As I work with candidates on determining their criteria for a franchise business, I’m trying to dig deep to understand their “why.” This is the secret sauce that can help me most in matching them to the appropriate business model.
However, the surface answers are pretty consistent:
I want to control my destiny (autonomy)
We want to replace or make more income (security)
I want more freedom and flexibility (lifestyle)
We want to feel passionate about my career (meaning)
I think we can all agree these items are desirable. But it is a rare situation when we can have all four of these things at the desired levels, and in the timeframe we want them. Most of us have made tradeoffs – in our younger careers, for instance, we’ll prioritize security over autonomy and lifestyle.
In corporate America, as you get into upper middle management, there is a plateau where your career growth slows—there aren’t enough spots at the very top to spread around. And you become less willing to give up autonomy and lifestyle for what you realize is the perceived security of a corporate paycheck. Or, in the worst case, you are laid off outright.
As you do some soul-searching, you may even find you’ve been working your way up the corporate ladder for 20-30 years only to find it’s leaning against the wrong wall (credit to Stephen Covey). You want to choose a different path – you want meaning.
Which trade-offs or sacrifices do you have the most confidence you can make to achieve your autonomy, security, lifestyle, and meaning, goals? One of my colleagues recently put it this way:
Comfort and growth cannot coexist.
So, what parts of your life can you alter while starting a business? Which parts of starting a business are too (hot, cold, or scary) for you? What do you have the most confidence in—your skills, financial foundation, or grit and motivation? What mix feels just right?
I’ve found that many perceived tradeoffs or risks are simply a result of mindset. An irrational fear of failure, for instance. Layoff risk in your 50s can outweigh starting a business with a proven, controlled model. Consider entrepreneurship for stability. Can you give up some lifestyle comforts for a year or two to achieve long-term security and freedom?
Changing short-term behaviors (habits) to align with long-term goals is the secret to making a lasting change. Finding the right mix of those behaviors can put you on the path to freedom.
I’ve worked with hundreds of candidates to help find their Goldilocks franchise model, the one with the perfect mix for them. If your climb up the corporate ladder has stalled, let’s chat about your criteria for the business model that is just right for you.