In the pursuit for success, having the right mindset is equally important in having the right tools. Here are 3 perspectives that could make the difference between your franchise investment flying high or flailing miserably.
Related: Making A Commitment For Success
“I’m Going With My Gut Feeling.”
While it may work in some situations, when it comes to decision-making for taking up a franchise investment, going with your gut feeling skips one critical evaluation aspect — objectivity. In the absence of objectivity, there is always biasness and prejudice involved. And in the case of giving consideration to a franchise concept, you’ll likely convince yourself that whatever franchise opportunity you’re looking at is great fit even when it isn’t.
Furthermore, going with gut feelings relies on passions and emotions, something that is really difficult to quantify, unless you are willing to explore the co-relation between neurobiology and biochemistry. But that’s besides the point because it still doesn’t answer the question of whether a franchise concept is viable, and more importantly, whether it suits your profile.
“I Can Leave Everything Up To The Franchisor.”
The franchisor will help in whatever way that they are legally obligated to do so, and maybe even a little more if within reasonable limits. However, expecting the franchisor to be responsible for your success is a totally different matter. While the franchisor provides support and assistance, it is up to you to do your part as a franchisee and implement the necessary requirements to make your business a success.
If you’re thinking all you need to do as a franchisee is put up the investment capital then the franchisor will handle everything else, you’re going to be in for a whole new level of shock once the franchise agreement is signed.
“This Is Just Something On The Side So If It Doesn’t Work Out, That’s Fine.”
At the end of the day, all franchise units are entities that must perform for profit — undoubtedly the single most important determinant for success or failure. But success doesn’t come easy, especially with low commitment levels or nonchalant attitudes. Simply put, treating your franchise investment like it is a hobby (instead of a business) will most likely result in you not putting enough effort or giving enough attention for a positive-enough outcome. So if you’re thinking you can take up a franchise and “sort of” be on the team, don’t.
Likewise, how excited will the franchisor be to “sort of” have you on board? In any case, this “sort of” mentality probably won’t get you into the franchise system anyway. But if you actually do get through the doors, it is you who should be wary of what the franchisor wants from you instead.