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Thursday, October 1, 2020
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For love and money

Everyone will tell you that going into business by or for yourself is hard work.

Many choose to do so with the support of a franchise system. What motivates people to go into a franchise business?

Towards the top of every list or survey are three areas:

  1. Financial independence – the desire to either make money, more money or to have control of one’s income and financial situation.
  2. Freedom – we have all seen the adverts and had the dream – stop working for the man and work for yourself. Self-determination is a major driver, to follow an interest or do what you want to do.
  3. Working with family or loved ones – this also rates high up the list of why people start or go into a business of their own.
Which of these motivators lead to or are related to success?

Let’s start with the working with family or partners proposition.

In franchising, the statistics are overwhelming: a family structure that is supportive towards the business is a key success factor1.

However, the success statistics for actually working with family are definitely mixed.

That leaves us with love – the desire to do your own thing, and money. Which do you pursue, for love or money?

Start with a simple question.

Can you see yourself in the business or franchise, will you be motivated to get out of bed every morning, will you actually enjoy the “doing”?

If not, then move right along. Money alone is not going to work for you, otherwise you probably would have kept that steady income.

If you can see yourself being happy “doing”, then choose the brand that best represents the doing for you.

You would have found your brand passion. Without it, success is highly unlikely.

I’m most certainly not a Millennial, but Simon Sinek’s Start with Why2 resonates. Why, speaks to more than happiness, it speaks to purpose, to passion.

The real reason behind the what and the how. I buy into the belief that this matters more than anything.

In the context of a burger franchise, Sinek’s view would explain; the what is “we make hamburgers”, the how would be “using the freshest and finest local ingredients we could source”.

But the why, to “lead the way for delicious healthy food in the burger market” will be the most engaging element, and the real driver for franchisee, employees, customers and ultimately success.

No mention of money? Employees are unlikely to be motivated by your desire to make money, your customers most definitely will not.

Why, is the universal reason to believe.

So am I saying don’t worry about the other elements, or that the money doesn’t matter? Absolutely not, and again this is where franchising can play to its strong suite.

Franchising can provide opportunities to match your passion, or why element, with a proven business and turn the passion into money.

How then do you prevent the pitfalls of love?

Do your research to find your brand passion. Do and check the numbers.

Work out what you need to earn and ensure that the system can produce it. Seek and take professional advice.

It is possible to have the love and the money.

1 Franchise Relationships Institute. 2 Simon Sinek – Start with Why 2009

Nathan Bonney
Nathan Bonney
Director of Iridium Partners. He can be reached at nathan@iridium.net.nz or 0275-393-022

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