Do franchisees care only about money, or are there other considerations?
According to studies, self-employed people are much happier with their jobs than corporate employees. For example, in a recent survey of over 2,500 franchisees across 75 franchise systems, 87% said that operating their business was enjoyable and gratifying.
Of course, franchisees want to make money, and when asked to rank their motivations for purchasing their franchise, the most common response is to increase their own wealth. However, most are also driven by other psychological factors, such as the following:
Almost as many franchisees who prioritize creating money say they acquired their franchise mainly to have more flexibility in how they operate their lives.
Many franchisees indicate they acquired their franchise to avoid the politics, rigidity, and frustration of working for someone else.
Many people use their business to showcase their creativity and prove that they can attain success through their own hard work.
Franchisees frequently view their employees and customers as extensions of their families. Many individuals express strongly about the joy they get from mentoring young people, improving the lives of their customers, and giving back to their communities.
We all want to be respected, and many franchisees utilize their business to gain reputation and respect from their family, friends, and coworkers. Respect is typically underestimated until it is not shown.
Before you invest in a franchise, you should clearly understand your motivation.
Please schedule a brief call here so we can discuss what motivates you.