If you’re thinking about investing in a franchise, the first step is assessing whether or not you would be a successful franchise owner.
Many people are excited about the idea of franchise ownership and eager to find the most successful franchise but there are many things that must be considered prior to making that decision.
According to FranNet Texas Southwest owner, Merri Cronk, the skills it takes to make a franchise successful are different from what many people think. With that in mind, here are the top five skills a person must have to be a successful franchise owner.
Knowing how to sell your services and products and/or being willing to learn and execute sales systems as laid out by the franchisor is critical no matter how educated or experienced you are.
“One of the biggest challenges franchise owners face is business development,” Cronk explains. “It is best to know your marketing and sales strengths and focus on considering franchises that put those strengths to good use.”
Business Management Skills
To be successful, running a business takes a lot of general business knowledge and abilities in areas such as accounting, employee relations, time management, and customer service.
“Even if you are really good at your profession or highly knowledgeable about an industry, these leverageable business skills are even more important to success,” says Cronk.
A Business Owner Mentality
Seeing yourself as an owner rather than an employee is very important to becoming a successful franchise owner. A business owner must focus on working on the business rather than in it. It is important to be able to delegate and manage instead of thinking of performing the function of the business.
“Many people want to work in their previous profession because they enjoy that type of work or know how to be successful as a worker in that industry,” says Cronk. “However, this can cause them to get too caught up in the details of the work and lack the time and ability to oversee the whole business. It is important to see the big picture and make the decisions necessary for running a successful franchise.”
Because owning a business requires a lot of commitment and time, it’s important that your family is supportive.
“While buying certain types of franchises can lead to a family-friendly lifestyle, it can take some extra time and effort up front that will impact your family to an extent,” says Cronk. “To be successful, it’s important to make sure your family understands this and supports the endeavor.”
Ability to Follow a System
Franchises develop well-honed systems that have been proven to be successful. So if you are good at following rules and systems, franchise ownership is an ideal fit for you and your chances of success will be much greater.
To sum it up, being a franchise owner isn’t for everyone so it’s better to do a serious self-assessment prior to taking the plunge.
If you would like to further assess your skills in relation to franchise ownership, the franchise consultants at FranNet would be happy to provide a no-cost consultation. To book an appointment, click the “Get Started” button on the upper right corner of this page or give us a call at 512-329-2613.