Manage Your Expectations as a Business Owner

Posted May 01, 2015 at 04:51pm By

Category: Franchise Experts

Learning the Right Way

In everyone’s life, there are some simple truths: you are not expected to hit a golf ball 250 yards down the middle of the fairway the very first time you swing a golf club, you are not required to hit a home run the very first time you swing a bat and you are not expected to swim the first time you get thrown into the water. Given these simple truths, why do we expect ourselves to build the next corporation juggernaut the first time we step out on our own and start a business?

Manage your expectations regar

Given these simple truths, why do we expect ourselves to build the next corporation juggernaut the first time we step out on our own and start a business?

An Important Key to Running a Successful Business

One of the most important keys for running a successful business is managing your internal expectations. All athletes, even the ones with God-given talent, practice and practice and practice - day in, day out – they perfect their skill-set and, in many cases, are ‘coached’ out of their bad habits. If perfection is unattainable, then excellence becomes the goal. The level of excellence we achieve is often attributable to the time and effort we put into the learning process.

Owning a Franchise Doesn’t Remove the Learning Curve Totally

Oftentimes the presumption is made that joining a franchise system somehow eliminates the personal learning curve that you must go through to become a seasoned and successful business owner.  Unfortunately, that is most often not the case.  Yes, it is true that the primary reason you join a franchise is to shorten the learning curve by leveraging the collective learning of those who went before you. However, joining a franchise doesn’t eliminate that curve altogether.  You must still put in the time and effort it takes to become an expert at running the business.  

Sliding down the learning curve is challenging and takes personal fortitude.  It is never easy, but it can be simplified.  You simplify the process by making sure the business does the following three things:

  • Leverages your personal skill sets
  • Fits your lifestyle goals
  • Fits your financial requirements  

When you do this, you’ll be in a significantly better position as you slide down that learning curve.  

A Franchise May Be Profitable, But Does it “Fit”

This is an important thing to understand: the “fit” is probably one of the most underrated steps in franchising.  Just because you think something is a good idea does not mean it’s a good fit for you. One of the most valuable things you’ll ever do when searching for a franchise, regardless of how big the opportunity or how profitable the franchise is currently, is to carefully evaluate whether or not something makes sense for you (based on your likes, dislikes, experience, and attributes).

Stack the Deck – Have the Right People and Tools

If you were an athlete, you’d probably have a few coaches. Golfers have swing coaches, stress coaches and business coaches to help them with their careers (let’s not forget about their trusted caddies).  They surround themselves with experts that can help them get the most out of their game and career. Elite athletes are like many successful entrepreneurs – they have the drive and know they need the right help to succeed. These right-thinking elites enlist experts and then they put in the time and effort to succeed. In short, they stack the deck in their favor and remove numerous “intangibles” that are simply distractions in their journey to success.

If you are considering investing in a franchise business, you should seriously considering stacking the deck in your favor and adding a Franchise Coach or Consultant to your team. It’s their job to spend time with you and find the right ‘fit’ based on several factors that are unique to you. Once you’ve narrowed the choices, a seasoned franchise coach can help you navigate the due diligence process to ensure your investment has the best chance of success. Of course, a good coach will be honest with you and tell you that you won’t hit a home run on the first swing, but maybe that shouldn’t be the goal anyway.  Maybe the goal should be to safely get on base.

 

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