Choosing Your Franchise Opportunity
There are certain personality traits that apply to ownership of all franchise concepts, primarily the ability to follow a proven business model designed to help you succeed. Consider the following statements:
GOOD:
“I’m dependable, detail-oriented, eager to learn and continually listen to advice with an open mind.”
BAD:
“Nobody tells me how to run my business, because I know how to do it better than the experts. Also, I have a lot of problems with authority.”
These examples should easily reveal why some people are cut out to become franchise owners and others should probably look elsewhere for opportunities. It takes the right personality to become a successful franchisee, but did you also know that certain personality traits can reveal the type of franchise you should own? Whether you’re an introvert or an extrovert, here are some interesting details that may predict your suitability for certain franchise concepts.
Hits and Misses for Introverts
If you have an introverted personality, you aren’t a regular on the cocktail circuit or the first one to speak up at a team meeting. On the plus side, you’re probably a deep thinker and very observant. With franchise concepts, it’s probably wise to avoid opportunities that require a lot of outside sales and networking to generate revenue. Two categories of the franchise industry should appeal to your nature: Inbound Retail and Bridge opportunities.
Inbound retail franchises, such as quick-service restaurants (QSR), hair salons and dry cleaners, are typically higher on the investment scale and they’re quite site-dependent. However, your introverted personality is a suitable match for the high visibility and low selling effort needed to succeed.
Bridge opportunities require franchise owners to manage service-oriented concepts, such as residential cleaning and handyman services. Like inbound retail, sales aren’t too difficult, however, the buy-in investment level can often be much lower.
Hits and Misses for Extroverts
If extroverts and introverts are the opposite of one another, the same applies to the type of franchise industries that appeal to each trait. Extroverts, who have the gift of gab and easily make connections through the art of networking, are great matches for Outbound Retail and Outbound Sales/Service franchise concepts.
Outbound retail franchises, examples of which include fitness centers, sign companies, business services, and commercial building maintenance concepts are a predictable match because of their highly sales-dependent, lower visibility nature.
As you enter the franchise investigative process, you’ll learn much more about the importance of your personality traits, workplace preferences, and operational strengths and weaknesses. Matching your personality with the perfect franchise ownership opportunity shouldn’t be taken lightly. Your sole indicator and guide, in determining a match, is the business model of the concepts you’re investigating. That’s what determines whether a particular franchise can provide what you want in a business.
So do the proper amount of research and due diligence before deciding on the franchise of your dreams. Your success rate may very well depend on it.