In 20 Years of Business Ownership
Since 2024 marks my 20th year of helping others invest in franchise opportunities and transition into business ownership, I thought it’d be fitting to share the top 20 things I’ve learned in the process.
This journey has been full of twists and turns, highs and lows. But without all the failures and setbacks, as well as accomplishments, I certainly wouldn’t be who I am today.
While I could fill an entire book with all the things I’ve learned in 20 years of business ownership and consulting, much of it boils down to these essential themes. I have split this list up into two parts—stay tuned for part 2 next month. So, here are the first 10 of the top 20 things I’ve learned in franchising and life:
1. Doing hard things results in pride & resilience.
Pushing yourself beyond your comfort zones is one of the best ways to build up confidence. When you push past fear and insecurity and overcome obstacles, you prove to yourself that you are stronger than you think, and that sense of pride and resilience can never be taken from you.
2. The hustle is sold separately.
You can buy into a franchise and be taught and trained everything you need to know, but no one can make you execute. You have to work hard. Unlike some tasks and skills, the raw hustle can’t be outsourced. It’s up to you to apply what you’ve learned.
3. Business is an inside game.
It all starts from within. If you believe you will be successful, you will find a way. If you have big enough goals, you will push towards them. If you focus on learning, growth, and positivity, you and your business will grow and thrive. You will only be as successful as you think you can be, so think and dream BIG!
4. There is no such thing as work-life balance. You give your attention to what needs it each week or year and that may change.
As a mom, I’ve come to realize that this highly sought-after work-life balance is simply not possible. I believe that our priorities constantly shift and evolve.
Some weeks my focus needs to be more on my family and their priorities. Other weeks, my work is busy and I need to give my candidates more attention. That’s reality. The ability to juggle, adapt, and manage my schedule is important, but it will never be a perfect balance and that’s okay.
5. The four qualities of successful franchisees are (in my opinion): the ability to follow a system, implement the system, build relationships with people, and show some grit and resilience when things get tough.
Being able to follow and execute the system is obviously crucial in starting and running a franchise. Beyond that, if you want to be a leader for employees and the community, you have to be able to build positive relationships with them. The top 10% of franchise owners in any system are typically involved in their community in some way, shape, or form.
And along the way, there will be challenges. If you tuck your tail and run when things get hard, you’re going to do the same thing as a business owner. You have to dig deeper and push through if you want to succeed. Grit and resilience are critically important to success!
6. When good people lose their jobs, even though they’ve done everything right, it’s a nudge to bring them to a better place and use their potential in the right way.
Losing your job is not a halt in life; it’s a detour. Think of it as a sign from God or the universe that you were meant for something more. You were outgrowing your situation and needed a nudge to go out and find that next better thing. See this transition as a blessing and opportunity, not a curse.
7. Being a business owner is hard. But it is so much better than being an employee.
Every career and undertaking has its highs and lows. The entrepreneurial path is undoubtedly difficult and demanding—if it were easy, everyone would do it, right? However, it far outweighs the constraints of conventional employment. My worst day as a business owner is way better than my best day as an employee.
8. The two biggest mistakes people make in franchising are: becoming infatuated with the product or service instead of the business model, and not taking the sales responsibility on their own shoulders.
No matter how great you think the product or service is, it must first fit your goals, skills sets, and desired result. This, as well as sales, have to be prioritized. Yes, the franchisor can help you find some customers, but it’s important to cultivate multiple streams. Google could change an algorithm overnight that could change a franchisor’s whole marketing program. Be proactive and keep the responsibility of marketing and sales on your shoulders to ensure long-term success.
9. Mindset, mindset, mindset. Work on yourself, express gratitude, and show up as your best every single day. The rest typically takes care of itself.
The most successful people I’ve seen in any endeavor are the ones who show up, bring their best, and genuinely want to serve. The happier and more grateful you feel, the more those things will grow and return to you—the more easily details will work themselves out and things will fall into place.
10. The best investment you can make is in yourself.
Learning, growing, pushing your boundaries, doing things that scare you—prioritize personal development. The more you invest in yourself, the better you can be for other people and the more you will have to offer.
Again, stay tuned for 11-20 coming next month!
If you’re inspired by or resonate with these tips and are considering whether business ownership is right for you, let’s talk!
