• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Submissions
  • About Us
  • Contact Us
  • May 31, 2023
  • Startup
    • Creating a Plan
    • Funding a Startup
    • Franchise Center
    • Getting Your Office Ready
    • Making Your Business Official
    • Marketing Your New Business
    • Personal Readiness
  • Run & Grow
    • Customer Service
    • Human Resources
    • Innovation
    • Legal
    • Operations
    • Risk Management
  • Leadership
    • Best Practices
    • Communication
    • Green Initiatives
    • Open Culture
    • Strategic Planning
    • People Skills
  • Sales & Marketing
    • Advertising and Lead Generation
    • Marketing Innovations
    • Marketing Plans
    • Online Marketing
    • Relationships
    • Sales Activities
  • Finance
    • Budgeting and Personal Finance
    • Payments and Collections
    • Tax and Accounting
    • Pricing Strategy
    • Working with Investors
    • Working with Lenders
  • Tech
    • eCommerce
    • Hardware
    • Software
    • Security
    • Tech Reviews
    • Telecom
  • Shop

SmallBizClub

Helping You Succeed

taxbandits banner
Home / Startup / Franchise Center / Why Do You Want to Buy a Franchise?
Why Do You Want to Buy a Franchise?

Why Do You Want to Buy a Franchise?

2495 Views

Jul 2, 2015 By Bill Bradley

Why do you want to buy a franchise? What are your goals?

 
A surprising number of people don’t have a particular goal. They want to “try it out” or they’ve always dreamed of owning a business or they want to be their own boss. But a new book, Secrets of Franchise Success: The Formula for Becoming and Staying a Top Producing Franchisee by Marc Camras and Melissa Hart Woods, found that the most successful franchisees had something different in mind.
 
The authors interviewed scads of franchisees. They found that the most common reasons people wanted to own a franchise were their unhappiness in their 9-5 jobs and their desire to be their own bosses.
 
But when they looked at the goals the top performing franchisees in the group had for their lives and work, they saw something completely different. These franchisees had much bigger goals. They wanted to be the top franchisee in their field. They wanted to own multiple locations. They had five year plans for earning back their investment and specific numbers they wanted to reach in their revenue, their income, and their lives.
 
What’s more, the franchisees who had big, bold goals approached their work differently. They were more likely to work on their business, as the saying goes, than in it. They followed the franchise system, but they always kept their own goals in mind.
 
Related Article: Building a Team Through Shared Goals
 
They didn’t approach their businesses as if they were employees. They took responsibility for their outcomes and moved deliberately toward those goals.
 
But the big ideas are the first step. What is your big, bold goal for your franchise business? Take a minute and write it down.
 
If you had trouble doing that, it might be for one of these reasons:
 
  • You’re actually looking to buy yourself a job. You want to enjoy your work and have some control over it, but you’re buying a business where you can be a happy worker, not a highly successful business owner. That’s okay, but it can mean that you end up working for a tyrant. Without bigger goals to fire growth, you can easily find yourself working without vacations at a pay scale you wouldn’t have accepted when you were an employee. If this sounds like you, you might want to partner with someone who will keep your business on track to reach a bigger goal.
  • You’re afraid to jinx your success. Do you think that setting a high goal might mystically lower your chances of reaching that goal? Think about that for a minute. How would that work, exactly? If you think about it, you’ll see that this is not a rational idea. Go ahead and set yourself a challenging but not impossible goal.
  • You don’t want anyone to see you fail. After all, if you say that you want to make your first shop profitable within five years and then open two more shops, how embarrassing will it be if you’re not profitable in five years? Go ahead, imagine it. Your buddies will come up to you and say, “Hey, I thought you were going to own three shops?” No? Probably not.
 
Your goals can be changed and revised… and they don’t have to be shared. But the actions you take if you plan big will be actions that move you toward a bigger goal than if you plan small.
 
Write down some big goals, and figure out what you’ll have to do today to move toward those goals.
 
Then do it.
 
This article was originally published by America’s Best Franchises

Filed Under: Franchise Center Tagged With: Bill Bradley, Franchise Business, Setting Goals

Bill Bradley

Bill Bradley

Bill Bradley is founding member and CEO of America’s Best Franchises, LLC.  Bill founded three financial services firms, Ocean Shores Ventures, Denali International and William Bradley Enterprises. In addition, to launching America’s Best Franchises in 2005, Bill orchestrated approximately 20 private equity transactions in excess of $31 million, and launched five specific purpose private equity partnerships.

Related Posts

  • How to Be S.M.A.R.T. When Setting Goals & Influencing Others
  • Here’s What To Do If Your Small Business Is Tanking
  • 6 Reasons Why Business Owners Don’t Set Goals

Primary Sidebar

Random

How Evolving into a “Tech Company” Could Secure Your Future

Aug 16, 2017 By Susan Solovic

4 Smart Ways to Cut Small Business Expenses

Dec 3, 2020 By Andrej Kovacevic

Take a Picture of Your Business for a Chance to Win $1500

Nov 5, 2013 By Deborah Sweeney

Don’t Make These Mistakes When Choosing a CMS

Aug 23, 2021 By Stephanie Trovato

Using Call to Action Triggers to Drive Conversion

Jan 16, 2019 By Drew McLellan

Footer

About Us

Small Biz Club is the premier destination for small business owners and entrepreneurs. To succeed in business, you have to constantly learn about new things, evaluate what you’re doing, and look for ways to improve—that’s what we’re here to help you do.

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Copyright © 2023 by Tarkenton Institute, Inc. All Rights Reserved | Terms | Privacy