Unpredicted Entrepreneur Episode 62: Passion, Purpose & Profits

Unpredicted Entrepreneur

“I hear that question a lot and I think my response is probably always the same. ‘Don’t have analysis paralysis. Don't overanalyze everything.’ If you take too much time to analyze every little detail, your opportunities may pass you by, especially in the franchising world. With these brands opening as quickly as they are, you could lose your territory and your opportunity. Ask the correct questions, do your proper due diligence, and invest adequate time, but give in to analysis paralysis. You're buying into a franchise because the system is already in place; someone already figured it out. Because of our experience, our book of what not to do is really, really big. Our book of what to do is really small. We know a lot of things that don't work, and that's the point of buying into a franchise. You're not recreating the wheel by doing it on your own. We've already spent that time and that energy, so don't overanalyze. Just go for it. Trust the system.

Mindset matters and you will create your future. It all has to do with your mindset. If you know you can do it, you can do it. Small actionable steps lead to a great outcome. Just stick with it. Keep going. Have a positive mindset. Know that you can do it and you'll do it.”

There comes a point in your franchise due diligence process where you’ll start to hear the same thing over and over again from the franchisees you’re speaking with. Once you get to that point of redundancy and you feel like you’re not hearing any new information, you’ll know you’ve put in enough time. This is when you’ll know it’s time to make a decision - a “no” or a “yes” - either is fine but make the decision. If you can’t make a decision, the franchisor will make it for you by moving on to the next in line. Franchisors are looking for business owners who are decisive. Being stuck and unable to decide is not a quality they’re looking for in an owner. It’s okay to take ample time and you don’t want to feel rushed, but if you know you tend to suffer from analysis paralysis, be mindful of this as you go through the process. Maybe look to another successful business owner or someone who can mentor you.

We cover many current and relevant topics. A few include:

◈A business built from passion and purpose

◈How it’s possible to run a wellness franchise without a medical background

◈The benefits of staying in your lane in a partnership