Defining Success as a Franchise Owner
A new survey gives a fairly solid salary benchmark to distinguish whether workers are happy or unhappy with their incomes.
Because salaries have been stagnant during the economic recovery, the number of workers who feel unhappy with their pay is inching upward. Nearly two-thirds of American workers (65 percent) do not earn their desired salary, according to the new survey by CareerBuilder.
The demarcation line appears to be $75,000. Those who earn under that figure tend to be unhappy with their pay and those who earn above that line are more satisfied.
“The survey supports past research suggesting that the $75,000 threshold is particularly significant, as this level allows households in most areas of the country to not only get by, but enjoy an ideal lifestyle and a secure future,” said Rosemary Haefner, vice president of human resources at CareerBuilder. “Interestingly, what workers would ultimately like to earn does not necessarily factor into what they need for a successful career.”
What about franchise owners, though? Their satisfaction quotient is probably much less tied to a specific income. Those who run their own business tend to have varied motives, with money only being one of them.
One of the nation’s leading experts on small business and entrepreneurship, Jim Blasingame, writing in Forbes, cautioned business owners from deriving all their happiness from dollars.
“If you became a small business owner to find financial success, good for you; as a capitalist, I admire that motivation. But if you think getting rich will make you happy, get your umbrella out because I’m going to rain on that parade with these two truths:
1. Wealth only provides options, it does not guarantee happiness.
2. If you can’t be happy without wealth, you aren’t likely to be happy with it.”
Blasingame’s advice is universal to both business owners and workers. If we all followed it, there would be more satisfied people in the workplace.
The Thrill of Leadership
If you’ve decided to take on the task of running a franchise, it’s likely that you’re a natural leader. You don’t see the responsibility as a burden, but rather an inspiring challenge.
For many leaders, there is a certain thrill attached to bringing together a group of people from varying background and turning them into a cohesive unit. This requires an ability to train and teach people, to be firm when necessary, as well as offer support and encouragement.
If you can get your staff to come to work every day and take pride in what they do, you’ll feel the rush of successful leadership. This is one of the most rewarding aspects of running a business. The relationships you develop can’t be reflected in a paycheck.
Success is Happiness
Ultimately, your measure of success is going to be your own personal happiness, and all that entails. It seems like an abstract concept, but the more you think about it, the more tangible it becomes.
Part of it is individual growth. Are you learning more from what you’re doing? Are you becoming smarter about business, people and service? Yes, you’re trying to grow a business, but you’re also trying to grow as a person.
You’ll know you’re achieving that growth if you look forward to coming in every day and are optimistic about the future of your franchise and your role within it.
The other part of this mystical concept called happiness is about the people around you. Your family, friends and colleagues.
If you can make the business profitable, while still connecting with employees and most importantly, being that positive presence in your family’s life, you’re well on your way.
Andy Roe is the General Manager of SurePayroll, Inc.,www.surepayroll.com, a Paychex Company. SurePayroll is the trusted provider of easy online payroll services to small businesses nationwide. SurePayroll compiles data from small businesses nationwide through its Small Business Scorecard optimism survey, and exclusively reflects the trends affecting the nation’s “micro businesses” — those
with1-10 employees. You can follow Andy on Twitter @AndrewSRoe.