Source: Franchise Research Corp
When you look in the mirror, can you see yourself as a franchise owner?
As BAI franchise consultants, we talk with hundreds of people that are considering franchise business purchase. One of the questions we are frequently asked is, “would I make a good franchise owner?”
The answer is never simple, especially on an initial call as we first learn about your background and interests. However, we have a great deal of experience matching entrepreneurs and budding business owners with the right opportunity and have found some common traits that generally make someone a better fit within a franchise system than others. Here are some of the qualities that make someone a strong candidate:
1. Ability to Follow a System
- Franchises are business systems. A company has developed a brand name and a method of selling goods and services that works. They expand their brand by selling to individual franchisees or franchise groups who agree to follow the system to build their own enterprise. It is mutually beneficial – the corporation assists the franchisee to grow their brand, while the franchisee can start a venture using a method that has been tested and already established.
- This means that franchisors are looking for team players. They want people who have the drive and skill of a ‘selfstarter’, but they are cautious about those that are overly independent. Franchise corporations succeed because they have found a strategy and technique that has been proven to work. They sell new locations or territories to those that will follow the plan (for fees that differ by company). So, if you would resist ‘going with the flow’, then this may not be for you.
- Most franchisors have seen some of their franchisees fail simply because they did not follow the system. The majority of unsuccessful owners tend to want to make changes and do things their own way, which is the opposite of how a thriving franchise organization is run.
- Each franchise is different, and some allow greater flexibility than others. We work with you to determine your goals, interests, and skills to determine what business is right for you. That is part of the service we offer to you as When you look in the mirror, can you see yourself as a franchise owner? an experienced franchise consultant. Plus, the FDD (Franchise Disclosure Document) will lay out all the expectations, fees, and requirements in advance to give you all the information before you make a decision to buy.
2. Emotional Maturity
- How well you handle problems and manage situations is another attribute to consider. Are you a natural leader, or a follower? Can you problem solve to find solutions and move forward? Do you readily step up to take responsibility or do you look to find fault in others or wait for someone else to deal with an issue? A business owner is the one in charge so a franchisor will be seeking people who can take charge, persevere, work well with others, and are overall emotionally mature adults.
3. Positive Attitude
- As in all areas of life and most career paths, having a positive attitude is critically important. We all know people who seem to have a halo around them – a regular “aura” that draws people to them. They have the right attitude and can converse with most everyone. They are the person that others are willing to follow and that consumers or clients’ trust.
- The best franchisees are interested in their company, and proud of the goods and/or service that they sell. They are sincere (not just smooth talkers), and authentic in their approach. They bring their positive energy to all aspects of their enterprise and will find a way to get it done without having to be directed every step of the way. Is that you? If yes, that is a key ingredient that we always seek in our candidates.
4. Humble and Honest
- The smartest, most successful people in the world know when to ask for help and are willing to listen to advice. Everyone has some limitations but being able to take feedback and direction from those that have already walked the path will be more effective in the long run.
- A franchise owner that tries to be fair, honest, and reasonable will always do better than an owner that wants to take advantage or ‘be right.’ There are times that the ability to listen to other opinions and be open-minded to solutions, will be called into play. The customer may not always be right, but the ability to react calmly and fairly will go a long way towards creating the atmosphere that brings long-term customer growth.
- A wise leader once said, “you can be right all of the time” or “you can be liked.” Business requires a little bit of both.
5. Willing to Take Calculated Risks
- Franchising offers big opportunities and can be very profitable, but nothing comes with a guarantee. There are risks to opening any business, but franchising is a great choice for many because there is a proven model. You may need to take a financial leap and have a passion for the business to get the max rewards.
It is our role as franchise consultants to help match you with the right franchise and help you through the decision process. If you feel that you fit the criteria, then we can talk about the many options available to you. The next step is an in-depth assessment that will guide the process. Let’s talk!