The "IT" Factor
Have you ever asked yourself if you have the right qualities
to be a successful franchise owner? With over 2500 franchises in
the US, there are many different attributes franchises look for
in a potential franchisee and each franchise has its own set of
requirements.
While some franchisors want franchisees that came from
corporate America, other franchisors prefer candidates that don't
need too much structure. Some find that engineers or accountants
make ideal franchisees while a number of franchises look for
marketing or business experience. There are also franchises that
prefer inexperienced owners without preconceived notions of how a
business should be run. This way, they believe, they can be more
easily trained in the franchisor's system.
Obviously no two franchise companies are exactly alike! Still,
there are a few key characteristics that every franchise looks
for. Think about this…
Making Connections
The key to being a successful franchisee is having great
interpersonal skills. Kind of obvious, right? But, to be a great
business owner you really need to have enjoyed working with
others in your past careers and desire those relationships
now.
Part of a franchisee's job is to manage employees and make
sure they like their job enough to continue working there. You
will need to interact with your customers, meeting their needs
and gaining their loyalty and trust though respect and
appreciation. Connecting with the community is just as important.
You can do so by networking and joining different community
organizations.
Being a people person is one of the most valuable assets to
being successful as a franchisee.
Following a System
True or False? Being your own boss means you need to
have all the control and be a "true entrepreneur" by making up
your own rules.
FALSE! In franchising, the research has already been
done and you are provided with a system that has been proven to
work. If you want to be successful in this business, you need to
follow the proven system and do what the franchisor asks you to
do.
This means you need to be willing to listen and learn from
others, in order to avoid mistakes that could cost you the
business.
Willing to Ask for Help
Similar to the previous attribute, asking for help and support
from the franchise when you need it is another great attribute
for a franchisee candidate. Most franchises provide you with your
own team, who will train and support you every step of the
way. This team will be there for you when you need
them. As we say in franchising, "you are in business
for
yourself but not
by
yourself." When you need it, be sure you ask for help. It's
simple really. The franchisor will always support you because
they want you to be successful and they will see to it that they
do everything they can to help you.
Doing Whatever it Takes
Resilience and hard work. Two qualities needed most,
especially when you are in the beginning stages. Starting out,
you are definitely going to need to put in more time and effort
in order to be successful. You need to be willing to do whatever
needs to be done, even if it is going to take a while.
You MUST understand that success comes from hard work and
being successful should be all the motivation you need to get
things done!
Avoiding Risks
You may think that buying a franchise is taking a bit of a
risk, but it is definitely a lot less risky than going off on
your own without any support. Most franchisees avoid taking
big risks as much as possible. They usually do enough research to
make sure they choose the best franchise for them, with the least
amount of risk.
If you like to gamble and take big risks, then franchising is
not going to be your thing. If you like to be certain that what
you are getting into doesn't have many risks tied to it, then you
will make an awesome franchisee.
The biggest asset or obstacle to a successful franchise
business is YOU. Although you will be a part of a
franchise, the business will still be considered YOUR business,
and you will be spending your own money to get the business
started. Therefore, you really need to spend time considering
whether you have all the attributes needed before making the
decision to start researching a franchise purchase.
It can be very easy to get caught up in all the excitement of
starting your own business, but if you don't fit the mold, don't
move forward. However, if you happen to be an outgoing, friendly,
hard-working, rule follower, franchising may be just the thing to
help you break out of your corporate rut and become your own
boss!