When investing in a franchise, what do we look for? Profit potential? Work-life balance? A supportive franchisor? In fact, we are responding to an ‘evolutionary’ itch to fulfil our basic human needs… even when selecting a business to invest in.
Here, ActionCOACH UK co-founder Ian Christelow explains how franchise models should endeavour to satisfy our basic human needs. Drawing on Maslow’s hierarchy of needs and insights from Tony Robbins, Ian highlights how these needs correspond to what you should consider when investing in a franchise.
What is Maslow’s hierarchy of needs?
Abraham Maslow, an American psychologist, introduced his hierarchy of needs in 1943. This framework categorises human needs into five levels – typically depicted as a pyramid. At the base are basic needs such as food, water and shelter, which must be satisfied before focusing on higher needs like safety, relationships, self-esteem and personal growth. Maslow believed that as each level fulfilled, we are able to move to the next.
But how does this relate to franchising? You might be surprised… Maslow’s hierarchy of needs aligns remarkably well with the franchise model. Below is just a snapshot of what I mean:
Physiological
At the foundation of Maslow’s hierarchy are our most essential needs, such as food, water and warmth. In franchising, this is reflected in the need for certainty – through a proven business model, with lower risks compared to starting independently, and the added support of high street banks. These are the key essentials any reputable franchise should deliver. For example, ActionCOACH offers a guarantee of a minimum £10,000 starting income in your first seven months, ensuring a strong financial start.
Safety
The next need to address is our safety, which encompasses health, personal security and financial stability. A good franchise should provide a sense of safety by offering a comprehensive training, a tested business model and ongoing support. This serves as a safety net, ensuring that if you’re ever ensure or in difficulty, the franchisor is there to help.
Love and belonging
Humans are social beings and connections are essential. Being part of a franchise provides access to a network of fellow franchisees, ensuring you never feel isolated. A good franchise will offer plenty of opportunities to connect, both virtually and in person, fostering a sense of community and meeting the need for belonging.
Esteem
The next level is esteem, which involves gaining respect and recognition both from yourself and others. Franchisors should offer opportunities for recognition, often through internal conferences and award ceremonies that celebrate franchisee achievements. This is a great way for franchise networks to acknowledge hard work, boost confidence and instil a sense of pride within the community.
Cognitive
As we ascend the hierarchy, the needs become less basic. Cognitive needs are next – the need for creativity, curiosity and continuous learning. Franchising should always provide opportunities for growth, with franchisors offering ample resources to keep you learning and evolving. Running a business naturally brings new customers and challenges, helping you grow along the way. At ActionCOACH, there is a strong emphasis on continuous improvement, with constant access to expertise through various events, podcasts and industry events.
Aesthetic
This level relates to our desire for beauty and harmony in our surroundings – both physically and in the satisfaction, we gain from meaningful experiences. Franchising offers the chance to create this by building a legacy, whether through positively impacting your local community, fostering connections through your business, or expanding into multiple regions to spread your influence. It’s all about avoiding the mundane and crafting something you can truly be proud of.
Self-actualisation
The pinnacle of Maslow’s hierarchy is self-actualisation, embodying our desire to reach our fullest potential. By choosing a franchise that aligns with your passions – whether in fitness, education, food or another sector – you have the opportunity to express yourself and make a meaningful contribution to society. This level is about pursuing your goals, personal development and giving back.
Investing in a franchise is an ideal way to fulfil your human needs. By selecting a franchise that reflects your passions, you are embarking on a journey that can positively impact lives, including your own.
To find out more about the franchise opportunities ActionCOACH click here.
