Do You Have What it Takes to be a Franchise Owner?

So, you want to be a franchise owner? Sounds ideal:

You’re the boss, sitting back with your feet on the desk, big car parked outside, well-tanned from a vacation in the islands. Ehhhhhhh!!! Wrong answer.

Wake up from your daydream and turn from reality television into a real vision for your life and career. While you recognize the advantages of owning a franchise, e.g., turn-key operations, strong brand recognition, better success rate, prestige, etc., you need to look at the bigger picture.

Take a glance at these intangible, key decisions and issues you’ll have to face about yourself and your personality:

• Are you self-motivated?
• Are you willing to roll up your sleeves and pitch in?
• Do you have good people skills?
• How well do you deal with the public?
• How do you feel about constraints within the franchisor system?
• What is your business background?
• What are your overall strengths and weaknesses?

Whether you’re a professional athlete or a weekend warrior, coaches will tell you to picture in your mind’s eye hitting the ball, or holding the trophy after winning the game. It is all about motivating yourself to be the best that you can be. Do you have the desire, the will to win? If so, you’re on the right track.

Picture this scenario: a couple of key employees call in sick on the day of a major sales push for your business. Hope you’re not afraid of getting your hands dirty in the day-to-day operations because if you are, your other workers may resent you and morale may suffer, and you may also incur the wrath the franchisor. Being a franchisee does not mean just pushing papers and going to make deposits at the bank.

Ditto when dealing with angry customers. How are your tolerance and diplomacy skills for handling complaints, because the buck stops with you?

Remember you’re purchasing a pre-packaged system based upon a successful business model. You may have some leeway in certain aspects of your franchise, but you still have a “boss” at corporate headquarters who wants you to succeed - their way.

Besides understanding inventory, receivables and payables, marketing, etc., what about leadership, handling personnel issues, motivating others? You don’t need a Harvard MBA, just be well-grounded in basic business principles. The franchisor will help with training, but you’ll learn plenty with on-the-job training.

Finally, take a look in the mirror and be honest with yourself: “Is this what I really want for myself and my family? Do I have the stick-to-itiveness to make my vision turn into a reality? Am I willing to sacrifice and understand that ‘the race goes not to the swift,’ but be able to delay quick gratification in the short run?”

After reading this, if you believe you have what it takes to be a franchise owner, then take the next step and contact a FranFinders expert Franchise Consultant.