For 17 years, I’ve been helping people buy and build non-food franchises.
Most are first-time business owners who kiss the corporate world behind.
And, many have built incredible businesses with surprising franchises.
Once they were able to unleash their talent and potential in a limitless environment, they took off and never looked back.
And, interestingly, many started their franchise journey in their 40’s or 50’s (kind of like a second chapter).
Here are the three big things I’ve noticed the high-performing-first-time franchise owners have in common…
High Performers are Humbly Ambitious
Ever heard the saying “Stay hungry. Stay humble?”
Well, it sums up these high performers’ mindset.
These high performers are building their businesses to achieve something personal.
They typically have a fire in their belly to build wealth and create an amazing lifestyle they can’t get in the corporate world.
Building their own successful business is the only option that can satiate their hunger and desires.
They don’t have the ‘Big Idea’ so they turn to non-food franchising.
Here’s where it gets interesting…
It’s not just about money.
Now, don’t get me wrong, they love the upside of unlimited earning potential, creating an income-producing asset, enjoying unique tax advantages, and controlling their income, but there’s something else very personal driving them.
It’s as much about lifestyle and liberation as it is about money.
They have a ‘Why’ and it’s their North Star.
It’s what fuels them.
For most high performers, success looks like…
…building a multi-million dollar operation that runs without their full-time involvement
…spending more time with their family, and
…living a lifestyle that enables them to do what they want when they want.
And they embrace the journey to get there.
Ok, now the humble piece.
They become students of the business, embrace it, and execute the living sh!t out of it.
They master the unit franchise model by learning from the franchisor and other high-performing franchise owners in the system.
Interestingly, they’re typically not the smartest people in the room and they’re comfortable with that.
Rather, they figure out ways to get into the room with people they can learn from.
And many times these ‘smarter’ people are other high-performing franchise owners within their system.
This humility helps them be avid learners.
They’re not afraid to ask for help and get opinions.
They can check their ego at the door, learn from others, and implement what they learn.
All of this results in figuring out how to become great operators.
Which brings me to the second point.
High Performers Achieve Through Other People
They can channel this humility and ambition into building a strong team which they achieve results through.
Their team likes them.
And wants to be a part of what they’re building.
These high performers can show their team a path for growth and engage them to become a part of something fun and rewarding.
They aren’t always the most charismatic leader.
But people like them.
And they know how to get sh!t done.
So their team believes in them.
And their people follow them and get sh!t done for them.
High performers remove obstacles, show people how to be great at their jobs, and hold them accountable for getting sh!t done.
And, now the final point.
High Performers Buy A Business (Not A Passion)
Bottom line…these high performers figure out the right franchise to invest in and operate.
They want a business.
Not a passion or a hobby.
They know they can use the right franchise to build a business that enables them to enjoy their passions and hobbies in their spare time.
This may seem like a “no duh” comment.
But you’d be surprised what some people consider a “good” franchise.
You see, you can be humble, ambitious, and an amazing operator, but if you get involved with the wrong franchise, your life will be a lot harder than it needs to be.
What a good franchise looks like is a post for another time, but the point is, the franchise system you get involved with matters (a lot).
The high performers understand this and carefully evaluate every franchise they consider.
They’re opportunistic across industries.
And, guess what?
Most of the high performers end up investing in a franchise…
…they’d never thought about…
…they’d never heard of…
…they have zero experience in the industry…
By peeling back the onion on these emerging high-quality franchises with an open mind, they can do a proper analysis on the numbers, systems, franchisor, and its potential.
The key is they have an open mind and know what indicators to look for.
They also know who to talk to to find the quality franchises quietly expanding across the country at any given time.
They are generally agnostic to the service (except they know they don’t want food franchises).
For instance, you’d be surprised how many guys I know who own successful hair salon franchises.
I’m talking “guys guys” kind of guys.
Like, if you met these guys, you would have a hard time believing they own a bunch of hair salon franchises.
So why do these guys own hair salons (and never cut hair themselves)?
First, it’s a profitable business (everyone needs to get their hair cut, right?)
Second, these franchises are set up for multi-unit semi-absentee ownership.
Third, it’s scalable (once you get the first one open, it’s a lot easier to open additional locations).
So, there’s one example of a surprising category a lot of high-performing franchise owners I know have gotten involved with.
I’ve seen high performers in other types of non-food franchises like…
Health and wellness
Education and kids enrichment
Other beauty franchises
And I’m starting to see it in the pet space.
The key is these high performers want to swim downstream and roll with the trends (not blaze their own trail and reinvent the wheel).
Buying the right franchise makes it a lot easier to build the business and life they want.
Most of these high-performers are normal people.
Many accidentally discovered their superpowers once they took the corporate shackles off and started playing in a limitless environment.
They didn’t have lots of family money behind them and weren’t any more talented than you and me.
What they did have is a burning desire to build their own successful business so they could create the lifestyle and income they wanted on their terms.
…And so they worked hard to find the right business.
…After they found it, they worked their asses off to build it.
…As they grew it and the business matured, they built it to allow them to enjoy the lifestyle they wanted.
I hope this has helped you get some insight into the world of franchising.
If you ever want to talk and kick around some ideas, reach out anytime.