How to Buy a Franchise with an Entrepreneurial Mindset
One of the main reasons people pursue entrepreneurship is to be their own boss. The question is, how can they make that happen? Most aspiring entrepreneurs decide to start their own business. Eventually, they come to a fork in the road.
Are they an “entrepreneur” or just a business owner?
Everyone has their own definitions, but most agree that an entrepreneur has a big idea. They may not end up running the business. Often, they build it up and sell it.
A business owner may inherit or purchase the company from someone else. They approach the enterprise as something to grow or improve rather than build from scratch.
This difference is especially noticeable when you end up working in your business rather than on it.
Your entrepreneurial path is unique. However, you don’t always need to start from scratch to wear that entrepreneur badge. And you can be a business owner without sacrificing all your waking hours to it.
Franchising is a great middle ground. It’s how I got my start, and it shaped the way I pursue my enterprises today.
The good news is that you can still enjoy that entrepreneurial freedom with franchise ownership.
Here’s how you can pursue entrepreneurship as a franchise owner — and enjoy that freedom.
Create Your Freedom
“Being your own boss” can lead you straight to burnout if you’re not careful. Business ownership seems like freedom until you end up working long hours to keep it afloat. As the joke goes, “I quit my 9–5 to start my own business. Now I work 24/7.”
Whether you’re starting from scratch or buying a franchise, the same core principles apply. You need the 5 Ps of entrepreneurial freedom:
Promise: your core values and what you promise your customers/clients
Profit: the difference between your revenue and your expenses
People: the employees, contractors, stakeholders, investors, and of course, the customers/clients