By Tim Parmeter on December 28, 2022
There are all kinds of moving parts when it comes to franchising: the industries, the financials, the investment, the funding options, the return, the rate of return, the ramp-up, the customer… We could go on and on. It’s not that all these different pieces don't matter, but there’s one element that stands out above all the rest: the “Get Out of Bed Test.”
Today, we’re going to be talking about that very phrase. It’s one that we use quite often with clients throughout the time that we’re working with them, and we’re excited to share the Get Out of Bed Test with you, too.
The Franchising Paradigm Shift
Let’s pause for a moment and go back to the beginning. We’re going to start by talking a little bit about the total paradigm shift that many people experience as they start looking into franchising. When you move into the world of franchising, it doesn’t really matter what you've previously done – from an industry standpoint, anyway. And that’s a huge change from the way things work in the corporate world.
“What do you mean?” you might be thinking. “How can my expertly curated resume not matter?” Trust us on this one – when it comes to ascension up the corporate ladder, it’s easy to get somewhat pigeonholed. But that whole mentality goes right out the window when you start thinking about franchising.
Here’s the thing: There’s really not one best franchise. There’s not even a top five or top 20 list of franchises to own. And there’s not one single industry that’s dominating the space.
This versatility is part of what’s so incredible about franchise ownership: The journey toward owning a franchise is highly customizable and personalized. It looks totally different from one person to the next. That’s why it’s crucial to take on the mindset that there is not a broad “best” out there. There’s only a “best” for you.
What Kind of Franchising Is Right for You?
As we begin the journey with each of our clients, we spend a lot of time determining what their ideal business model would really look like. We’re trying to help them find the business that’s a perfect match – the one that will make them excited to get out of bed every morning. To do so, we ask a few key questions.
Why Are You Looking at Franchising?
People often get hung up on industry and want to gravitate toward one industry over another. Why? Because industry is the defining piece of our resumés, which we’ve been conditioned to value above all else. It’s very difficult to move between industries in the corporate world, so it makes sense that many of us have been trained to think that way.
But really, getting pigeonholed into one industry is incredibly short-sighted. Hey, that's the corporate world for you! So for clients turning to franchising, we like to emphasize that industry is really a blank slate.
You have to ask yourself what you want to do. You're going to get out of bed every morning to go to work at your business. It’s what so many people dream of doing, and you’re taking the first steps in getting that dream off the ground. So let's make that sucker as ideal as possible right off the bat!
What Is Your Role Going to Be as an Owner?
Early on, we also talk a lot about what exactly you're going to be doing as an owner. What are you comfortable with? If you’re a people person, do you want to be networking and connecting in the community as the face of your business? Do you want to be involved in the sales side, either actively or in a management role? Do you want to be more of an operational owner, managing the moving pieces? Do you want more of an executive with a semi-absentee role?
Your answers to those questions are going to matter greatly. We’ll also talk about what kind of people you see yourself managing. Do you envision managing a manager, salespeople, or highly skilled technical laborers? Will you be working with unskilled laborers and training them fully from the beginning?
There’s no right or wrong answer, and oftentimes, we'll work with you to compare and contrast these different options in order to find your best fit.
What Does Your Customer Look Like?
We’ll also ask questions about your ideal customer. What’s your customer profile, and what are the core values of your business? Why do people buy from you? How do you plan to find customers, and who will be doing the task of finding them? It’s crucial to understand these elements of your business.
One version of this conversation is the 99-Cent Store model. Are people buying from you because you’re the low-price leader in town? There’s nothing wrong with that! The person who founded the 99-Cent Store has a couple of commas in their net worth, so you could say that it’s worked out quite well for them.
You can build big businesses based on price, and there are plenty of examples to illustrate that. Think of McDonald’s or Walmart. Price-centered businesses can be highly successful, so that may be an option to consider.
On the other hand, you might prefer a little bit more of a quality product, service, or customer experience. You might want something high-end, a premium product or service.
Again, there’s no right or wrong answer. But we do need to understand your preferences so that we can have meaningful conversations about the core values of your business, the people you want to be around, and the conversations you want to be having.
Those are the pieces of the puzzle that are going to get you out of bed and that are going to drive you to succeed. In that sense, the specific industry you choose is little more than a footnote in your business success story.
What Are Your Financial Goals?
The Get Out of Bed Test is also going to lead to the money you want to achieve. People will at times say “Hey, I want to make X amount of money.” We’ve got many episodes in our podcast series that talk about the financial side of things – how much money can I make? How do we look at that? How do we fund that?
Well, let’s look at it like this. Think about replacing your corporate salary. We’ll use simple numbers and call it $100,000. What franchise is the best one to do that? Believe it or not, the answer is… any of them.
Now, it’s a hard thing to grasp, but if you take on a franchise that is the complete opposite of what you're good at and what you want to do, then no matter how well the other owners in that brand are doing, you're not going to get there.
On the flip side, when you find the right fit of a brand that matches your why, matches what you want in an owner role, and matches your customer profile, including your core values and the conversations you want to have with your community… that’s where you’re going to succeed.
When you’ve found a brand that matches your specifications and that you’re aligned with, then you’ll be working in your wheelhouse and you’ll be able to succeed. That’s what's going to drive you to get out of bed each morning.
The only other variable from that point on, in terms of making money, is scalability. Let’s say we’ve helped you find that perfect franchise. Is one unit going to get it done? If so, that’s awesome. You’re good to go.
On the other hand, we may look at the brand we’ve selected and decide that while it’s a perfect fit, we may need to scale it out a bit to meet your financial criteria. Maybe that means taking on two locations, maybe three – whatever it might be.
For example, you can literally have a vending machine franchise and make $100,000 with it. Clearly, nobody’s doing that with one vending machine – unless you’ve found the location of all locations (and if you have, please let us know where that is)! The point is that you can scale your business out to make it match your financial needs.
What the Heck Is the Get Out of Bed Test?
We’ve talked a lot about the process we go through with each of our clients. So how does the Get Out of Bed Test relate to all that?
It might sound like corporate jargon, the kind of thing that people roll their eyes at – like “synergy” or “circle back.” But we’ve found that as time goes on, the meaning of this phrase grows clearer to our clients.
In fact, one of the franchise owners we worked with, George Council, said it best. He recently started his Outdoor Lighting Perspectives franchise in the Philadelphia area of Pennsylvania. We hosted him as a guest on our Franchising 101 podcast to talk about his experience working with FranCoach, and this is what he shared:
“One thing you continually said is ‘Think about what’s going to get you out of bed in the morning.’ You said ‘Forget about the money for a minute.’ Now, that’s hard for all of us. But forget about the money for a minute, and think about what’s going to get you out of bed. I honed in on that… and with the franchise I ended up choosing, I began to focus on the organization and the value proposition, the culture, the people in the organization – were the folks there like me and did they share the same goals as I had? One of the lessons I learned very quickly upfront was to not necessarily focus on the product. Instead, focus on what’s driving you as an individual. What makes you get up, and what do you want to get up and do every day? And then figure out, okay, does this company do that? Is this a profitable venture? Once I took a look, I realized what was important to me.”
When George turned to FranCoach, he was leaving behind a healthy corporate salary, but he was looking for a career that passed the Get Out of Bed Test. He was looking for a job that he loved and was excited about.
As the owner, you don’t have a boss – you’re at the top of your organization. So you have to be comfortable with and excited about what you’re doing day in and day out. If you’re not, you’re going to find every excuse to press snooze on your alarm and roll right back over.
How Can You Find Your Get Out of Bed Franchise?
It’s highly typical for prospective franchisees to come into the franchising space without a totally clear idea of what they’re looking for and what would motivate them to get out of bed each morning. But that’s where FranCoach comes in. We’re here to help.
How Can FranCoach Help You?
FranCoach is a national search firm dedicated to working with individuals who are interested in owning a franchise. We've partnered with over 600 of the top franchisors in the country, spanning nearly 70 industries.
Our goal with clients is to help them find the absolute best franchise for them to own. Our goal with our Franchising 101 podcast series and this series of informational blog posts is to help educate people on all aspects of franchise ownership. Reach out to us to learn more about potentially becoming a franchise owner. There’s never any fee for our service, so why not take the first step today toward your better tomorrow?
Want to learn more about our new franchise owners? Check out these recent blogs and podcasts to learn more:
- Blog: From Downsizing to New Beginnings: Former Corporate Exec to Open Doors to New Money Pages Location
- Blog: Former Corporate Leader and Small Business Owner Finds New Beginning with Franchise Ownership
- Blog: Former Corporate Exec Finally Lands a Job He Loves…as a Franchise Owner!
- Blog: Franchise Professional Finds One to Call Her Own
- Podcast: In Their Words with Nick Johnson
- Podcast: In Their Words with Steven Nickens
- Podcast: In Their Words with George Council