The words “challenges” and “concerns” may sound negative, but are they actually? We’re going to discuss the roles that those two words play in the world of franchising and if they are really as negative as they sound.
You’ve probably heard the words “challenges” and “concerns” a million times in your day-to-day life. For example…
Do you have concerns over what to get your spouse for Christmas?
Do you have concerns over your favorite football team making it to the playoffs due to the challenges you see in their offensive line?
But more importantly, we’re going to talk about challenges and concerns in the context of franchising. Are these words really as scary as they sound, or is there something lurking behind them that actually makes them important and productive?
Let’s Talk About Concerns
Challenges and concerns are two words that our clients tend to use during the Discovery Process, which is the 6-8 week vetting process that FranCoach takes clients through to find the best franchise for them to own.
Depending on the context in which we use these words, they can sound incredibly negative. But upon further examination, they can yield insight into finding the perfect franchise for you to own. We’ll break it down with an example.
Let’s say that we have just introduced you to three franchises. Normally, these franchises are in industries that you have little to no experience in, so you are working from surface-level knowledge and perceptions. A client might say, “I have a concern about the staffing requirements for Franchise X.”
Now, there are two varieties of concerns out there. First off, there are concerns that are legitimate issues that end up being deal-breakers. Those ultimately will come up because clients are clearly not going to own all three of the franchises that we start them with.
But the other type of concern, the one that simply stems from not having enough information, is much more common. At the beginning of the process, concerns almost always fall into that second category. They are often based on a preexisting bias or other lack of information.
Case Study: The Senior Care Industry
For example, take the senior care industry. When we suggest that this industry may be a great potential match for a client, we sometimes hear concerns like…
The staffing seems too difficult
There will be too much turnover
This sounds too difficult
It seems like this will take too much time.
At the beginning of the process, these concerns are pretty much based on preconceptions about the industry. That’s why we have the 6-8 week Discovery Process: so that clients can learn as much as possible.
Now, fast forward to a little bit later in the process. Let’s say our client has had a few calls with the franchisor, and we have possibly even had a call or two with existing franchise owners. During that time, we have heard about all the ways in which the franchisor is going to support you as the owner in terms of hiring, paying, maintaining, and incentivizing the staff of caregivers.
You are going to get to learn about all of that. You will also learn about the difference you can make in your community not only in terms of caring for seniors but also in terms of being a prominent employer. Once we hear about all of that, one of two things will happen.
You will get excited about the opportunity and realize that your initial concern just came from a place of not having enough information. After getting the opportunity to learn more and fill in the blanks, your concerns will be assuaged and you’ll be ready to get started in that industry.
On the other hand, your concern might still be there. If you are still having significant concerns about the industry or the franchisor, then maybe it isn’t the right fit – and that’s okay! Those concerns have become dealbreakers, but you have gained information about what you don’t want.
Let’s Talk About Challenges
It is easy to see how the word “concern” sounds negative, and the word “challenges” can have the same negative undertone. Let’s dive into another example to illustrate how and where challenges come up in FranCoach’s process.
Imagine that we are introducing you to Franchise Y, which is an emerging franchise, meaning it may have fewer locations, it has been around for less time, or it doesn’t have anything in your market. For instance, if you are located in Phoenix, Franchise Y may have 200 other locations around the country, but it hasn’t come to your area… yet.
So how would it look to bring Franchise Y into a new metro area? It may look like a challenge to take on that task, especially if you’re a first-time franchise owner (like many of our clients).
As we begin the Discovery Process and begin having conversations with the franchisor, we’ll get the opportunity to learn about how the franchisor will support you in launching your business – whether in a new market or an existing one.
You will also get the chance to talk to other franchise owners, some of whom will have also been the ones to bring the franchise into a new market. Every franchise has had this situation, so the franchisor will already have policies and practices in place to support you. From these conversations, you will be able to get an idea of what it’s like to launch Franchise Y in a new market.
What Do You Do With a Challenge?
Oftentimes after hearing from the franchisor and other franchise owners, clients have a mindset shift that makes that challenge look more like an opportunity. As FranCoach’s CEO Tim Parmeter says, “Man, that’s an awesome challenge! I am up for that challenge!”
It might have initially seemed like a challenge or hurdle to take Franchise Y into a new market, but those conversations, perhaps it seems more like an opportunity to be a trailblazer – both for the franchise and for yourself. It also might be an opportunity for you to dominate the market in that area and expand to more locations. The possibilities are endless.
On the flip side, you might have those conversations and realize this type of “challenge” is not the right one for you. Perhaps, in this scenario, you need something more proven or you are not willing to be the first in your metro area. Either way, it’s the education piece of this process that helps clients ultimately find their perfect match. Whichever side you fall on, you know more about finding the right fit for you.
Find the Challenge You Want to Take On
Let’s be honest: If you are not up for a little bit of a challenge, then franchise ownership probably isn’t right for you. But when you hear about a challenge that gets you excited, gets you amped up to find solutions, and gets you pumped to get out of bed each morning – that’s a sign that you have found a perfect match.
Concerns, Challenges, and Dealbreakers
At FranCoach, our processes and coaching strategies are designed to help you learn more about franchising and find a franchise that’s the perfect fit – or assist you in finding out that franchising isn’t the right move for you at the current time.
When clients bring up concerns or challenges early in the process, we are not afraid to be blunt and say “Look, that’s not really a concern until you have more information.” We will help you get that information and have the conversations that you need in order to make a decision that you feel comfortable and confident in.
If that concern or challenge persists as a hurdle once you have gathered all the relevant information, then it is not really a challenge or concern anymore. Instead, it’s a dealbreaker. But oftentimes, those perceived concerns or challenges will be resolved once you have all the information.
There is no one-size-fits-all answer in franchising. It is an incredibly personalized and individualized process. The journey we take people through allows us to get a great understanding of what our clients want. We can help you discover what is best for you.
Who the Heck Are We?
You might be wondering where all this “challenges and concerns” insight is coming from. The answer? FranCoach. We’re a national search firm dedicated to working with individuals who are interested in owning a franchise. We've partnered with over 600 of the top franchisors in the country, spanning nearly 70 industries.
Our goal with clients is to help them find the absolute best franchise for them to own. Our goal with our Franchising 101 podcast series and this series of informational blog posts is to help educate people on all aspects of franchise ownership.
Reach out to us to learn more about potentially becoming a franchise owner. There’s never any fee for our service, so why not take the first step today toward your better tomorrow?