Should you go into business?

Rich Habits for Franchisees

In his popular book, Rich Habits – The Daily Success Habits of Wealthy Individuals, Tom Corley tells how he spent five years studying hundreds of rich people and poor people, in search of the secret of financial success.

It’s fair to say that franchisees and people planning to invest in a franchise business opportunity are usually interested in financial success.

Corley was surprised to discover that financial success was strongly correlated with certain habits. Some of these habits were things that anyone might have predicted:

  • Living within your means
  • Having clear goals
  • Saving money
  • Working hard

But some of the habits were surprising. For example, 88% of rich people read daily, but only 2% of the poor people in the study did. Only 6% of the rich said what was on their minds freely, while 69% of the poor did.Rich people are also more likely to floss their teeth regularly and less likely to watch reality TV in their spare time.

Does this mean that following your dentist’s advice will guarantee you high profits in your chosen franchise business? Probably not. But when Corley boils down those rich habits, he comes up with some things that make sense for people who plan to invest in a franchise:

  • Rich people, Corley found, are goal-oriented. They have clear, written goals, and they focus on goals more intently and for longer periods of time. Having a clear idea of your goals will help you choose the right franchise, and staying focused on your goal of owning a franchise makes it more likely that your dream will become a reality.
  • Corley also determined that rich people spend more time on self-improvement. While Corley saw this in everything from regular exercise to professional development, would-be franchisees who put some time and effort into building business skills are likely to see that effort pay off once they open their businesses.
  • Rich people are more likely to be self-controlled and less impulsive than poor people, according to this research. For someone looking for the ideal franchise, this might mean spending more time in research and having a legal advisor look over the franchise agreement, rather than signing on the dotted line while still pumped up from a sales presentation.
  • Part of that self-control has to do with moderation. Corley claims that the rich are less likely to overdo things like drinking, eating, or even working. Rich people are likely to work 50 hour weeks, but they also take time for regular exercise, networking, and building relationships with others. This may not influence your choice of franchise, but it might well shape your vision of your life as a franchisee.

Corley also found that the rich people in his study had a different mindset from the poor ones. They were less likely to feel as though they were victims of chance and more likely to feel that they were in control of their destinies. They were more likely to view themselves as not yet having succeeded at something rather than having failed at something. This is one habit everyone can take up.

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