Why Finding Your "Why" is the Foundation for Franchise Success

The wind bites, the sun scorches, legs ache—yet the marathon runner perseveres. The finish line may be distant, but their “why”—that inner fire—powers their every stride. It’s a reason stronger than the pain.

Franchise ownership is a different kind of marathon. Many hit the ground running, full of enthusiasm and ambition. They envision grand openings, bustling stores, and profits soaring.?

But the reality is often harsh. Recent data suggests that roughly 20% of new franchises fail within the first year, and nearly 50% won’t make it to their fifth anniversary. The initial excitement fades, replaced by long hours, unexpected challenges, and dwindling motivation. The finish line seems to stretch out endlessly.

It’s those with a deep-rooted “why,” a purpose that goes beyond profit margins and flashy marketing campaigns, who have the stamina to endure. Without a strong “why,” franchise ownership becomes a grueling race with no clear destination. But with it, it becomes a journey of purpose, a marathon where every step, no matter how painful, brings you closer to a meaningful goal.

The Psychology of Goals and Motivation

Humans inherently seek purpose and meaning. Research in positive psychology shows that when our endeavors are tied to intrinsic values—like personal growth, enjoyment, and internal satisfaction—we not only achieve more but also experience a greater sense of fulfillment. This internal drive is what enables us to persist through challenges, much like our marathon runner.

Conversely, goals driven by external rewards, such as financial gain or recognition, often see wavering commitment when obstacles emerge. The excitement wanes, and running a business feels more like a chore than a rewarding pursuit. This is backed by findings that excessive external rewards can diminish intrinsic motivation.

The Biochemistry of Purpose

There’s a physical aspect to your ‘why’ as well—it influences your brain chemistry. When actions align with deep-seated purposes, the brain releases dopamine, a neurotransmitter associated with pleasure and focus. This not only deepens commitment but also sharpens our capacity to persevere.

This biological component of your ‘why’ can be a powerful ally in achieving lasting success and satisfaction in your franchise endeavor.

The “What” and the “Why”: Insights from Tony Fadell

Tony Fadell emphasizes understanding the ‘why’ behind your services or products. Knowing the core problem you solve—the real issues your customers face daily—is important. It forms the foundation of your brand’s narrative, why it exists, the issues it tackles, and the value it provides.

While the features and solutions (the ‘what’) are crucial, they fall short without a compelling ‘why.’ The ‘why’ provides the necessary context, making what you offer not just desirable but essential to your customers.

Discovering Your “Why” in Franchise Ownership

Simon Sinek, author of “Find Your Why,” offers methods for uncovering your purpose. Here’s how you can adapt it:

1. Guided WHY Discovery Session: Partner with someone you trust—a friend, mentor, or coach—and explore pivotal moments in your life. Discuss experiences that sparked joy, pride, or a sense of fulfillment. Together, identify recurring themes that reveal your core values and passions.
2. Drafting Your WHY Statement: Craft a concise statement that encapsulates your purpose. Start with “To…” and complete it with “…so that…”. For example, “To empower aspiring entrepreneurs so that they can achieve financial independence and create a lasting legacy.”
3. Finding Themes in Your Stories: Reflect on experiences that made you feel proud or accomplished. Look for patterns in these stories that shed light on your unique strengths and values. What motivates you? What impact do you want to have on the world?
4. The Friends Exercise: Ask friends, family, or colleagues when they’ve seen you at your best. Their observations can provide valuable insights into your natural talents and the qualities that make you stand out.
5. Breaking Down the HOWs: Once you’ve identified your “why,” translate it into actionable steps. What specific actions and principles will help you live out your purpose in your daily franchise operations? How can you integrate your values into your business practices?

Avoiding the Pitfalls of Misalignment

Without a clear “why,” aspiring franchise owners can easily lose their way amidst fleeting trends and impulsive decisions. This lack of direction often leads to burnout, disillusionment, and ultimately, business failure. It’s like a marathon runner who sets off without a training plan, unsure of their pace or route, easily swayed by the cheers of the crowd or the allure of a shortcut. They may start strong, fueled by initial adrenaline, but soon find themselves exhausted and lost.

Consider the franchisee who, faced with a market downturn, remembers their “why”—to provide affordable, healthy meals to their community. Instead of shutting down, they adapt, offering delivery services and family meal deals. Or the franchisee who, despite long hours and tight budgets, recalls their “why”—to create a welcoming space for families to connect. They find creative ways to engage their customers, hosting events and fostering a sense of community within their establishment.

Those who hold onto their “why” always find a way to cross the finish line.