EDITOR NOTE: This is a post from The Franchise King®, Joel Libava. Joel will be writing a blog post monthly for Franchise Direct.
We all have our reasons for doing things.
These reasons are very personal. And, sometimes, the reasons we say we’re doing things aren’t even the real reasons when it’s all said and done.
For example, some of my clients tell me the reason they want to become their own bosses is because they are sick of corporate America. I understand. Some of them tell me they’re sick of putting their hearts into their jobs for years, only to find themselves victims of downsizings. Others are tired of the same old stuff…things like corporate politics and slim pay raises. Sound familiar?
I’m a digger. I’m really good at digging stuff out. I would have been a good detective.
When I work with clients, I ask open-ended questions. Doing so helps me get to the heart of the matter fairly quickly.
So, when people tell me they’re looking to become their own bosses because they’re really sick of their jobs…or corporate America in general, I dig some more just to make sure there’s nothing else…that there’s not another reason for wanting to go into business.
Sometimes there is another reason, and sometimes there’s not.
But, I need to know. I can’t help my clients get where they want to go if I don’t know what’s driving them…what’s driving this big decision they’re about to make. Below, are some popular reasons people tell me they want to buy a franchise.
1. “I like the idea of a system.”
The franchise system is a very powerful business system. For those that realize this fact, and can use “the system” to their advantage, their chances of success tend to increase.
2. “I don’t want to go at it alone.”
Becoming the owner of a business is a big deal. Why would you want to do it all by yourself. You know the mantra, right?
“In franchising you’re in business for yourself but not by yourself.”
3. “I want to build wealth.”
In franchising, the potential is certainly there. Look into multi-unit franchising, Area Development, or become a Master franchise owner to increase your odds of building wealth.
4. “I want more control.”
In franchising you’ll have some control, but not all. There’s an operations manual to follow, marketing templates you’ll need to use, and computer systems and software to purchase and utilize. There isn’t a lot of flexibility.
But, there’s a lot more freedom when compared to “working for the man.” Trust me.
5. “I want to build equity.”
With most franchise agreements being 10 years in length, there’s plenty of time to build equity in a franchise business. Wouldn’t it be nice (if you choose) to cash out? So you can have some real freedom?
I’ve been able to dig out some other reasons over the years. Here are two of the best.
“I want to feel like I’ve accomplished something.”
“I want to create a legacy for my children, so they can be in business for themselves if they choose.”
In those two cases, leaving corporate America was only the tip of the iceberg.
Why do you want to be your own boss?