The Ultimate Guide to Responsible Franchising

Chapter 3Setting Your North Star

My friend and partner, the late great business guru Harry Loyle, used to say, “A small business exists ultimately to benefit ownership.” Before you begin to look at franchises, I recommend you have your goals well-articulated and prioritized. Answer this question: “What does winning look like to you?”

Starting a business is a taxing and emotional undertaking, especially for the first-time entrepreneur. For the seasoned, serial entrepreneur, not so much. Your goals need to be big enough, and the pain of doing nothing and not living the life and career you desire has to be painful enough, to endure the frustrations of the startup and propel you through the learning curve of your new business. If your stated goals aren’t worthwhile or your pain is tolerable, predictably you will do nothing other than what you are already doing. You need to set your North Star.

Coming home from another long business trip, Ken dragged himself out of the car, pulled his suitcase out of the trunk, fiddled to find his house keys, and opened the door to his North Carolina home. “Home at last,” he thought. As he walked into his kitchen, his two-year-old son stared at him in horror. Terrified of “the stranger” who unexpectedly broke into his home, his son ran and hid behind his mother for safety. At that moment Ken made a bold decision. “I will not be a stranger to my children.” With that decision, Ken was one step closer to owning a franchise. Months later, Ken was franchisee ...