Not everyone is meant to own their own business, and more specifically, not everyone can be a successful franchisee. Some people in this world are artists, some are athletes, others are politicians, and others make good franchisees.
Where do you fit in?
The Franchise Times conducted a survey of the “average franchisee.” What do you think they found? Well, it turns out that the typical franchisee is male, 48 years old, owns 3.5 franchises, works 52 hours a week, and attended at least some college.
Is that you? No? Don’t worry.
Franchisees vary greatly and come from all walks of life. They might be people who want a career change. They might be fed up with corporate life and dream of owning their own business. Or maybe they are Baby Boomers who were downsized and are not done working yet. They might be someone who can’t see joining the corporate world but doesn’t like the idea of starting a business from scratch either.
But question is not ‘is franchising right for you’, but rather, are you right for franchising? Because if you don’t have the right attitude and skill set, it can be a very expensive mistake.
Not surprisingly, some of the folks with the strongest opinions about what makes for a good franchisee are franchisors. After all, a franchisor has a vested interest in finding and selecting the right people with whom to entrust their franchise. They need people who will run a good business, who will protect the valuable brand, who will care for customers, and who won’t give the franchise a bad name. So we would be wise to listen to what franchisors say makes for a good franchisee.
Those qualities include:
- Someone with a strong work ethic, motivation and enthusiasm
- A person who may not have all entrepreneurial skills necessary and so needs what a good franchisor has to offer
- Someone who is open and willing to learn new things
- Someone willing to take direction and do things the franchisor’s way, even if the reason is not always readily apparent
- Someone with some management experience
- Someone who is not afraid of selling
So the question remains: Would you make a good franchisee? Aside from the traits above, I have come up with a list of questions that I think will help guide you towards the right decision. Answer the following questions honestly, Yes or No:
- I would fill in for an absent busboy for a few days if necessary.
- I do not need a lot of supervision.
- I am willing to put long hours into the business.
- I am willing to do what the franchisor suggests, even if I don’t agree.
- I have hired and fired employees.
- I understand how to follow directions.
- I am good at sales.
- I have sufficient capital to buy into the franchise of my choice.
- I am willing to take a risk.
- My spouse and family support my choice to start a franchise.
If you answered at least 8 of the questions in the affirmative, then you are a good candidate for successful franchising. If you think that a franchise is for you, then next step is to thoroughly check out possible franchisors. In our next few blogs, we will look at how to make a smart choice.