When deciding to make the leap from small business owner to franchisor, there are a number of elements that you will need to consider about what part you will play in the development and success of your franchise chain. It’s an exciting time for your business, but have you thought about what is going to need to be modified or even extinguished from your daily responsibilities?
In this blog post, let’s examine 3 key areas of personal change you’ll experience as you transition to higher things.
Your hands-on approach
Usually when you think about expansion, you begin a transition from doing to delegating. It’s not unusual for people to be very hands-on in their daily tasks when they first start out in business. Most bakers will be there in the wee hours of the morning mixing dough and baking buns, electricians installing power points, and so forth.
But as you got busier, you will have expanded your team and trained them to replace your involvement in daily tasks, which created time for you to open other locations, employ managers and possibly even have some free time. Likelihood is that you bounced from location to location, overseeing things and maybe jumping in if there was some short staffing etc. You may have even liked the sense of control that still holding the reigns had.
When the days of daily intricacies are gone and you have to reach into a whole new bag of skills to become the “Business Oracle” (and morph your technical and practical skills into a leadership and advisory role), the question that must be asked is: are you ready to let go?
It’s a matter of mindset
Your desire to be a franchisor is an entrepreneurial mindset that takes you from the ground level to a birds-eye view so you can take in the bigger picture to address issues from above.
In our book Exposing 10 Myths of Franchising, we tell the story of Tom Potter from Eagle Boys Pizza who explained that when he leapt from store owner to franchisor, he moved from ‘The Pizza business to the People Business’. It’s a transition that you must make when choosing to be a franchisor and when you become the owner of a people business, you need to develop a whole new mindset. Using our Eagle Boys Pizza example, your focus will need to shift from flour, water, cheese and ham to, listening, supporting, nurturing, inspiring and leading with a double serve of patience. If these qualities make you cringe at the thought of having to apply them daily, then it’s time to consider your options.
Clarity of vision – a journey from hand to mind and as far as you can see
Who are you and who do you want to be? Know yourself, your principles, values, motivations and limitations. What does your life look like for you? Business Owner to Entrepreneur can be a rewarding leap, but it can also be the roller coaster ride of your life. If that excites you then grab your stuff and let’s go! But maybe it’s not…
The great news is, if you’re thinking you may be better suited down on the ground, all is not lost. Your business could still be ideal for franchising and engaging a business partner or employing someone with a complementary skillset could be the answer you seek. Either way, at Franchise Simply, we can help create the vision with you. Just get in touch with us today.