Ensuring that all your loved ones are on board when you start a business is key.
One of the top five reasons that franchises and personal businesses fail is a lack of support, or even downright unsupportive feelings, from family, friends, and spouses. Make sure you have all the support you need while investigating on your franchising journey.
Understand How Important It Is
You may initially think that you can separate business and your personal life. Why is it so important to have the buy in of your personal stakeholders, especially if you are only in the beginning stages…? It’s important to keep in mind that you will need a lot more than just professional support during this time. Bottom line, all decision makers need to be involve from day one. And, besides, the franchisors require it. After all, we are talking about planning your future! Break bread and get your family on board even if they are not going to be involved in the actual business, because you need their support every single day.
Know Who Matters
Know who matters, but more importantly, know who doesn’t matter when it comes to planing your future. Everyone considers business ownership for very different reasons and not everyone should be a business owner. If your friends are unsupportive, ask yourself are they really looking out for my best interest, or are they jealous they aren’t in a situation where they could have options like I do. Don’t miss the point. They may tell you you will fail or that you are crazy – as one of my favorite mentor’s says,” People scorn your entrepreneurial choice in hope of dragging you back into the herd so they can feel better about themselves.” Here’s to the crazy ones – because they change things!
Careyann Golliver is America’s Franchise Matchmaker™ and the Founder of Franchise Logic. She has over tow decades of both personal and professional experience in the franchising industry. She can help you determine what is the proper choice when it comes to purchasing a franchise, as well as alert you to potential sale valuation and loopholes. With over two decades of experience in entrepreneurship and franchising, she can provide critical feedback and guidance for a franchise exit strategy. Contact Careyann today or call 303.805.5078.