This lesson is part of our free Franchise 101 course.
Franchising can be immensely successful and satisfying, but only if you approach it with the right mindset. If not, you’ll make bad choices, either for yourself or for your business, and end up disappointed.
Fortunately, there are steps you can take to develop the right mental attitude.
Set Realistic Expectations
If you want to run your own business then you want to dream big, and you should. Those dreams give you a goal to aim for and the motivation to get there.
But if you let those dreams take over your expectations then you could end up with a rude awakening. Profits aren’t guaranteed and businesses fail. Sometimes that’s the fault of the people running them and sometimes it’s just bad luck.
Dream of success, but plan to face problems.
Understand What a Franchise Is
This might sound obvious, but it goes beyond providing a pre-built brand. Franchises offer you a specific set of support and benefits, which will help you to build the business up. They also have specific limits, things they won’t provide.
Understanding both the benefits and the limits will help you avoid disappointment and seize opportunities.
Understand the Measures of Success
When you’re picking a franchise, you need to look at the metrics for how it performs. Correctly understanding those measures can help you to identify the most promising franchises. But misunderstanding them can lead to unrealistic expectations for how good a franchise is. Great average revenue doesn’t mean that every outlet will be a success. It takes hard work to make the most of the opportunity.
To succeed at franchising you need to take ownership of the process at every stage. Put in the research to understand potential franchises. Put in the work to make your branch a success. You can’t rely on the franchises to give you all the information you need or to make something you’re running a success. This is your business, and it will succeed or fail based on what you do.
Your fate is in your hands.
Getting to Work with the Right Mindset
Once you’ve got the right mindset, you’ll be ready to get to work. Subscribe to Franchise Chatter to see franchises ranked by their average revenues and learn which might be the right one for you.