Great franchisees don’t just grow on trees, as much as franchisors wish that was true. It takes a certain kind of person to run a franchise successfully, taking it from nothing to a booming business that generates jobs and revenue and gives back to the community while doing so.
So, the question becomes, do you have what it takes to be an ideal franchisee? You do if you are one of these types of people:
Some people just have a nose for business. While other kids are playing in the park, they’re the ones setting up a lemonade stand to quench the thirst of people walking by. If you automatically think about how you can grow money rather than save it, you might have that entrepreneurial spirit. If you see money as a tool for making more of it rather than just spending it, you probably have what it takes to run a business.
Entrepreneurial people see opportunity everywhere and they are not opposed to taking calculated risks and working hard if they know it has the potential to pay off big in the future. If this is you, franchising could play a big part of your life.
To run a business, you have to be a dedicated leader. That means making an effort to make everyone around you better by training them, empowering them to make decisions and take responsibility for those decisions. You also have to be prepared to work hard and put in way more than full-time work hours for the first couple of years that your business is up and running.
Being the boss means you’re the one who everyone looks to when things aren’t working right or something needs to be fixed. You control the budget, and it’s up to you to set the tone for the morale of the business.
Yes, sometimes everything works perfectly and you end up joining a franchise in an area where that particular product or service is in high demand. In those cases, it is possible for a franchise business to take off quickly. However, it is usually more of a slow build, with the business having to grow gradually and steadily.
It’s this slow building process that requires a great deal of patience from franchisees. You will have to trust in the process and follow the business plan your franchisor has laid out for you. If you stick to the process, you should eventually be rewarded with a thriving business.
A business owner has to hustle. Customers aren’t automatically drawn to a business. They have to be convinced to spend money there. That means you have to promote your business, market it to people, get your brand into their minds so they think of it when they need your particular product or service and you need to be a salesperson.
Although your franchisor will have all kinds of promotions and deals for you to use, you will also have to think of inventive ways to sell your products and services to people. Business owners are creative because they have to be. You’ll need to do whatever it takes to get people in the door. If you can do that, you might just make a good franchisee.
Opening a business, even with the help of a franchise, is risky. It’s a gamble and you have to be willing to put your money and yourself on the line to make it work. That’s not to say that you have no control over the outcome because how hard you work will play a part in that, but there are a lot of things outside your direct control that can play havoc with how well your business does.
If you are willing to take that risk, though, you have it in you to be a franchisee. The beauty of business ownership via franchising is that you are in business for yourself, but not by yourself, which means the risk is mitigated a little. But, you still have to take the plunge and that takes guts.
If you’re entrepreneurial, dedicated, patient, savvy and courageous, you have all the ingredients you need to join a franchise and be a successful business owner. The only thing you need now is a franchise to join. If you need help finding a franchising opportunity for yourself, contact FranNet. Sign up for a free FranNet franchise search and consultation today.