Are You Cut Out To Be A Franchisee?
Owning a franchise is one of the most rewarding endeavors an entrepreneur can attempt. It is also a lot of work – and stress, uncertainty and long hours come with the turf. Being a franchisee can be incredibly rewarding, but it requires certain character and personality traits. Here is a look at what it takes to own a franchise.
Do You Have a Solid Plan?
As discussed in the article “Character Traits of Top Franchisees,” running a successful franchise takes more than just entrepreneurial spirit – it takes a plan of action that is based on sound business philosophy and economic reality. Franchisees much not only come up with a comprehensive business model but must also have the innate ability to follow direction.
The Franchisee Mentality
Of all the characteristics a potential franchisee must possess, the first and most important is optimism. Running a franchise is difficult, time-consuming, exhausting and potentially very lucrative – but it can also be incredibly frustrating. The franchisee must believe in his or her potential to succeed, and carry that belief through the difficult times that are always just around the corner.
The second trait every franchisee must possess is that they must be forward thinkers. A successful franchisee must be able to anticipate problems before they occur, and they must be able to plan for more than the immediate. Problems, roadblocks and barriers are inherent to the industry – only a forward-thinking franchisee can survive the problems that they haven’t yet encountered.
Are You a People Person?
Whether they sell doughnuts or auto parts, sandwiches or craft supplies, franchisees are in the people business. If you own a franchise, you work with and for a broad range of people from varied backgrounds. From suppliers to vendors to employees to franchise representatives, customers and clients, anyone who owns a franchise will have interactions with people every day. They must have excellent communication skills, as well as patience and an understanding of the diverse circumstances from which these people have arrived.
Perseverance through Flexibility
When things get difficult, which they surely will, a franchisee may find his or her dedication wavering. The only way to get through these natural cycles of ebbing commitment are through perseverance and dedication. The single surest way to ensure this is through flexibility.
Having a flexible attitude is part of the solution, but everything about the operation must also be malleable. The business plan, strategy and tactics must all be elastic enough to evolve as circumstances change. Equally important is the fact that the head franchisor may alter requirements or rules, or insist on any number of other sudden changes.
Owning a franchise can be profitable, exciting and lucrative – but it isn’t for everyone. Before you take the plunge, make sure that you take honest inventory your personal traits and characteristics. The hard work, dedication and intensity required will indeed overcome those who are not cut out for it.
About Author: Andrew Lisa is a freelance business writer who covers small-business marketing and entrepreneurialism.