I frequently discuss the benefits of owning a business: unlimited cash flow potential, wealth-building, personal development, and freedom.
Knowing you are building towards a better future keeps you motivated when times get tough.
Being an entrepreneur is hard.
Building a new business, even a franchise, from zero is hard.
I’ve met many very successful people — entrepreneurs who’ve built tremendous wealth from nothing. There is one common trait they all share:
Grit.
What’s grit? It means you don’t give up. You continue to take action to achieve long-term goals.
Mistakes
I’ve made many mistakes running a business:
- Hired terrible people who destroyed a location’s reputation
- Said things to employees that I shouldn’t have said
- Lost a lot of money making stupid investments
You will also make mistakes running a business — a lot of them!
Nobody is perfect. Nobody is born with experience. It’s okay to make mistakes as long as you learn from them.
My hiring process has significantly improved. I refrain from saying certain things and am much more cautious about my investments.
Lawsuits
My company has been sued countless times over the last decade:
- Customer damage claims
- Discrimination
- Slip-and-falls
You will also get sued. Almost all are bullshit claims represented by billboard-buying, ambulance-chasing, 100%-contingency attorneys.
These lawsuits will piss you off. They will cost you (or your insurance company) tens of thousands of dollars. Some may cause you sleepless nights worrying about the worst-case scenarios.
You will get through all of it.
Cash Flow
Every business goes through seasons: summer, fall, winter & spring.
In the summer, everything is sunny and warm. Business is growing and you feel great.
In the fall, you are harvesting all the cash flow. Business peaks.
In the winter, it’s dark and cold. Business is tough, and cash flow is tight. It’s easy to get in a rut and be negative.
Then spring comes. The flowers are blooming and everything starts to pick up. You start stacking wins and smile more.
Every business goes through this cycle. For some businesses, it literally matches the seasons. For others, this cycle happens over the course of a couple of years.
The “Right Now” Culture
We live in a culture where everyone wants everything right now.
I’m just as guilty. I want packages delivered within hours. I expect to see immediate improvements in my team.
You need to find a balance between driving results and having patience.
If you drive too hard, you could wear out your team. If you don’t drive hard enough, you won’t achieve results.
It’s All Worth It For Freedom
We’re all chasing the same thing: freedom
Freedom to spend money on whatever we want: houses, cars, toys, & more.
Freedom to spend time with people who inspire us.
Freedom to travel anywhere in the world.
Entrepreneurs suffer through all these issues because freedom is worth it. There is no limit to what a business owner can achieve in this country.
There are many different vehicles for building freedom. Franchising is just one of them. It works for me and has worked even better for Greg Flynn, the largest franchisee in the world.
Greg started with 8 Applebees in 1999 and has compounded the business for 25 years. Today they have 2,600+ units generating over $4.5 BILLION in annual sales.
Why Not You?
If I can do it, if Greg can do it, and thousands of other ordinary people can do it, ask yourself….
Why not you?
It’s not easy but it’s also not rocket science. Franchising helps by simplifying the process.
A franchise provides a proven playbook, training, support, and partnership from day 1.
It’s up to you to execute.
