False expectations arise about what you’re owed and what you’re going to get from your franchisor partner. Read on to learn some valuable DOs and DON’Ts when it comes to expectations from your franchisor partner.
DO NOT expect an overnight bank account growth spurt
Many people think that because they’re investing in a franchise, cash will flow in from day one. That is a false expectation. Have clear, specific goals. You have to know what you want to achieve in this business so that you can measure where you are on the road to where you want to end up. Nobody will do this for you. For example, a personal trainer cannot force anyone to show up to the gym! A trainer’s great plan only goes as far as what the trainee does with that plan—the same goes for franchise businesses. The franchisor has the proven processes and plan, but it’s up to you to follow that plan and execute it.
DO NOT expect to find your location overnight
People get frustrated when it takes too long to find a location, but you cannot rush the real estate if your business relies heavily on that location to draw the right kind of customer into you. You cannot rush the market. Take your time. Find the right location. Trust that your franchisor partner is going to find you a good location. Do not rush the process. While you’re waiting, you can go out and start networking and promoting your business. You’ve just said yes to becoming a brand ambassador. Embrace that role. Take your brand out. Find synergistic businesses. Find those golden nugget referral sources in the community that can help you build your business.
DO NOT expect the phone to ring from day one
If you are in a territory or service-based organization, learn how to control your marketing by going out and building synergistic relationships in the community. You can become that brand ambassador and find those golden nugget referral sources. Your franchisor will train you on some of those things that you can do. Get involved in community events and projects. Another common mistake that young franchisees often make is they look to their location or their territory to make them successful. In all the years of being a Franchise Consultant, I can tell you with certainty that a location or territory does not make an owner successful. It is you, the business owner, that’s going to make your franchise business successful.
DO expect your pockets to burst at the seams with money in the first year
In life and in business, we will rise to our own level of expectation. If you don’t expect to make a lot of money, you aren’t going to make a lot of money. Be an overachieving goal-setter. Those goals may lead you to some of the highest highs in business ownership. Becoming a successful business owner is about the journey. Success isn’t about getting somewhere; it’s about going somewhere. You’ve already achieved success because you’ve dared to say yes. Successful business owners get up every day to grow personally and professionally as much as they do financially.
Success in a franchise business requires the same things that success in anything in life requires: commitment to clear, specific goals, discipline, focus, consistency, and patience.
Your greatest achievement is within you, ready to come out!
Do you have questions about what to expect during the process of buying a franchise? Please leave a question a comment below. And please e-mail me directly for a TOTALLY FREE consultation (for my TOTALLY FREE services!)