Last week, I explained why finding your why is the first and most important step in the franchising process. If you read last week’s post, you know that self-assessment is key to this process. You’ve got to ask yourself the hard questions about what matters most and what you want your life to be. In short, you need to know what motivates you. When you face challenges, what keeps you going? What makes you want to push through the tough times to get to the good ones? What makes all the hard work worthwhile?
If you’re trying to figure all this out on your own, you may be feeling overwhelmed. Where do you even start? I suggest reading last week’s post, if you haven’t done so already. Take some time to think it over. Then go through the list below. These are some of the most common motivations I see in the franchise candidates I work with. If anything resonates deeply with you, use the information to help you figure out your next steps.
Motivation #1: Money or Financial Security
For many of my candidates, long-term financial security is top priority. I’m not necessarily talking about earning a big income or getting a huge return on investments. Those are just means to an end. My candidates who care about financial security are usually in it for their families. They want their kids to graduate college debt-free, for example, or they want to ensure their spouse won’t experience hardship if a crisis (like job loss or a health issue) occurs.
Usually, candidates who are motivated by financial security are also concerned about retirement. Financial independence is often important to them. They want to be able to maintain a comfortable lifestyle without being a financial burden on their children.
If financial security is what motivates you, I recommend looking for a franchise with strong wealth-building potential. Your specific goals will determine how quickly you need to build that wealth.
If you have children at home (especially if you’re a one-income family), you may want to start building wealth soon, to help cover college expenses and establish a good nest egg. A business model with a shorter time to profitability, such as single-unit ownership, will suit you best.
If you’re aiming primarily for retirement, you can probably afford a longer time horizon but may need to build a bigger nest egg. Multi-unit franchising or area development, which have more wealth-building potential but take longer to mature as investments, may be right for you.
Motivation #2: Quality of Life
Some of my candidates are most concerned about their quality of life. These candidates are often high-ranking executives who work 60 or more hours a week. Many of them spend much of their time on the road. Like I did in my corporate career, they may be uprooting their families every 2-3 years to climb to the next rung in the corporate ladder.
Typically, these candidates want to reclaim control of their time. They want more flexibility to be with their families, and they want to regain some balance in their lives. They often have plans to travel for fun, pursue a hobby, or volunteer for a cause that matters to them. Some are concerned about their health, which may have suffered from the long hours and constant stress of executive life.
If this sounds like you, I’ve got good news: franchising is an excellent way to improve your quality of life. Though the launch period can be demanding, you’ll eventually gain more freedom to organize your life according to your priorities (not your employer’s).
I usually recommend executive-model franchises for candidates who want better work-life balance. Executive ownership frees you from the day-to-day demands of work. With a good operational team in place, you can invest just 8-10 hours of your own time each week and still be successful. Even as an owner-operator, however, you can usually earn a good income while working a flexible schedule and taking regular vacations.
Motivation #3: Professional Development
If you feel trapped in your job, like you’re not reaching your full potential or don’t have the agency to control the direction of your career, professional development may be your why.
I often see this focus in people who love to learn–they just want the chance to develop new skills and experience growth. Fortunately, franchising is ideal if that kind of opportunity is what motivates you.
Especially for someone who’s a first-time entrepreneur, franchising can be very freeing. You become your own boss and have the opportunity to exercise leadership, flex your decision-making muscles, and grow a business without someone looking over your shoulder and dictating your every move.
If this sounds appealing to you, I recommend looking for a new, regional, or expanding franchise brand. These kinds of brands are often the most open to input and ideas from their franchisees. Or if mentoring and formal training are what you want, look for a franchisor with a large, established owner network and/or a robust franchisee training program.
Motivation #4: Legacy or Values
When you think about what motivates you, do you focus on the impact you have on the world around you? If so, then your legacy may be your why.
Legacy-focused franchisees usually carry their values into every area of their lives, including work. They’re often active in their communities and may have already had a first career in a mission-driven field like the military, education, ministry, or nonprofit leadership.
If you’re this kind of individual, you probably won’t be satisfied with a franchise solely because of its profit potential, work-life balance, or professional growth opportunities. You’ll want to invest in a company that will benefit your community and leave behind something of lasting value for others.
Fortunately, there are many options for values-based franchising. These include businesses such as tutoring centers, medical transportation and mental health franchises, and cleaning companies that remediate storm damage. Businesses like these can allow you to stay on mission with your values while building a level of financial security for your family that’s often not possible in the nonprofit world.
Still not sure what motivates you? I can help you find your why–it’s one of my most important tasks as a franchise consultant. We can start the process with just a 20-minute virtual meeting. Book some time on my calendar today to dive in!
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