Got your budget ready? Decided on a sector? Great. But if your mindset is a mess, stepping into the world of self-employment can get the better of you. Buying a franchise isn’t just a business move; it’s a whole new chapter of your life, and if you’re not mentally ready, you’ll feel it fast. It’s definitely not all doom and gloom though, so let’s explore the 3 core ways to build your mental muscle, getting you franchising fit.
Success as a franchisee isn’t just about building money in the bank. Think about why you’re looking to take on this new adventure. For so many franchisees, stepping into the world of self-employment though franchising is about building the work-life balance they long for, doing something they actually enjoy, and have a bit more autonomy in their life. So, with that in mind, you want to enjoy this next chapter don’t you? You don’t want to get bogged down in self-doubt, decision paralysis, comparison, self-limiting beliefs or burnout; which are all too familiar as a business owner if you aren’t aware of, and prioritising your mental fitness from day one.
Before you dive into business plans and bank meetings, be sure to not overlook the most crucial cog in your future business: you. Being ‘franchise fit’ isn’t just about financial readiness; it’s about mental readiness too. Building your self-awareness, resilience, and mindset really could be the difference between thriving and just surviving in your new venture.
A past experience of anxiety, burnout or any other mental health challenges shouldn’t dissuade you from this new chapter. Franchising for many is the start of taking control of how they live their day-to-day lives and feeding their passion, and many who have experienced challenges in the past actually carry more tools of self-awareness and resilience than others, making them well-prepared. However it’s vital to have awareness of, as a minimum, some of the common challenges for franchisees ahead of signing on the dotted line.
Our verify first Cinder National Franchise Wellbeing Survey results, published in June (closing end of April), will identify the real challenges faced across the industry, but first, anecdotally, we know that they key challenges include:
- Feelings of loneliness
- Thoughts of self-doubt and limiting beliefs
- Managing knock-backs, or things being tougher than anticipated
- Riding the ongoing highs and lows
- Stress and burnout
It is really important to note that not every franchisee will experience all or any of the above, but it’s equally important to go in with your eyes wide open to the realities of running your own business. To give yourself the best shot at success, (and enjoying the journey to it!), strive to develop and strengthen these three core areas of your mental fitness:
- Self-awareness – this is the fundamental element of mental fitness, being able to recognise what you’re feeling, when and why
- Resilience – learning how to navigate the ups and downs of business ownership, with added grit to keep going
- Balance – this is all about keeping why you’re doing this at the forefront, and keeping it the priority. It means remembering you are the most important cog in your business and so you must give your wellbeing the same (if not more) importance as you would to your P&L or marketing strategy.
Ultimately, if you are thriving, and following the model, your business will thrive too. When you’re deciding on which franchise to join, identify who shares this mantra with you. Who will continue to support you as an individual throughout your journey? How do they back that up? Key things to look out for as a minimum are: specialist wellbeing training for you and the team responsible for supporting you, a wellbeing policy, opportunities for regular contact between you, your head office and your network, and markers of success.
Franchising can open the door to an incredible future, but only if you consistently bring all of you to the table. Getting financially ready is a given, but building your mental fitness is what will keep you standing (and smiling) when the going gets tough. So before signing on the dotted line, take the time to sharpen your self-awareness and strengthen your mindset. Future you, the one running a thriving, happy franchise and actually loving it, will thank you.
