Though many leadership skills–whether from the corporate, military, or nonprofit worlds–are transferrable to franchising, the two worlds are very different in key ways. Those differences can trip up even the most capable individuals. A franchise support network can help you manage the transition, providing wisdom and encouragement that increase your odds of success.
To build a strong franchise support network, you need a range of people in your corner. Your personal skillset and level of experience will affect your list, but there are a few types of supporters I believe every new franchise owner needs.
Other Franchise Owners
The franchise owner network is one of the most valuable assets of the franchise industry. Instead of having to learn from your own mistakes, you can learn from other owners’ experiences. They can share their hard-won wisdom, inside tips on the business you’re all pursuing, and encouragement and solutions when you hit roadblocks. It’s hard to overestimate the value of support from someone who’s been just where you are.
A Trustworthy Finance Professional
At the end of the day, business is about money. Though a cash cushion will allow you to run in the red for a while, you eventually must make a profit if you want to stay afloat. You also have to pay your taxes, meet the terms of your franchise contract, and stay on the right side of financial regulations.
Satisfying all those requirements, especially if you’re a multi-unit owner, can easily be a full-time job. And if you spend all your time managing your books, guess what? You’ll have no time to actually run your business. That’s why every franchise owner needs a trustworthy finance professional. In fact, I usually recommend to my candidates that they find and hire a good accountant before they even open their doors.
A Mentor
Your identity as a leader and business owner is about more than your franchise. It’s about your overall skills, mindset, and how you balance your work with your personal life. That’s why I recommend that new franchise owners have a mentor beyond their franchise owner network.
Your mentor should understand your overall professional goals, your strengths, and your shortcomings. A good mentor will help you make decisions that keep you on track for those goals, maximize your strengths, and improve on your shortcomings. They’ll also help you be the full person you want to be, whether that means juggling franchise ownership with being an attentive parent or spouse, finding ways to give back to your community, or mentoring others in turn.
Your Spouse
I’ll share more about this in a future post, but if you’re married, you should never, ever become a franchise owner without your spouse’s full support. Entrepreneurship is a demanding endeavor, and it will dramatically affect your family’s finances and lifestyle. Your spouse (hopefully) knows you better than anyone else and can help you take an honest look at your dreams, abilities, and resources. You owe it to them and to yourself to seek their input and include them in your franchise selection process. I can say with full confidence that your business will not succeed without their support.
Need help fleshing out your franchise support network? A qualified consultant can also be a valuable partner on your journey. Book a call with me today to find out how The Empowered Franchisee can help you achieve your dreams!
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