Everything that we do, we do it for a reason.
Some of these reasons are only known to us. And at times, the reasons we give for doing things are not actually the reasons when the whole situation is considered.
For instance, some of our clients say they want to start a business because they are tired of working corporate jobs. Some say they are tired of giving in their all to another man’s business, only to be laid off at the end of the day. Others are sick of doing the same old things over and over again, like office politics. We understand.
But we know that these are not always the real reasons.
So, when someone tells us they want to open a business because they are tired of their jobs or corporate America as a whole, we try to find out if they have other reasons for wanting to become a business owner.
In some cases, we realize that there’s another reason. In others, there are none.
But it’s important that we know. It will be hard for us to help clients get to where they desire to be if we don’t know their “why”…Why they are making this huge decision.
Continue reading to find some of the most common (true) reasons why people decide to purchase a franchise.
1. “I love the idea of following a system.”
One of the things that make the franchise model very effective is the system. People who know this fact and are able to leverage the “system” are more likely to succeed in the business.
2. “I don’t want to face it all by myself.”
Owning a business is a big deal. So, we understand if you don’t wish to face it all alone. There’s a popular saying in franchising that as a franchise owner, “you are in business for yourself but not just by yourself.”
3. “I want to create wealth.”
Franchising has the potential to make you wealthy. Consider owning multiple franchise units, being an Area Developer, or becoming a Master franchise owner to raise your chances of growing wealth.
4. “I want to have more control.”
Franchising will give you some control over your business, but not total control. You will still need to follow an operations manual and marketing templates from the franchisor. Also, there are computer systems and software you will have to buy and use. So, there is not much room for flexibility.
However, you will have more freedom than when working for another person. That’s for sure.
5. “I want to grow equity.”
Since franchise agreements usually last 10 years or more, there’s a lot of time to grow equity as a franchise owner. Wouldn’t it be nice to have the option to cash out so you can enjoy some true freedom?
Other reasons:
We have discovered some other reasons why people buy a franchise. Here are some of them:
“I want to feel accomplished knowing I have done something great.”
“I want to build a legacy for my kids, so they can operate a business themselves if they want to.”
In either case, quitting corporate America was not the sole reason.
So ask yourself: Why do you want to own a business?
