Passion for the Industry: Is it necessary to buy a franchise?
“I never dreamed of being the owner of a cleaning business,” said one franchisee applicant.
“I don’t wake in the morning feeling passionate about the oil change industry,” said another potential franchise owner.
These quotes are paraphrased examples of what we at FranNet consulting services hear regularly from those looking to buy a franchise. So what do we tell them?
The answer isn’t simple but it may be surprising.
“Interestingly, having passion about a business isn’t essential and can even be an impediment to running a successful business,” according to Merri Cronk, owner of FranNet Central Texas. “While passion can be helpful in certain business models, it can cause problems in others.”
Cronk further explains that the passion some people feel about their business can keep them from making smart decisions because emotion gets in the way. “When a business owner is too passionate about his business, he can spend too much time working in the business and not enough time working on the business,” said Cronk.
All of that said, passion can be helpful in a business model that demands a highly engaged owner to work hard, long hours. The heart-felt commitment to a bigger mission can energize the owner to help them justify the hard work that is required.
On the other hand, that same business owner might get so wrapped up in working endlessly to achieve his or her mission that he or she fails to keep an eye on expenses or slow down to plan for the future.
Alternatively, the business owner who simply sees the purchase as investment, maintains an emotional distance that makes room for more decisions based on profitability rather than emotion.
So the big question is how to decide what type of franchise industry and model is best for you. To do this, the first step is to determine your primary goal. Is it profit, self-fulfillment or work-life balance? Figuring this out may take some serious self-reflection time, as well as an analysis of your financial and family needs. The good news is that after you experience this clarity, you will be able to more easily choose a franchise or business model that allows you to accomplish your most important goal.
If you would like personal guidance on how to find and choose the right franchise to achieve your goals, we welcome you to contact one of our FranNet consultants. They know the market inside and out, and have a great track-record of assisting individuals on their path to entrepreneurship. The best news is that they provide this guidance free of charge. To find a consultant in the Central, West Texas or Rio Grande Valley, click here.