You may be a future empire builder, or you may want to own a select number of franchise locations with healthy financial returns. There are many paths to becoming a millionaire, and many franchise concepts that may get you there. But the bottom line is that becoming a millionaire is not just about the franchise concept – it’s also about the mindset of the franchisee. Here’s how to start on the road to success with these three secrets of millionaire franchisees:
1. Have a financial vision.
Becoming a millionaire franchisee doesn’t happen at random. One thing that millionaires have in common is that at some point, they consciously decided they wanted to make money.
The form your financial vision takes is up to you. You could set a specific income level that you’d like to attain, or you could create a vision board with the homes, vacations and experiences that you’re looking forward to.
2. Select a concept you believe in wholeheartedly.
Millionaire franchisees aren’t ambivalent about their franchise concept. They know they’re selling a top quality product, they believe in the franchisor’s leadership team, and they’re enthusiastic about the future of the brand.
Pay close attention to the product-leadership-future trifecta, and make sure you’re especially well-informed about each element. If you are looking for a franchise concept now, you need to feel solid on these three fronts.
3. Do something that plays to your true strengths.
This seems like a no-brainer, but here’s the catch: many people don’t have a true sense of what their strengths are. Take a personality assessment, talk honestly with your friends and colleagues, or explore your past successes with a life coach.
For those looking at franchise concepts now, talk frankly with the franchisor about the strengths that are common to their most successful franchisees.
What are the other traits of self-made success stories? Please feel free to post your ideas, questions and comments below, or email us at firstname.lastname@example.org.