take the time to clarify your real motivations. In this post, I'll help you do just that.
Your "Why" Matters
Your "why" will keep you motivated during the hard work that goes into setting up and running your business. It can also become a part of your location's business's identity.
Many people seek...
- a new income stream
- a change from a monotonous job
- work-life balance
- personal and professional growth
- financial independence and long-term security
- control over your personal career destiny
- a business they own and control
- a family business legacy
- community involvement and impact
Here's a tip: Distinguish between what you want personally, and your business goals. This will help you focus on serving your business, and making sure your business still serves you.
How to Find Your "Why"
Look at the list I just shared. One of these reasons probably stands out the most to you. Perhaps a couple others also resonate.
If you're not sure, here's a process to help you identify your true motivation.
Reflect on Your Dissatisfaction
Ask yourself:
- What am I missing in my current role?
- What do I dream about achieving or changing?
This will help you identify the gaps in your life that a business can fill.
Envision Your Future
Now ask yourself:
- Where do I see myself in ten years?
- What accomplishments would make me proud?
- What potential regrets do I want to avoid?
Your answers will reveal the values and goals that matter most to you.
Now Get Specific
What motivations did you identify?
If you said something like "financial security", you can strengthen that.
Dig deeper.
Why do you want financial security? Are you seeking to...
- fund your kids' college
- have more income during retirement
- build an income safety net to protect your income against automation and AI, or
- help your parents enjoy the best elder care?
If your focus is on quality of life, what do you want, exactly?
- more time with your kids
- more flexibility, or
- time to pursue a particular passion outside of work?
If you want professional growth, what do you want to learn? What talents do you want to use? What skills do you want to develop?
If you care about legacy, close your eyes and imagine your dream business. What will it do for your family? What will it do for your community? After you are gone, how will your business help the employees and customers it touches?
Make Your "Why" Work for You
Now that you've identified your motivations, your "why" to guide your franchise decision.
At the risk of being Captain Obvious, I want to make an important point: Different franchises serve different lifestyles, interests, work-life balances, and financial goals.
Most people who think they want a Chick-fil-A have no idea what lifestyle aligns with operating a location.
If you're not sure what franchise would line up with your "why", have I ever got an idea for you...
Schedule a free strategy session! 😊
I specialize in helping people find the right franchise for their lifestyle and financial goals. There are over 3,000 franchises. My business has crunched the numbers, monitored results, and narrowed our list down to the top 200 franchise concepts that work best for executive owners.
Starting a franchise journey is a commitment to a new way of life and work. I love helping people find a business concept that will bring them enduring happiness.