3 Hurdles to Clear for New Franchise Owners
August 30, 2017
by Leslie Kuban
Whether it’s to fulfill a lifelong entrepreneurial dream or a desire for more control, launching your own business is intimately transformative. I’ve spent
the majority of my career helping new entrepreneurs discover the benefits of franchise ownership, many transitioning from successful corporate careers.
It’s easy to understand why franchising loves corporate professionals. You come ready made with developed skills such as leadership, problem solving,
team building and delivering results. Even so, there will be hurdles to jump as you make the transition - three in particular will surface right away
for the former corporate professional, now newbie business owner.
Embrace Your Limitations
“I didn’t leave corporate. Corporate left me.” Sound familiar? Don Neder is a great example of former corporate sales leader turned SpeedPro franchise owner. Launching during the 2008 recession, Don not only survived the struggling economy but has thrived and is now helping to grow the SpeedPro brand in
Alabama. Don recalls, “as an employee of a giant corporation, you can fly under the radar in your areas of weakness - including to yourself."
"When you become a business owner, you quickly become aware of your limitations in a new way."
Your resume may reflect strong competency in a particular area - sales, accounting, IT - but as a business owner you are ultimately responsible for it
all. You will have a hand in every aspect of your business, especially at the beginning, so prepare yourself to handle it in a positive way. View it
as an opportunity to learn new skills and to strengthen talents you’ve just not had the opportunity to express before.
Check Your Ego
Don’t let your past accomplishments get in the way of your future success. Too often we’ve seen awarded business leaders come into their new franchise
opportunities thinking that because they have been successful before they are going to beat the averages and soar past the normal learning curve. We
see people entering their own business after an unexpected reduction in force at their former employer. Sometimes he or she may enter their business
with a bit of a wounded ego and that can translate into having something to prove; this usually looks like trying to re-engineer the whole franchise
system from day one into something they think is better.
In either case, this person is likely going to be the one who has some catching up to do behind other franchisees who trusted in the business system they
purchased and started with realistic expectations. Humility and being coachable is the winning approach.
Evolve as a Leader
In your corporate role, it’s likely your team was made up of like-minded, advance degreed, six-figure earning collaborators. As the owner of your own franchise,
you’ll likely be hiring from a whole new pool of talent - possibly cosmetologists, cleaning professionals, graphic designers or automotive technicians.
You will shorten your runway to profitability if you accept early on that you will need to adapt your leadership skills to cater to the motivations of
that college student, retiree, part-time Mom or tradesperson. It will take some time to adjust, but with the right mindset, you’ll discover a great
deal of satisfaction in providing employment and growth opportunities for people in your community you may have never had the chance to meet before
your doors opened.
None of these hurdles are insurmountable. People like you
embrace these challenges every day, overcome
them and win. It’s about your willingness to be humble, coachable and open to learning what works best may be counterintuitive at first.
I’m Leslie Kuban and I would love to help you achieve your business ownership goals by helping you understand the challenges ahead BEFORE choosing the
best franchise opportunity for you. Connect with my team
and let's start the conversation.
Kuban is the owner of FranNet; an Atlanta based Franchise Consulting Firm. Kuban and her team offer more than 60 years combined franchise industry
expertise and her personal experience as a franchise owner gives her a unique perspective to help her clients assess their real opportunities, risks
and timing to make sound decisions about buying a franchise opportunity. Kuban is a guest lecturer for MBA, and EMBA programs at Emory University,
Georgia Tech and Kennesaw State University and is a founding member of Georgia State University Franchise Entrepreneurship Advisory Board.
In 2016, Kuban added Amazon bestselling author to her list of accomplishments when she joined a rare collection of business notables to co-author “More Than Just French Fries”
, a collaborative work on successful business ownership through franchising.
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