New Year, New Business Owner

You are knocking on the door of a new year, and that means resolutions, diets and major life changes can’t be far behind. For some people, the new year seems like a natural time to commit to doing something they’ve been dreaming of, like opening their own business.

In franchising, we often hear franchise candidates talk about wanting a fresh start or a new beginning, especially after a big life event or milestone birthday.

At WellBiz Brands, some of the catalysts for change that we most commonly hear about are:

• People who were recently divorced and seeking a clean slate as they start over.

1. Stay-at-home moms who are looking for something else to do as their kids get older.

1. Dual-income couples who are starting a family and looking for more flexibility and ways to create generational wealth for their families.

1. Corporate employees who have been overlooked for a promotion and are looking to become their own boss.

What’s Your Passion?

 

Many of the franchise candidates we talk with say they are at a point in their lives when they want to pursue their passions. That may be the result of having devoted much of their life to a spouse or children and being ready to do something for themselves – something they might find personally rewarding. Others say they are burned out in their old job and are looking for a “refresh” with a new challenge.

 

The desire to feed your passion may stem from the industry the WellBiz Brands portfolio is in. As part of the self-care industry, the brands are the kind that attract franchisees who make up the brands’ customer base. Drybar® franchisees, for instance, often come to the brand as “Barflies” – the brand’s term of affection for members and most valued customers. These women have likely treated themselves to regular blowouts for years, so when they think about a business that they love, that they enjoy visiting and that they would be happy to own, the Drybar brand is at the top of the list.

 

What’s Your Goal?

 

One of the most important questions we ask prospective franchisees is, “What’s your goal?” Are they trying to build a portfolio to leave to their families? Are they hoping to work for 10-15 years and then take an early retirement?

 

All franchise brands – even those within the WellBiz Brands portfolio – work a little differently. We try to educate prospective franchisees on those differences so they can best choose the brands that may help them meet their goals. That’s especially important if the goal is to get a fresh start. If you’re leaving a job that doesn’t make you happy, the last thing you need is to transition into owning a business that also leaves you dissatisfied.

 

If a friend were to ask me about franchising at a New Year’s Eve party, I would tell him it’s all about “finding your why,” as author Simon Sinek would say.

 

If you’re ready for a change, ask yourself, “Why would I make this leap?” Consider what you feel passionately about and what you find fulfilling. What are your financial and personal goals, and could this opportunity help you reach them? If franchising checks those boxes for you, go for it!

 

Happy new year, friends! Let’s raise a toast to new beginnings.

Lauren Wanamaker is the Vice President of Franchise Development for WellBiz Brands, the pre-eminent beauty and wellness franchise portfolio. The WellBiz Brands portfolio includes Drybar®, Amazing Lash Studio®, Radiant Waxing™, Elements Massage® and Fitness Together®.