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There is no real guidebook on the first year of any endeavor. We could just as easily be talking about the first year of parenting, or the first year in a college dorm, or your first house purchase. Each one is a bit frightening because it is new—who knows what might go wrong?
Anyone who gets through the first year of business ownership is very resilient—even before you factor in things that happen in your personal life. For example, in my first year as a franchisee, we started a family, experienced an arson fire, and sold our first home. In the first year of another business, we experienced a family tragedy, and we were sued by a prior customer for wrong-doing by the prior owner—all while doubling revenue.
Surviving the first 12 months of a business is a major achievement. Below are some notes to help you prepare yourself so you'll be ready to celebrate at the end of your first year.
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Roll with the Punches
Not every story will be like the ones I mentioned, but there will be many unexpected events. If these throw you into an emotional abyss, it will make franchise life harder. After all, life has a way of making us pay attention to it when we prefer focusing on our businesses. Learning to accept what life throws at us is crucial to finding the equanimity needed to roll with the punches. Whether you choose meditation or exercise, develop a way to prioritize what you value and maintain perspective.
Trust in Your Hard Work
Your new business needs you, and it will seem like it needs you 24/7. Remember, though, that you are following in someone else’s footsteps. Others have walked this way before and have succeeded. With a franchise, you have higher trust that your efforts will be rewarded. The franchisor’s resources and training will ensure solid footing even if you feel (at times) like you are trudging along shaky ground.
You Might Not Sleep Much
You will question your best-laid plans, and it will keep you up at night. Long days and long nights are typical in the first year; yet, as you become more efficient, you’ll slowly earn some non-work hours. Still, you will probably toss and turn at night with worry about employees, supplies, AR and AP or great new ideas to try. Remember that stressing over a new franchise is also a natural response to fighting for survival. It can be exhausting while stealing rest, but it won’t last forever as you get more comfortable with the rhythm of your new life.
You’ll Become Emotionally Invested
Your heart soul will be obsessed with progress. Your brain will constantly think about your franchise and things you can do to make a positive difference in its outcome. Your mood will be related to how things are going; a good revenue day will make you excited and hopeful while a series of mishaps will make you question your decisions. Self-doubt and appropriate pride will vie for supremacy, and it may be impossible to make completely unemotional choices. And that’s normal. Bounce ideas off of partners and trusted advisors for balance, but relish in something that has great personal value to you.
You’ll Learn a Lot
You know a lot already, but the first year means you will have a nearly vertical learning curve. From hiring regulations to determining the most effective ways to find and retain customers, your mind will fill with new information, all critically important, of course. Growing a franchise in the first year means growing your capabilities and knowledge.
Surviving the first year will take you to thrive mode. As a resilient franchisee, the end of the first year will unveil a smarter and highly capable owner. And while life may continue to throw unfair punches, you’ll move on confidently, knowing your abilities and following a proven brand. All of that is worth a celebration.
Anne Daniells is a co-owner of Enterprising Solutions, a professional services firm specializing in corporate communication and financial improvement for businesses where she shares decades of corporate and entrepreneurial experience—including franchise ownership—in her writings on business culture. She has authored hundreds of articles for publications including AllBusiness.com, TweakYourBiz.com, and MSN.com. Reach out via her website for more on where corporate culture, communication, and human architecture collide.