While franchising can be an ideal way to own a business of your own, not everyone is cut out to be successful, according to their precise business models. Anyone engaged in the investigative process, if done properly, should soon figure out whether or not their personality is a match for franchising in general. This also speaks to the importance of involving a qualified franchise consultant to help guide your journey.
In this FranNet blog, we’ll be exploring the personality traits that match up well with owning and operating a franchise.
When we look for common personality traits that predict a good match for franchising, let’s review the criteria of owning and operating this type of business. Franchises are designed to operate using a proven business model. The roadmap for the success of each individual franchise can be found in the operations manual, a document that most franchisors spend hundreds of hours perfecting and adjusting. It’s the literal instruction book for how they do business. Franchising is rigid, a real follow-the-directions kind of business. There are guides and benchmarks to meet, and a specific way of doing business—all of which is spelled out in great detail.
Thus, it’s clear to see that individuals who lack leadership skills, have poor time management, a pessimistic outlook, and a high-strung personality likely won’t be a good match. To put it in plain English—if you like doing things “your own way”, you’re probably in the wrong business. Now let’s review the most common personality traits you’ll find in all successful franchise owners:
Interpersonal & Networking Skills
With the exception of a few concepts, franchise owners have to possess excellent interpersonal and networking skills. Franchises are designed to sell a product or service and that means you’ll have to generate leads, but don’t worry—franchises have an actionable plan for going about that, too! This is a skill you don’t have to be born with. It can be taught.
Franchising is not for day-dreamers or late sleepers. Once you’re up and running—and often until your break-even point—you’ll still be putting in plenty of hours to meet your goals. And it’s helpful to keep careful track of your daily schedule. This is where a franchise’s training and support comes in handy. They’ll determine your priorities and how you should apportion your time.
Franchises work best with owners who maintain a calm and collected demeanor. Those who can consistently retain their composure under stress, and apply a measured response to any situation, will go far.
Good franchisee owners are open-minded about problem-solving and they’re always willing to learn more. Franchisors are designed to provide strong leadership and support to their franchisee network, so a good owner will always feel comfortable asking for help and guidance.
Entrepreneurs include people of all personality types. Elon Musk is different from Richard Branson, just as Steve Jobs had different personality traits than Michael Dell. How your personality meshes with the concept of franchising, in general, must be revealed early in the investigative process. This is why FranNet begins with a personal Franchise Readiness Assessment. It’s accessible by clicking the orange button on the upper right side of our main menu bar on the home page–and it’s also the first step in FranNet’s investigative process. The results can tell our qualified consultants quite a bit about your values, your motivations, your work style, and your level of investment tolerance.
If you’d like to know if your personality is a match for franchise ownership, the assessment takes about 10-20 minutes to complete. Don’t you owe it to yourself to find out?