In the past, many prospective franchisees aspired for franchise ownership largely due to financial reasons, but today, many of these prospects are more focused on the lifestyle that franchising brings.
“When I ask clients why they want to start a business, the number one response isn’t money: it’s lifestyle,” said Susan Mell, business coach at The Entrepreneur’s Source. “Being your own boss and earning unlimited income potential is all great, but the priceless possibility of being able to have the life balance you can’t achieve in corporate America is often more important to aspiring entrepreneurs than the money itself.”
To understand this newer, more modern mindset of the current franchise candidate, the franchising industry has begun to make a similar shift, and The Entrepreneur’s Source is leading the way. Business coaches at The Entrepreneur’s Source have started focusing their process when working with clients on identifying their Possibilities, Options and Dreams to aid in a good match. A prospective entrepreneur’s willingness to explore and define his or her unique goals, needs and expectations serves as one of the greatest catalysts for a successful franchise match. When it comes to franchise business ownership, the possibilities are endless.
Defining Income, Lifestyle, Wealth and Equity (I.L.W.E.) Goals
Determining a franchisee’s Possibilities, Options and Dreams is reliant upon successful identification of one’s Income, Lifestyle, Wealth and Equity (I.L.W.E.) goals. Each of these components plays a dynamic role in a business owner’s overall happiness and satisfaction in life. But, just what is the difference between the four components of I.L.W.E.? The Entrepreneur’s Source defines each of them as:
- Income: The repeated, short-term earnings of an individual through his or her occupation and investments.
- Lifestyle: A way of living that mirrors an individual’s values and attitudes.
- Wealth: When an individual has achieved prosperity and affluence; having an abundance of material things and currency.
- Equity: The interest in assets an individual has assembled.
It’s necessary for aspiring franchisees to establish their I.L.W.E. goals not only to determine what wealth means to them in a financial sense, but also in terms of their lifestyle. Each of these serves as a vital piece in the process of defining your overall goals, needs and expectations in order to find the best business opportunity fit.
How a Business Coach at The Entrepreneur’s Source Can Help
Business coaches at The Entrepreneur’s Source are experts in business ownership, specifically the franchising industry, and are trained professionals in uncovering a prospective franchisee’s I.L.W.E. goals. Some questions a business coach may ask to help uncover these goals include:
- What is the ideal income range that you would like to achieve as a result of business ownership?
- What do you envision as your main lifestyle goal that can be achieved through franchising? Do you want to own a boat or nice car? Do you want to work fewer hours?
- Do you want to invest in a business that will aid you in building wealth or a positive financial situation for your family?
- How much equity do you wish to construct in a business?
For individuals looking to go into franchising, consulting with a business coach can work as a great first step to help identify your I.L.W.E. goals. For more information about establishing your I.L.W.E. goals or franchise ownership, contact a business coach at The Entrepreneur’s Source today.