Becoming a franchise owner is one of many paths you can take as an entrepreneur. When you are a first-time franchise owner you become an entrepreneur with a lifestyle many people dream about. Some people may believe there is only one type of entrepreneur that has to invent some groundbreaking idea and change the world because of it. Luckily, not everyone has to be Steve Jobs to obtain success and improve the world. In fact, one great way of becoming an entrepreneur is to become a franchise owner and it doesn’t require reinventing the wheel to accomplish your goal.
Today, innovators invest vast amounts of time and capital in situations where the rewards could be a huge success but could take a long time and are also risky. While some people believe “imitating” an existing system speaks to a lack of originality, the fact is that imitators who take an existing idea or system have put their egos aside to operate the business with existing proven tools and systems. This, in turn, often leads to massive success on a much quicker timetable than inventing a product.
For example, I have a friend who started as an auto mechanic and now is a multi-millionaire who owns over 50 McDonald’s restaurants. What did he do right? He didn’t invent the hamburger when he became a first-time franchise owner. He took a proven system and ran it the way the leadership team taught him.
Many of his 50 locations were purchased from failed McDonald’s owners. You rarely see a McDonald’s close down. Instead, McDonald’s Corporate teams will find another franchise owner who will follow their systems correctly. These new first-time franchise owners purchase struggling locations and transform them into successful restaurants. That’s precisely what my friend did. He would buy these locations and double or triple revenue simply by strictly following the systems McDonald’s taught him.
What’s the moral of this story? As a first-time franchise owner, using proven systems can be the fastest and safest way to become a successful entrepreneur. To do so, would-be founders must put their egos aside and understand that operating a proven franchise system can be one of the quickest ways to the top.
Putting the Ego Aside and Getting Things Done
When we do things we enjoy, it’s easier to put the ego aside and do what needs to be done to drive great success. This is a fantastic thing since it means a first-time franchise owner can be an intelligent imitator and operate a proven business model with the highest possible efficiency.
Today’s leaders have very complex days. On any given Tuesday, they’ve got to make dozens of decisions, manage people, inspire confidence, and find ways to push the business forward. To do these things, humility is vital.
As it turns out, it’s virtually impossible to be a successful leader when you’re operating from a place of ego. This is especially true in the franchise model. Since the franchise model of businesses requires owners to follow a proven system, it is absolutely not a good fit for people who insist on running their businesses from a place of ego and entitlement.
As a founder, humility is born from an understanding of your strengths and your weaknesses. For example, it’s very rare to find an entrepreneur who knows how to do everything a business requires to run smoothly. Marketing geniuses might not be great at sales. The HR department typically doesn’t also do graphic design. Good leaders understand what they’re great at and know how to capitalize upon it. This requires them to abandon their egos and the misguided perception that they can do everything. Instead, they must work from a collective mentality.
In the franchise model, it’s difficult for leaders to come from a place of ego – not only because the model requires applying proven systems, but also because so many of the systems are already in place for operators to use.
For example, a first-time franchise owner who is awarded an Alloy franchise will have some business acumen, certainly, but there will be a great deal of support and assistance when it comes to things like marketing, team training, and onboarding. When entrepreneurs can accept this guidance and understand what makes the systems so productive, the business can flourish rapidly. Operators who insist on fighting the system and going their own way meanwhile will never succeed at the same level.
5 Ego-Busting Tips For The First-Time Franchise Owner
Some franchise owners, like my friend who owns the 50 McDonald’s locations, understand completely how to operate within the franchise model.
They buy a location, follow the system, and succeed beyond their wildest dreams. It’s proven, easy, and predictable. For the first-time franchise owner, understanding the franchise model can be a bit of a learning curve.
To that end, here are five of my favorite tips to bust the ego as a first-time franchise owner:
1. Utilize the Support
Nobody succeeds as an island. Companies that award franchises understand this. Regardless if you are a first-time franchise owner or experienced owner investing in any franchise, there is a massive amount of support behind virtually every franchise operation, and for a good reason. Franchise companies want every franchise owner to succeed. When individual owners succeed, the entire enterprise can grow. If owners are struggling and not making profits, on the other hand, the whole franchise operation sinks as a result.
One of the most damaging things a new franchise owner can do is to avoid taking advantage of the support embedded in their franchise investment. Some people equate success with an outdated notion of “doing it on their own.” While this might sound attractive, it’s nearly impossible. The basis of a great franchise is teamwork and collective movement. As soon as you invest in your franchise, get to work setting your ego aside and understanding that the more you leverage the support offered to you, the better off you, your employees, and your clients will be.
Remember that there’s a reason for the support behind franchise operations. Leverage it comprehensively to give yourself a head start in your new industry. Don’t try to reinvent the wheel. Not only would that be exhausting, but it’s also ineffective.
2. Adopt a Student’s Mindset
Abigail Adams once wrote, “learning is not attained by chance. It must be sought for with ardor and attended to with diligence.” There’s a lot to be said for learning on the job, but you’ve got to start learning before you get to the job, as well. This applies even if you’ve worked in the industry in the past. Never make the ego-driven mistake of assuming that you know all there is to know about the business, clientele, or operational goals.
Instead, ground yourself in humility and adopt the mindset of a student. There’s something really wonderful about the learner’s mind. Not only does it open you to new information, but it also makes it much easier to adopt new and more efficient tactics, approaches, and skills. If there are courses you can take, take them. If there are groups you can join, join them. If there is a training workshop available, enroll. You can do yourself no harm by learning everything there is to learn. Remember: the franchise model relies on systems that have proven successful. The more you educate yourself on these systems, the better off your business will be.
3. Understand Your Strengths – and Your Weaknesses
Most of us know what we’re good at, especially when it comes to business. For example, you might be very comfortable with marketing or onboarding. You might love writing email copy or teaching personal training classes to active aging clients. No matter what you’re great at, owning a franchise is an excellent time to bring it into your everyday life.
Furthermore, understanding your strengths is a great way to position your business and your leadership style for the maximum possible effect. It’s not enough to stop with the things you’re good at, though. You also have to understand where you could improve and where your skills might be lacking.
This, of course, requires you to abandon your ego to some extent.
We all want to believe we’re capable and skilled, and this leads many of us to overlook areas that are rich with opportunities for improvement. In the franchise model, there is ample support and education available to help you level up wherever you might need it. You can’t take advantage of these things, though, unless you first take the time to identify your weaknesses.
Once you’ve done this for yourself as a leader, extend the practice to your managing employees and clients. Life is about Improvement and growth. The more honest we are with ourselves, the more efficiently and rapidly we can grow.
4. Consider Your Alternatives
Remember when I said at the start of this article that there are many types of entrepreneurs? There are! While some people will thrive in the role of a franchise owner, other people prefer to go out and reinvent the wheel. The key to success, either way, is to understand which model fits you better. This, again, requires you to abandon your ego and get real with yourself.
For example, do you have the skills and innovative mindset to bring a new product to the market? Can you handle the uncertainty of launching a business from scratch? What about support and funding and training? How will you access those things? Remember that there are dozens of alternatives to franchise ownership. If something else appeals to you more, it may be wiser to go in that direction.
If you like the idea of working with a team of people and a series of proven methods, meanwhile, you might benefit from becoming an intelligent imitator. We won’t invent a new computer or manufacturer a self-driving car, but we will establish successful, life-changing businesses throughout the US.
5. Prepare Yourself to Work Hard
Even with a proven system behind a franchise, there’s no way around the fact that starting a business is hard work. Franchisees who come in expecting the business model to offer an effort-free path to the top are often disappointed.
Although Alloy will provide all the marketing materials, training, support, and assistance you could ever want, there’s no substitute for good, old-fashioned hard work. With this in mind, go into your franchise understanding that you’re going to have to put your ego aside on a day-to-day basis. When you’re prepared to devote yourself humbly to the growth of your new business, everyone benefits. Additionally, you save yourself from the disappointment and resentment that comes from expecting something to be one way and finding that it is, in fact, something different.
If you need any inspiration on hard work, check out our Alloy founders. You’ll see a group of smart, driven, professional people that wake up every day prepared to get themselves fully to their new business. This is the humble, attentive mindset needed to make any new franchise a success.
Ego: The Enemy of Successful Companies
We’ve all heard horror stories of ego-driven founders riding their employees into the ground, missing apparent opportunities, and creating corporate cultures that nobody wants to touch with a 10-foot stick. Unfortunately, ego has long since been associated with success in the corporate world. The good news is those times are changing. Today, the most successful entrepreneurs are the ones who understand not only how to abandon their ego when they’re running their businesses, but also who understand that following a proven system is a respectable and acceptable way to change the world.
Here at Alloy, we love those intelligent imitators. By focusing our business on providing a streamlined, comprehensive model for franchise owners who want to work hard and grow a great company, we have created a corporate culture that focuses on humility, honesty, and community. For the first-time franchise owner, the Alloy franchise solution provides all the systems and tools you need to be successful.
We’re not reinventing the wheel.
There are dozens of gyms out there, dozens of ways to get fit, and dozens of fitness franchises that you could invest in. What makes Alloy different is that we target the active aging population and care genuinely about every franchise owner, their families, and their clients. It’s one thing to approach business from a place of ego, to assume that you have to be the first and the greatest of everything you do. It’s another to go into business to help others.
Here at Alloy, we believe that there is honor and respectability in improving upon something that already exists, and finding ways to extend it to a greater base of people.
Ready to learn more about the Alloy opportunity? Get started today.