Rags to Riches: Why Hardworking Owners are the Most Successful

rags to riches

Rags to Riches: Why Hardworking Owners are the Most Successful
Everyone loves a classic Annie story. Where someone less than fortunate goes through a character-building experience and ends up in a far better situation. Happy and with a warm place to sleep … usually by the end of the movie. But what happens when there’s no Daddy Warbucks to save the day? Do the Annie characters slump away into nothingness and live their life in the shadows? Or do they, more impressively, become their own Daddy Warbucks? Where they create their own success through hard work and the dedication that comes from knowing you’re in charge of your own destiny.
In the case of many franchise owners, it’s the latter. They might not have grown up as orphans or wearing literal rags, but by coming from a place where they couldn’t purchase their company outright (or fund expensive repairs), it allowed them to better earn their success. And bask in it, then fully appreciate it later on.
Why Hard Work Brings Bigger Rewards
It can be universally agreed that those who are given things in life rarely appreciate their value. It’s the same reason parents require teenagers to get jobs and purchase their own belongings or pay for their own hobbies. Those who do it better take care of what they’ve bought, while those who don’t aren’t careful with even the most expensive of items. The same is true for adults. Those who have plenty of cash flow don’t understand how devastating it is to lose funds on any level. Let alone on a venture that can go under without the right levels of profit. (Or pumping additional funds into its progress.)
In contrast, the business owner who has to work for every dollar made is going to ensure that their venture makes it. They’ll do extra labor themselves to save funds. They’ll ask (qualified) friends or family to help with plumbing or electrical issues. They’ll do everything in their power to ensure they’re not losing money in every single aspect involved.
Because so much more time and efforts went into each and every workday, it’s a tactic that makes success even sweeter. (Vs. the owner who pumped in money and couldn’t determine why they weren’t profitable.)
But that’s not the biggest reason hard workers see more success. It’s because they actually diagnose and fix problems. Rather than paying someone to bypass an issue or find a way around it, these “rags” owners take the time to figure out why something isn’t working. Why they’re not making money, how to become more efficient, etc. They might not find their answer immediately, but keep adjusting and researching until they’re able to find a solution. Then, once an answer has been achieved, that means the business is actually running more efficiently on fewer funds, while bringing in more profits. When that process is used regularly, that means incredible and continued growth. Which is to say in a manner that helps promote the business along the way.
Whether or not you have the funds to front your franchise, running it like you don’t just might be the best way to succeed. Consider taking on this tactic for a surefire way to profit, and to create an efficient company from the bottom up.

By Bethaney Wallace | Mar 04, 2016 | General Franchise Information