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If you are considering becoming a franchise owner, there are many things to consider. You have financial investments to ponder, business types to peruse, and personality traits we consider helpful in pursuing success.
Even with every personal characteristic checked off, be sure to consider other more personal aspects of franchise ownership, too.
Because no matter how good you are at business and networking, for example, you may be miserable drumming up customers if it requires that you forfeit other important priorities.
Let’s look at a few things to consider as you search for a good match with a franchisor.
Do You Love the Brand?
We want to believe that the product and services we provide are good in some way. Maybe you love auto repair and know that you will thrive under an established brand that you respect. Or the restaurant franchise is one you know and admire. No matter how well things go, if you don’t think you can speak with respect and pride about your franchise, it is probably not a good idea to pursue it. Choose one you love.
Are You All-in?
All-in doesn’t mean you will work 80 hours a week (although it could). It asks if you are willing to do what it takes to meet your goals. Franchise buyers are usually quite willing to put in the time necessary, but what if you have an ill parent or a child’s school event to attend. Are you willing to miss those things? Or if your franchise season is booming during the holidays, are you comfortable not seeing family for Thanksgiving dinner? And is your partner willing to accept all the holiday chores? If these questions make you cringe, it will affect the match you choose for your franchise.
Are You Willing to Follow Another’s Plan?
Franchises follow an established, pre-ordained business model with rules on branding, delivery, designs, equipment, and other non-negotiable parts. You will follow the franchisor’s operational guidelines, and your seemingly better ideas may not be welcome. If you balk at being told what to do, you could make a wonderful business owner, but perhaps not a franchise owner.
Is Administrative Work Acceptable?
As an owner-operator, you will be responsible for banking, financing, customer support, simple repairs, training, and hiring. If you think you will buy a mobile roofing company to provide estimates and networking, a franchise will test your patience. It will eventually demand that you replace locks, fill in at a cash register, or set aside a day to interview employee prospects who don’t show up. You might be an expert at what you do, but any franchise operator will become an expert at other things, too, because you are the primary go-to person. Every. Single. Day.
Are You a Leader?
A leader motivates others to perform well together. You will need your team to buy into your dream, your franchise, and your methods. As the franchise’s figurehead, your leadership style will influence the team’s success. If you enjoy teaching new skills and coaching others, it will help you succeed and build camaraderie no matter which type of franchise you purchase.
If your answer to these questions is “yes,” a franchise could be the most rewarding thing you’ve ever pursued, but understand your personality and preferences first. Then, you will discover the most appropriate franchise match for you.
Anne Daniells is a co-owner of Enterprising Solutions, a professional services firm specializing in corporate communication and financial improvement for businesses where she shares decades of corporate and entrepreneurial experience—including franchise ownership—in her writings on business culture. She has authored hundreds of articles for publications including AllBusiness.com, TweakYourBiz.com, and MSN.com. Reach out via her website for more on where corporate culture, communication, and human architecture collide.