The Pursuit of Profit
Franocity’s entire business model is built around providing the expertise and support an investor needs to succeed in what may be the biggest investment they ever make.
If you’re interested in starting a business or buying into a franchise, talk to us before you do anything else and book a free 30-minute consultation using this link.
Hi Reader,
We work with clients all the time who want to start a business, and one of the reasons they don’t follow through is both simple and complex — they don’t believe in themselves.
Yes, entrepreneurship is difficult. In fact, owning a business is the toughest challenge we’ve ever taken on. But aside from fatherhood, we’ve never experienced anything in this life that can replace the exhilaration of creating and sustaining a business.
So, how do you find the self-confidence you need to say yes to an opportunity? Science.
The science of self-determination
In the 1980s, behavioral science researchers Edward Deci and Richard Ryan introduced a concept they called *self-determination theory.*
The theory answers — in part — the mystery of where self-motivation comes from and the intangible skills that help people do difficult things.
Essentially, when humans believe they have agency in their own lives and can influence their future based on the choices they make, they’re much more likely to experience growth and success – even when the pursuit of such ambitions are difficult.
Allan Young — a recent guest on Pursuit of Profit — is the founder and CEO of Art of Drawers, a franchise brand that builds custom kitchen and pantry cabinet drawers for existing spaces. Before he was even in high school, Allan had already started more than a dozen businesses.
In his book, Disruptable: Break Away from Ordinary, Allan lays out three components to success — autonomy, competence, and connection.
Today we’re zooming on connection.
One of franchising’s biggest strengths is a built-in community of people building the exact same business and employing the exact same brand blueprint that has already demonstrated to be a revenue producer.
The right community builds confidence
Having access to a community of people gives you access to people who have been – or still are – where you are.
Hearing their stories of struggle and success gets into your head the idea that “if they can do this, I can, too.”
The right community gives you the resilience to fail — and celebrate lessons learned
As a society, we’re taught that failure is shameful. That it’s something you’ve done wrong and can never recover from. And that’s a complete lie.
We’ve experienced failures in business — bad decisions, bad luck, unforeseen economic challenges.
But because we’ve surrounded ourselves with people who have been there before, they can show us how to apply the hard lessons learned and how to get back on track.
We learn to be grateful for and celebrate failure because we grasp unique truths we never would have experienced if we achieved immediate success.
And we apply what we’ve learned, which leads to greater success than we previously accomplished.
The right community is safe for sharing the crappy days
After we get our clients set up with a brand, we follow up after the first six months or so, just to see how things are going and where they’re experiencing a snag. Because there’s always a snag.
Sometimes we can help them but sometimes our job is to remind them, “Hey, that’s probably something you can ask the franchise team about. I’m sure someone else in the system has gone through the same thing.”
So just the reminder that “Hey! You’re paying a royalty to have access to people who can help you” can do so much more than solve the problem. It gives our clients the confidence that next time they run into an obstacle, they have the resources necessary to navigate the issue because, among other things, the franchise — and every licensee in the system — is financially invested in your success.
Believing you have agency over your life, believing your choices impact your future — it’s a difficult skill to develop. And you can’t do it alone. Nor do you have to.
If your gut is telling you it’s time to start a business — but your head is telling you that you don’t have what it takes — it’s time to find a community of people who can help.
And the best way to find a community is becoming a franchisee.
See you next week!
The Franocity Team
P.S. With thousands of franchise brands to choose from, it’s impossible to know which opportunities are right for you. Let the Franocity team be the next choice you make toward finding a community that believes in you. Schedule a free 30-minute call now.