3 Mindset Tips for Franchisors

mindfulness tips for entrepreneurs

Here’s How Franchisors Can Overcome Mindset Hurdles that can Hold them Back from Growth and Success

Every franchisor wants a profitable, thriving franchise system. Achieving this goal requires strong leadership, financials, franchise development, grit, and self-awareness. No big deal – right?!

As a company that focuses on creating solutions for franchise system performance, both established and emerging franchisors ask questions like:

  • How do I find the right franchisees?
  • How do I make my franchisees more profitable?
  • Should I franchise my business?

Having had the opportunity to work with many franchisors over the years, my company helps franchisors see that the biggest roadblocks are actually not the questions above, but the limiting beliefs they hold around value, success, and leadership.

The problem with these limiting beliefs is that they are very hard for an entrepreneur to recognize on their own. In fact, often when we take the time to help franchisors recognize a limiting belief or mindset that is in their way, they get this look on their face like, “OMG, how did I not notice this before?!”

We can help franchisors learn how to support franchisees for optimal profitability until they are blue in the face, but if they have self-doubt or people-pleasing traits, those traits are going to show up and make it extra hard to build credibility and trust. Getting clear on what is holding you back so that you can face it, often just by seeing it for all that it is (i.e. a limiting belief), will exponentially increase your growth momentum.

As a franchisor, there is a need to be EXTRA aware of your limiting beliefs and know how to overcome the mindset hurdles put in place, because others (your franchisees) are investing in you as a leader. Get a peek into some of the most common limiting beliefs we see show up in franchisors and ideas for how to tackle and overcome them.

Self-Doubt

Self-doubt manifests as questions like…

  • Am I smart enough?
  • Is my business model good enough?
  • Am I a good CEO?
  • Am I a good enough leader?

This kind of doubt can often come up when you’re talking to franchisee prospects who are asking questions like, “Why should I invest in this business?” or “What do I get for the franchise fees/royalties?”

It can feel overwhelming to answer these questions as a newer franchisor because you are learning and growing as well. This is where self doubt can creep in.

To move past your self-doubt, you must learn to have self-awareness when you experience it. Does it come up in bank meetings? Late at night? Learn to notice the signs of self-doubt and create strategies for helping you feel more confident.

A few more ideas for building self confidence…

  • Surround yourself with people who believe in your mission and have validated your abilities.
  • When self-doubt creeps in, reflect on the conversations you have had that raised you up or even reach out to these people who make you feel strong.
  • Remember the successes that got you here and how hard you are willing to work to make this work.
  • Write down your WHY in a journal or even on your phone.
  • Keep positive affirmations everywhere! Sticky notes or the screensaver of your phone are great spots to put affirmations.

Perfectionism or People Pleasing

When we worry too much about the consequences of a potential mistake, we can actually slow entire processes down and limit our potential for growth. Analysis paralysis is a very real issue! Especially as a franchisor.

One way to overcome this belief and gain momentum is to play it forward. If I take this action and it isn’t perfect, what are the consequences? Assess how much ‘damage’ you are really going to do by not being perfect. Taking action before we are ready gives us a very quick answer of whether it was the right action to take or not. If not, note what you learned and move on.

Another way to overcome this challenge is to outsource tasks to others. This takes away the hurdle of you analyzing a situation and never taking action — because other people will be taking the action! And they are likely much better at that specific task.

Lastly, keep in mind that taking action before you are ready will inspire your franchisees and team to do the same. For the most part, people are not expecting perfection and often won’t even notice when something is not done ‘perfectly’. You’ll be amazed at how much more you will accomplish!

Lack of Boundaries

A lack of boundaries can look like…

  • Fear of delegating
  • Being proud of your response time
  • Having an open-door policy (meaning your team can always reach you)
  • Having unclear work hours

We have all made the mistake of having unclear or a lack of boundaries. As a franchisor, keep in mind that what you do as a leader models behavior and expectations for the rest of your company.

For example, if you have an open-door policy, you’re modeling for other team members that productivity is not a value you hold in the company. Whereas if you have “communication hours” each week and the rest of the week you are doing the deep work to move the business forward, this will model productivity and growth.

Limiting beliefs don’t just magically go away. But by acknowledging them and recognizing them for what they are (not the truth), you as a franchisor can become aware and work to overcome the mindset hurdles they put in place. By doing so, you will be able to more effectively scale, grow, and improve your franchise system.

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Angela Coté is the CEO and founder of Angela Coté (AC) Inc. and has been in the franchise industry for 25+ years as a franchisor, franchisee, and growth advisor. Led by Angela, the AC Inc. Team is on a mission to create transformational growth in the lives and businesses of franchisors and franchisees using innovative, actionable advice.
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