Failure, as they say, can sometimes be a mark of greatness. The world’s most successful billionaires and entrepreneurs routinely cite failure – repeated failure – as the pathway to victory, and they are not shy about it. Each failure is an opportunity for an entrepreneur to analyze, adapt and learn from the experience so they can come back twice as strong the next time.

Even if you’ve owned a franchise or another business in the past that met with failure, that’s no reason to stop trying. In fact, franchising is one of the most solid models in business, and it’s hard to fail twice in a row, provided your business plan is solid, you have a great location, and you can keep up with demand. If you’ve been putting off franchising because of a past failure, here are the reasons why you should reconsider.

 

THE LEARNING EXPERIENCE

As mentioned just a moment ago, learning from failure can serve as a treasure trove of information that can help you grow not just as an entrepreneur, but a human being. Many of us are traumatized and demoralized by failure; we internalize the experience and pin it on our own shortcomings and weaknesses, but the truth is that even the best laid plans can go awry. 

Failure is an opportunity to change your approach, which is necessary for success. There’s no reason to start a new franchise with the same structure you used before. Instead, identify where you went wrong before, and change your approach based on what you’ve learned. In the business world, failure is easy to quantify, and tends to boil down to things like costs vs. revenue, location or poor marketing. If you started your first franchise or business and burnt through capital too fast, consider expanding your financial pool or spending less until the franchise is stable and turning a healthy profit.

 

YOU CAN LEARN FROM THE FRANCHISOR

Jumping back into franchising means you have an opportunity to work with the franchisor and identify what has worked for other franchisees in the past. Any franchise with an established business model will have the results to show for it, including how many locations and countries the brand is operating in, average income per franchisee, and anticipated costs. Do your research into the franchise in question, learn everything you can, and be prepared to work closely with the franchisor before you get started.

Franchises – and businesses in general – tend to fail because the entrepreneur failed to do their due diligence, instead getting swept up in the moment. It’s easy to run before you can walk, which is human nature, but discipline and an analytical mind can go a long way towards turning your second business endeavor into a roaring success. 

 

YOU CAN TALK TO OTHER FRANCHISEES

Established franchisees have gone through the business of setting up their locations, dealing with startup issues, and hiring the best people. They’ve also experienced fluctuating costs and earnings depending on the season, the economic climate, or other factors. Their experience is beneficial for new franchisees, especially those who have failed before, and wish to give it another go.

By speaking with a fellow franchisee, you can share your story to someone who can give you a fresh perspective. Perhaps that franchisee encountered the same issues you did, but chose other methods to solve them. Their experience is invaluable, which is why you should reach out and draw from their knowledge. Franchisees tend to be an enthusiastic bunch, and they know full well what goes into starting a franchising location. They will doubtless be ready to assist other franchisees who wish to get started.

 

YOU CAN BUILD A NEW DREAM TEAM

The right employees can make or break any business, and the same holds true in the franchising world. If your franchise failed in the past, you should ask yourself if your team members were the culprit, or if you could have hired better people capable of fending off the collapse. Of course, this means entrepreneurs must undergo self-evaluation, as it’s very easy to pin the blame on others for the sake of convenience.

Regardless, a new franchising attempt is an opportunity to hire better people with great ideas to help your business flourish. The right accountant can keep tabs on costs vs. revenue and help you adjust your game plan accordingly, while the right employees may have “General Manager” written all over them, allowing you to plan for the future. A team that shares your enthusiasm can help a business avoid the precipice, provided they’ve got the smarts and talent to back it up. The notion of building a better, leaner and meaner team is an exciting one, and that’s reason enough to reconsider getting back in the saddle.

 

CONCLUSION

There are many reasons to consider starting up a new franchise despite past failures, but perhaps the biggest one is self-confidence. The best and brightest have failed repeatedly, but they persevered and pushed through to the end. Success will follow if you do not allow a past failure to dictate your identity. That’s impossible.

Here at St. Louis Wings, we say “you’ve got this,” and if you’d like to franchise with us, we’d love to hear your story! Get in touch with us today to learn about our franchising opportunities, and let’s turn your second attempt into a full-fledged victory.