Hey everyone, Giuseppe Grammatico here, your Franchise Guide. Welcome back to the Franchise Freedom Podcast! Today, we’re tackling a couple of absolutely critical topics for anyone considering the leap from the corporate world into franchise ownership: seeking the right advice and developing the essential entrepreneurial mindset. I recently had a great chat with fellow franchise professionals Dan Claps and Natalie Gold, merging our podcast audiences for a “meeting of the minds,” and some key themes emerged that I knew I had to share with you.
As a franchise coach dedicated to helping executives like you find time and financial freedom, I see firsthand how crucial these elements are. Getting the right guidance and approaching this journey with the right perspective can truly make or break your experience.
Be Selective: Whose Advice Are You Taking?
When you’re thinking about a life-changing decision like investing in a franchise, it’s natural to seek advice. But who are you asking? This is paramount.
My strong advice is this: talk to people who are actually in the industry you’re considering. If you’re looking at franchising, talk to a certified franchise consultant or successful franchisees. If you’re exploring tech, talk to tech advisors. Why? Because industry-specific knowledge matters immensely.
I can tell you from personal experience, your well-meaning neighbor, your friend who heard something on TV, or even sometimes your family, might not have the relevant context or understanding. Dan Claps shared during our chat that in all his business ventures, not once did a family member initially say, “That’s a good idea!” It often comes from a place of caution or fear for you, not necessarily informed insight into the specific franchise business opportunity.
Even professionals you trust in other areas might not be the right advisors for this decision. I once had my own accountant tell me I couldn’t make money with my first franchise. Guess what? I made money, and I found a new accountant who understood business ownership better. Financial planners, while valuable, might also have a bias, as Natalie Gold pointed out. Their compensation is often tied to the assets they manage for you; advising you to move a large chunk of those assets into a franchise might conflict with their own business model.
The lesson? Seek advice, but be incredibly discerning about the source. Ask yourself: Does this person truly understand franchising, the specific industry, and the realities of business ownership? Or are they projecting their own fears or biases?
The Most Important Advisor: Your Spouse/Partner
While we’re on the topic of advisors, let’s talk about the most critical one: your spouse or partner. This isn’t just about getting their “permission”; it’s about partnership, shared understanding, and setting realistic expectations for the journey ahead.
As Dan bluntly put it, “You either do something to your spouse or you do it with them.” You absolutely must involve them in the process from the early stages. They need to understand the “why” behind your decision, the potential sacrifices involved (especially in the first year – maybe fewer vacations, maybe longer hours for you), and the long-term vision you’re working towards (time freedom, financial security, legacy).
I always encourage couples to attend initial calls together. Even if one partner plans to be less involved operationally, having them hear the information firsthand prevents misunderstandings and ensures everyone is on the same page. My wife joined my first call, understood the risks and rewards, offered her support, and then trusted me to run the business while she continued her career. That open communication and shared understanding were vital. Don’t make buying a franchise a secret you spring on your partner later – that’s a recipe for unnecessary friction.
The Mindset Shift: From Employee to Owner
This is perhaps the biggest hurdle I see corporate executives face. Years in a structured environment condition you to think a certain way – about security, steady paychecks, defined roles, and perhaps, immediate results. Transitioning to franchise ownership requires a fundamental mindset shift.
- Instant Gratification vs. Building an Asset: Natalie nailed it when she discussed the expectation some people have of replacing their six-figure salary in year one. While possible in some rare cases, it’s not the norm, nor should it necessarily be the primary goal initially. The first year is about learning, implementing systems, building a foundation, and reinvesting profits back into the business. Think long-term asset building, not just immediate income replacement. Taking too much out too early can starve the business of the resources it needs for marketing, staffing, and growth. You’re building enterprise value, often realized more significantly down the road or upon exit.
- Worker Mentality vs. Business Builder: Are you looking to buy yourself a job, or build a scalable business? Natalie pointed out the red flag of people overly fixated on the day-to-day tasks (“the widget”) rather than the potential freedom and growth the business model offers. A true business owner focuses on systems, teams, and strategy, aiming to eventually work on the business, not just in it. This requires vision and a willingness to delegate.
- “If the Business Works…” vs. “I Will Make It Work”: Natalie also hit on the tentative mindset some bring: “If the business works, then I’ll commit/leave my job.” True entrepreneurs have a different mentality: “I will make this work. Failure is not an option.” They run through walls, as she put it. This doesn’t mean being reckless, but it means having grit, determination, and taking ownership.
Follow the System & Take Accountability
You’re investing in a franchise primarily for its proven system. Yet, a common failure point is franchisees deviating from that system, thinking they know better, especially concerning core elements like marketing or operations. As Dan emphasized using his driving analogy, it’s usually the driver, not the car (the franchise system), that causes the crash. Learn the rules before you try to break them. Master the system as designed first.
Furthermore, take accountability. It’s easy to blame the franchisor when things get tough, or for the franchisor to blame the franchisee. It’s a partnership. Yes, the franchisor has obligations for training and support, but the franchisee has the obligation to execute the plan, utilize the support offered, and communicate proactively when facing challenges. Don’t suffer in silence – reach out to your coach, connect with successful peers in the system, and work collaboratively to find solutions. Ego, as Dan said, is not your amigo.
Final Thoughts: Are You Ready to Run Through Walls?
Making the transition from a corporate career to franchise ownership is a significant undertaking. It requires careful consideration, thorough due diligence, the right guidance, and, crucially, the right mindset.
Be selective about whose advice you take. Involve your partner fully. Understand that this is about building a long-term asset, not just getting a new job with instant high pay. Embrace the proven system you’re investing in. And be prepared to run through walls with grit and determination, taking full accountability for your success.
It’s not easy, but the potential rewards – time freedom, financial freedom, the pride of building something of your own – are immense.
Are you ready to explore if you have the mindset and if franchising is the right vehicle for your goals?
Find the franchise that is a right fit for you at https://ggthefranchiseguide.com/right-fit
