Six Things You May Have to Sacrifice to Become a Success
Success does not come for free. In order to become a franchisee, you’ll have to make sacrifices and build your business from the ground up. You’ll need to make changes to your lifestyle and habits. You’ll have to consider new ways to save money. Here, we take a look at six things you’ll have to sacrifice in order to make it in franchising.
For most people, success does not come easy. It takes hard work, dedication and, most of all, time. In reality, there are no overnight successes. Behind every apparent short-term success story, there’s months and even years of sacrifice. In franchising, those first few years of business will demand an enormous amount of your time, but it will be worth it in the end.
Most successful franchises are owned by individuals who commit to building the business no matter what. Whether it’s long hours, sleepless nights, or working weekends, they’ll dedicate the time required to build their franchise.
When asked what it takes to make a business work, most people immediately respond with the obvious contributions – money, product, a business premises. However, it could be argued that a franchisee's most valuable commodity is their time. Without it, all the investment in the world is worthless. If you're going to make a success of yourself in franchising, you'll find you have to sacrifice your time.
2. Personal life
We all enjoy time away from work in different ways. Some people like to spend it with their partner or children. Others prefer to dedicate themselves to a hobby or passion. As a franchisee, it's important that you balance your personal and professional lives. If you don't, burnout and a growing sense of frustration are the inevitable outcomes.
That being said, all owners of franchise companies have to sacrifice some of their personal life to succeed. This is particularly true in the early stages of franchise development.
As with all sacrifices, it’s necessary to consider how far you’re willing to go to achieve your aims. In other words – what is too big a price to pay? It’s a good idea to set clear boundaries for yourself and establish a minimum amount of time you’ll commit to your personal life each week. If this sacrifice is likely to impact on family, it’s important to have an open and honest discussion about what lies ahead and how you’re going to ensure everything’s all right in the long run.
Everyone loves to indulge themselves now and again. There’s nothing wrong with a little luxury. However, franchisees need to be prepared to sacrifice any expensive or time-consuming luxuries they’ve grown accustomed to. As with any business venture, a new franchise really tightens the purse strings and demands all of your attention.
That's not to say that you won't be able to occasionally treat you or your loved ones to something special. It just means that, in the short term, those resources that were traditionally spent on little luxuries, will have to be diverted toward the business. In the future, when your franchise investment comes good and the business is firmly established, you’ll have plenty of time and money for the finer things in life.
The vast majority of people value stability in their lives. It allows us to anticipate what’s around the corner and ensures that we’re not exposed to nasty shocks and challenges that may prove difficult to overcome. Stability is what allows us to settle down, have families, and stop worrying about the future. It’s what many people crave and what a successful business provides.
Unfortunately, the price of long-term stability is short-term instability. Franchisees will have to sacrifice many of the things they've come to depend on in order to succeed. Having accrued enough capital to invest in a franchise, you'll spend the next few years in debt. Having held a 9-5 job, you'll now be working all hours of the day. However, sacrificing stability now allows you to build the stable foundations of the future.
5. A moment’s peace
Though they may not be as common as we like, there are times in our lives when we all sit back, breathe deeply, and clear our minds of all worries and concerns. This moment’s peace is essential in our hectic, non-stop, always-on culture. As a franchisee, it is even more difficult to find.
You'll struggle for a moment's peace for a number of reasons. There are the obvious time commitments, which naturally limit the opportunities available to stop and simply relax. However, you'll also have a lot on your mind. Running a business is not stress-free and even when you really want to switch off, you may find it difficult.
This is perfectly normal. During the first few years of business, there will be anxieties and concerns. With time, these will fade and be replaced with the stability, peace of mind, and financial success that you've always dreamed of.
Finally, all business owners have to sacrifice some sleep in order to succeed. On one hand, you'll lose sleep because of the long hours you'll be forced to work. On the other, there will be nights when you won't be able to close your eyes because there are too many things to think about.
Good businesspeople can function well with only a small amount of sleep. The best are those who are able to sleep no matter what's going on in their professional lives. Though sacrificing sleep may seem like a big deal at first, you'll soon become accustomed to pressures of business ownership and learn to sleep easy, no matter what's happening at work.
When you realise how much you have to sacrifice in order to succeed in the franchising industry, you may question whether you're making the right decision. If this occurs, it's important to remember that this is a short-term sacrifice for a long-term gain. In this sense, it doesn't have to be considered a sacrifice at all. Instead, think of it as an investment. You're investing a little sleep, peace, stability, and time now, so that you'll have more of it in the future.
The Editorial Team, Point Franchise ©
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