3 minute read
ADHD and Business Ownership
by Jay Bankert, Consultant, The Franchise Consulting Company
I’m happily self-diagnosed as ADHD. Oh yeah, and my wife says so, and just about everyone who knows me agrees. My short attention span has affected my work life, keeping me either job-bouncing or bored and unattached to a job I thought I’d enjoy, leading to performance decay and lack-luster attendance. The romantic thoughts of owning a business have always appealed to me, but during times of selfevaluation, I have yielded to thoughts of inadequacy, due to short times with employers and not too many accomplishments due to this. “How could I be the boss, when I can’t even stay-put at a job for a few years?”
With franchising, I found that I can be an entrepreneur with a canned system. I found a way to have a mentor and a system of checks and balances to keep me focused and moving towards a goal. The following are some of the reasons I chose this route to own a franchise myself:
PROVEN SYSTEM:
Franchise systems are built off of a successful pilot business, demonstrating success and innovation. Typically, you’re not the first to buy a franchise from a given system-others have before you and you can validate their results to aid in your decision to invest in that franchise.
PRESET PROCESSES:
See above, but also, no reinventing the wheel. A system is in place to teach you a set of processes and procedures that have proven successful in the past.
MENTORSHIP:
People are in place to teach you how to do what the franchise does. This starts with corporate training and then field training of some kind. Ongoing training and regular monitoring keep your skills sharp and assures that you stay in compliance with what the franchise does.
PREBUILT SYSTEMS:
Typically, a pre-built advertising system exists. A website is created by the home office for you, populated with correct and pertinent information. Social media campaigns exist that you can populate your FaceBook, LinkedIn, Instagram, etc. with professionally created content.
BACK OFFICE SYSTEMS:
Accounting, billing, scheduling, etc. Many/ most franchises have a system of billing and accounting in place that interfaces directly to the home office for compliance and financial checking. Also, software or systems exist that help with scheduling and cost estimating, product ordering, credit card payments, etc. that are in place and activated by knowledgeable staff from the beginning.
QUANITY DISCOUNTS:
Usually a franchise has quantity buying power. A franchised food establishment may have cheaper prices than the neighboring “mom-n-pop” shop, even for the same items, due to negotiated buying agreements established by the corporate team.
GENUINE DESIRE TO SEE YOU SUCCEED:
A franchisor (the “parent” company) genuinely wants YOU to succeed because they earn their income off of royalties on your sales. This is a percentage of your revenue you share with the “parent company” for providing the ongoing support, name brand recognition, training, systems, mentorship, etc. that puts you in business and keeps you in business. If you fail, then they will, also.
With all of these things put onto a timeline for implementation and having the “adult supervision” to help get the ball rolling for your new business, a franchise will hold your short attention span through regular contact, goal setting, mentorship, scheduling and training. The long-term outlook is effective, as well. Seeing growth and goals that are hit or missed, good days or bad, or simply regular contact with new and old customers will keep you engaged as your franchised business progresses.
SQUIRREL!
ABOUT THE AUTHOR
Jonathan Bankert is a franchise owner and a consultant with The Franchise Consulting Company. In a previous life he was a Detective with the Charlottesville Police Department and is the Chair of First Responder Fran, a group dedicated to helping First Responders with franchise ownership. Contact him at jonathan@thefranchiseconsultingcompany.com or by phone or text at 717 634-6704.
