Is Business Ownership Right for You?
Finding the Right “Recipe” for Success
Daydreaming about business ownership, but need a great idea? Have no clue where to start? Unsure if you’re even the right person to own your own business?
Finding the right franchise is a lot like finding the right recipe for dinner. Just like the right recipe depends on the ingredients you have on hand, the right franchise depends on your unique skills and experience. And just like the right recipe depends on what you and your family want to eat, the right franchise depends on what you (and your family) want out of this next chapter in your lives.
A big (and obvious) difference…The stakes are quite a bit higher with choosing the right franchise fit – or even deciding if franchise ownership is something to consider. So, the most important thing to know at the beginning of your journey is that you are not alone. Many professionals are also considering business ownership but feel overwhelmed when looking online.
And that’s not surprising! There are over 1 billion results on Google when you search “franchises.” After the first few pages, you’re understandably lost. Add to this all the available information from business/franchise aggregators, courses you can pay for, franchise magazine rankings and their listings of so-called “hottest concepts” (HINT: most of these are “fads”) – along with 3,800 franchise concepts to sift through – and most people don’t know where to focus.
Here’s a Start…Key Questions to Ask Yourself
As a franchise coach, I meet with a lot of people feeling lost at sea as they contemplate franchise ownership. I recommend asking yourself the following 10 questions:
- Does your family support you?
- What do you want out of business ownership?
- What are your transferable skills?
- Where do you want your business to be located?
- How much do you want to invest?
- Are you comfortable taking on debt?
- How soon do you need to replace your income?
- Do you like to follow a system?
- Do you want to be in charge of all aspects of a business?
- How do want to get your customers?
And here’s a peek at what comes next… As a coach, I ask my clients some of the following questions during our conversations. They help me get a sense of that right franchise “recipe. If you could write the perfect movie script for this next chapter in your life, would you prefer:
- A flexible workday schedule
- The ability to work from home
- A small office
- A retail location
- A product-based business
- A Service-based business
- A need-based business vs a want-based business
- More free time to enjoy with family, friends, and hobbies
Your Drivers for Franchise Ownership
Interested to know what’s next? Once you have a starting place for your franchise exploration, it’s vital to consider your unique drivers for business ownership.
Here are the drivers I ask my clients to rate to help guide franchise exploration (rate them on a scale of 1 to 10, 10 being the most important):
- Income replacement
- Saving for retirement
- Diversified income stream
- Being your own boss
- A flexible lifestyle
- Personal growth
- A sense of business accomplishment
- Philanthropic endeavors
- Exit strategy out of corporate
- Job satisfaction
- Corporate restlessness
- Leaving a legacy
- Staying relevant / active in your career
- Passive investment
- Ability to fund other endeavors
Choosing the Right Franchise Concept
Once clients have a better understanding of their goals and drivers, your next step is, of course, exploring actual concepts.
As a franchise coach, the concepts I share with clients will typically have the following four characteristics:
- Longevity
- Good ROI
- Well known in their industry / vertical
- Reputable
The Right Franchise Coach
As a franchise explorer, your objective is to find a concept that aligns with your goals, values, skillset, and has the right “recipe” for success for you and your family. This is where a good franchise consultant and coach can help!
The right franchise consultant will know which brands have these four characteristics – and also align to your goals, needs, and skills. The right coach will also help you explore the presented concepts – clearly and without pressure.
A good coach will act as your sounding board, guide, and advocate – and most importantly, will challenge the assumptions and perceptions you bring to the table. This guidance will give you a different set of lenses to help you potentially uncover a fit that you might not have seen on your own.
Every franchise I present has a great recipe for success – but the biggest challenge is finding the recipe that works perfectly for my clients and their families.
What are YOU hungry for in your next chapter? If you’d like to learn more about how franchise exploration works, I’d love to help.
In the meantime, here is one my favorite recipes from my family to yours, enjoy!
A perfect summer dish, deconstructed street corn
Ingredients:
- 5 tablespoons of chipotle powder (use if you like this flavor profile)
- 6 ears of corn
- ½ red onion, minced
- 1 tablespoon of vegetable oil
- ¾ cup of crumbled cotija cheese
- ¾ cup mayonnaise
- 2 tablespoons roughly chopped fresh cilantro
- Zest of 1-2 limes
Cook’s Note – This recipe is great with an added squeeze of fresh lime juice
Directions
For the corn: Heat a grill or grill pan over high heat until hot.
NOTE – leave the corn in the husks and cut the excess silk. Give the corn a quarter turn every five minutes. After those twenty minutes remove from the grill or pan.
When cool enough to handle, cut the kernels off the cobs. Heat the oil in a saucepan over medium heat and sauté the onions until translucent (sometimes I do this or put them in raw), about 5 minutes.
Take the kernels and put in a bowl with the onions. Stir in ½ cup of cheese, the mayonnaise, cilantro and lime zest. Season or not with ¼ to ½ teaspoon of the chipotle powder. Sprinkle with the remaining ¼ cup of cotija cheese, and salt to taste.