There will Always be Challenges in Business Ownership, but the Right Mindset Helps Overcome Them
It is said that business success and achievement climb a wall of worry. Stated differently, there are always issues that make business growth challenging. There are factions of vocal skeptics who identify many conceivable issues and events that could impact and disrupt the business environment.
Today we are in the midst of a confluence of factors that have pundits concerned about the economy’s future. We are divided politically, there is war in Europe, interest rates are rising, asset prices are high, hiring is difficult, and the economy is questionable. All this uncertainty is causing people to assess what the proper next step in their life should be. If you are considering purchasing a franchise, there may be no better time than today.
Today, as we look at the world, we see many things that scare us, but the reality is there will always be fear and challenges to owning a business.
There are a number of factors to consider when deciding whether or not business ownership and franchising are the correct approach for you. You will assess your interests, motivations, budget, etc. And you will also have to decide if now is the right time for you. I am here to tell you that now is the right time.
The retort, of course, is that the economy is challenging, interest rates are rising, and hiring is difficult. Why would I join a franchise now?
Opportunities and The Wall of Worry
There are always things to consider and be concerned about but nothing that should stop you from doing it. Indeed, success climbs a wall of worry and, while counterintuitive, it creates strong growth environments. This is because many businesses take the foot off the gas during potential downturns, reducing marketing, staff and essentially destroying their growth opportunities.
This creates the unparalleled opportunity to gain market share in downturns.
“But Mark, hiring is difficult right now.”
Yep! Hiring is harder than it typically is. That means two things. First, hiring will get easier. The pendulum always swings too far. The confluence of Covid and government policy created a phenomenon where people chose not to work. We are still working ourselves out of that, but the worst is behind us. With hiring being more difficult many businesses have decided to stand pat and not try to grow. That creates a HUGE opportunity to build market share.
Throughout my career, I have interviewed and hired thousands of people. The formula never changes. In any business, you always want to be hiring. Turnover is inevitable. Whatever your hiring methodology is, you just need to double down and spend more time on it than in a normal hiring market. It is that simple.
Ongoing Challenges in Business
It is important to realize that there are always challenges to be solved in every business. So, whether it is hiring or marketing or supply chain issues, there is always going to be a part of the business that requires more effort than the others. Today that is the staffing side of the business.
And that is fabulous news. Since employees are needed to deliver products or services, there is a major backlogged pipeline in a lot of franchise sectors. Let’s look specifically at the home services sector, where the opportunity for a fast and sustained business launch is impressive.
First, because of high home prices and interest rates, homeowners are choosing to stay in their homes and renovate. Renovation means a lot of jobs. In addition, over the last several years, because of Covid, household vacation, dining, and entertainment expenses have been reduced. That results in many homeowners being flush with cash for projects. Third, many people are no longer commuting (at least not 5 days a week) and working from home. This means they are saving money on their commutes and, perhaps more importantly, the little issues with their homes are becoming bigger issues. This means — you guessed it — more spending on home improvement projects.
Any time the economy is full of demand and devoid of supply, there is a HUGE opportunity. This imbalance exists in other franchise sectors as well, but the space constraints do not allow me to elucidate those.
The final reason to start your business today is time. The sooner you start your business, the better you are. Businesses grow over time. The sooner you begin, the more time you have to grow and scale the business. NOW is the time for you to grow your franchise business by climbing the wall of worry!