Business Ownership Will Teach You About Yourself

Acting upon the desire to own your own business is a significant first step in the quest to become a franchise owner. After putting in the time and research, you’ll be ready for the investigative process, the paperwork, the financials, discovery days, meet the team days and lastly, signing on the dotted line. But this is where your personal journey actually begins. Because business ownership will teach you about yourself in ways you hadn’t imagined.

For perhaps the first time, you’ll be on the other side of the decision-making process. Rather than contribute ideas to help solve problems, you’ll be tasked with evaluating them and coming up with a viable solution. Guess what? That’s an empowering feeling and one that can’t be explained until it’s been experienced. In the same way you hear people talk about how having children changes them, getting married changes them, the same goes for becoming a business owner. It will change you. And hopefully those changes will teach you lessons about yourself and assist you in your own personal growth.

When you become a business owner, you’ll begin an entirely new work/life balance contract with yourself. The contributions you make and the time and effort you put into the business will determine your level of success. Innately, you’ll know that going in, but the responsibility of it all will all of the sudden be all too real. Should you feel guilty if you have to leave early one day? Will you feel like it’s worth it after your umpteenth late night filling out the necessary paperwork? Striking the right balance of dedicating your work time and your personal time will be critical in the first few months as a business owner.

As a freshly minted business owner, you may at times feel like it’s lonely at the top. The former fraternization with your co-workers has been replaced by a completely new dynamic, and that will take some getting used to. As a franchise owner, however, you can rest assured that you will have multiple levels of support from not just your peer franchisees, but solid backing from the corporate brand office as well. You’ll learn what it truly means to feel supported in your new role.

Another thing you may learn along the way as a new entrepreneur is that you don’t actually know everything there is to know about being a business owner. Don’t be afraid to continue your growth by finding a good book, joining a business club or becoming an active member of your local chamber of commerce. There are plenty of entrepreneurs and business owners who have fashioned a successful path long before you came on the scene. Might they not have some good advice to share with you, as well?

As the first few months roll by and you’ve been able to replicate your day-to-day processes into a manageable schedule, things will slowly smooth out. You’ll likely gain a lot of confidence along the way, but this is no time to get cocky. The competition to stay profitable is a marathon, not a sprint. You’ll learn that it’s never time to put your feet up and get comfortable.

Last but not least, you’ll learn from your mistakes like never before. That’s because the responsibility of business ownership demands it. Having a setback, a bad month, a poorly handled customer service issue is all part of the big picture. You’ll gain quite of bit of perspective, figuring out what’s really important to the success of your establishment.

As Martha Stewart would say, “…that’s a good thing.”

Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!

Oct 26, 2017