During this week’s Proven Match blog, we’re going to discuss the motivations behind the reasons which lead to people buying a franchise. In order to dive deeper into this subject, we’ll look at some imaginary case studies based on the top reasons people buy franchises.
Becoming the Boss
Richard S. has worked in restaurants for a while. In fact, most of his life. He began at QSR locations at the age of 16, ostensibly to pay for his first car. But he was a quick learner and took lots of mental notes of how the establishment was run. He jotted down thoughts on how to improve processes and increase profitability. He kept a notebook of his findings which were detailed enough to include a few rudimentary spreadsheets on cost-savings. Richard S. got an education and went into restaurant management. He made some decent money, saved a good portion of it and finally became convinced he could do as well—or better—as his current boss. So he went into franchising and the rest is history. This is a pretty common pathway for entrepreneurs because many people like to stick with what they know. They believe their applied knowledge gives them a leg up on success. And for the most part, they’re exactly right.
But what about other motivating factors involved in franchising? How about work-life balance?
The Balancing Act
Julia D. wanted to go into nursing from an early age, just like her mother. Her educational career was a successful voyage right up to the R.N. title. Of course, she did her internships, worked her way through clinicals, hospitals and kept up on her continuing educational courses. But she also found out that nursing actually left her little time for herself. The shift hours varied wildly and it didn’t allow for her to schedule enough time for herself to have meaningful relationships with her family or even hobbies outside of work. Julia D. began researching home health care businesses. For her, it wasn’t so much about being her own boss as it was finding a better work-life balance. So she investigated these franchise concepts and settled on a business model which allowed her to do so, all the while continuing to follow her passion for nursing.
We’ve seen where two burgeoning entrepreneurs entered the world of franchising for different reasons. Here’s another—passion.
The Art of Conviction
Sarah H. was fortunate enough to be a stay-at-home mom, with her husband providing a comfortable income. But Sarah was no wallflower. In her younger years, she was quite the activist for child advocacy. She volunteered her time for any causes related to enriching children’s lives. After her own kids reached school age, Sarah H. suddenly had a time surplus on her hands. She began looking into caregiving franchise options and found a decidedly amazing afterschool concept. After careful investigation, she moved forward and secured a business of her own. Just don’t tell her that. Because she doesn’t even see it as a job, but rather an extension of her intense passion.
As we’ve seen, people enter the realm of franchising for different reasons and quite often, this impulse comes at the psychological level. Of course, it doesn’t hurt that franchising offers plenty of other convincers as well, among them proven systems, on-the-job training, corporate support and a brand name for recognition’s sake.
But perhaps the most common denominator of purchasing a franchise is simply an upgrade in the quality of their lives.
As a franchisor, you’ll want to know which existing and potential franchisees best fit your business concept. Proven Match is the proven solution in determining those factors. Through our proven behavioral assessment techniques, predictive analysis becomes a predictive success for your franchise concept. If you’re ready to show your leadership by getting started, give us a call and we’ll put you on the path to a more productive year in 2017.