Becoming a franchise owner is a great way for aspiring entrepreneurs to launch a small business with the security of an established brand. However, many would-be franchisees worry about whether they have what it takes to be successful.
The great thing about franchising is that most franchise systems do not require franchisees to have extensive experience in their industry. Many brands have established robust training and support systems to help franchise owners learn everything they need to know. What franchisees do need, though, is a set of skills and attributes that allow them to operate and grow a business.
Ask yourself if you have these five qualities of a successful franchise owner.
Business-Minded
Owning a franchise is like owning any other type of business. Potential franchisees need to be familiar and comfortable with the elements of business management. Many franchisees come from senior-level positions in corporate America for this reason. They understand the financial requirements of the business, how to work through logical decision-making and what it takes to keep the business’s doors open.
Self-Starter
Franchises are generally considered safer investments than independent small businesses because they come with an established framework and brand. However, this doesn’t mean that franchise businesses don’t involve risks and entrepreneurship. Franchisees should have an entrepreneurial spirit and be self-starters willing to take charge and drive their business to success.
Natural Leader
Many franchise businesses are designed to run with at least a small team of employees. The most successful franchise owners are ones who are able to organize and lead an efficient team. By successfully hiring, training and coaching staff members, you’ll ensure your customers are cared for, in turn. Effective communication and support for your team can lead to higher retention and lower turnover, saving you time, money and stress.
Open to Learning
Even though franchisees should have an entrepreneurial spirit, franchisees are still expected to uphold the values and systems put in place by the franchisor. With this expectation comes a lot of learning—especially if you’re entering the industry with minimal or no experience. Therefore, franchise owners need to have the willingness to learn, grow and adapt in a potentially new industry. They must also follow the path laid out for them by the parent company to some extent.
Passionate
Last but certainly not least, franchisees must be passionate about what they do. Running a business takes a significant amount of time and effort, and there will be challenges. If a franchisee isn’t passionate about the industry, products or services or just running the business itself, it’s less likely they’ll come out ahead. Every franchise owner should be driven and maintain a can-do attitude to be successful.
Just as a franchisee must have certain characteristics, a franchisor should have similar ones, too. If you’re interested in investing in a franchise business, it’s important to do your research and find the right company that matches your qualities and business needs.
To discover more about available franchise opportunities or to explore financing options once you’ve selected the perfect company, contact Tenet Financial Group. We work with entrepreneurs and franchisees to get their businesses off the ground fast.