Getting in a business gives you flexibility and control of your destiny. Getting a franchise is like owning your own business. Your franchise business is a full-time endeavour that requires your total focus, 100% commitment and dedication to building a team that will help facilitate the growth of your business.
However, franchises can be complex, depending on the franchise model and franchise agreement.
Franchise owners are entrepreneurs who are willing to keep going, grow and learn, leading by example and maintain a positive attitude. If you decide to run a franchise, you should be prepared to test your skills such as: stakeholder management, analytical skills, as well as your passion and resilience. It is also essential to know not only how to lead but also how to build a strong support system. It is not always possible to be an expert at all skills required to be a successful franchisee. But knowing the importance of these skills will give you clarity and purpose when developing yourself and setting your business for the best path to success.
If you are looking to become a franchise owner, you might take into consideration the following aspects:
- Do your homework:
- Ensure you share the franchise’s core values. It is critical that your core values are aligned with those of the franchise you’re considering buying into. Moreover, you should make certain that you agree with the people running the entire franchise and enjoy interacting with them.
- Understand the big picture, but watch also the details.
- Be financially responsible:
- Estimate how long you can go without income and make sure you have enough money.
- Make sure you understand the initial investment required.
- Set your vision. Before investing your money into buying a franchise, you need to know the true vision that you want for your life and be self-motivated to make that vision a reality.
- Trust in the franchise’s system. You have a successful system and blueprint to follow. You don’t want to change up the whole business model and build an entirely new company. Trust the system that the franchise has in place, because it has been proven to work.
- Make sure that you’ve got the passion for what you’re getting into.
- Leadership skills are essential. You need to build a successful team
- Business Development or Sales Experience is very useful. Improve your skill in this area.
- Evaluate the strength of your network.
- More importantly, start today, because every day you’re on a market, someone else is taking your market share
While running your franchise:
- Give customers great service.
- Be a team player and a good communicator
- Treat your team with respect.
- Stay in touch with your franchisor and other franchisees.
- Become coachable. Keep in mind that in becoming a franchise owner, you are learning from someone who has already been in your shoes. Don’t let your ego get in the way — be open-minded and receptive to feedback. You may not even realize that you are doing something wrong until the franchise’s executives or in-house coaches tell you.
- Grow your business acumen. It is essential to have a growth mindset when you become a franchisee. Constantly evolving yourself and striving for improvement will have a direct effect on your enterprise.
- You need to be enterprising. When you become a franchisee, you are not an employee at a company anymore — you are a franchise owner and business owner. Thus, you need to figure out yourself how to fix problems that arise in your franchise. Therefore, having a creative mindset allows you to be agile and solve problems swiftly.
- Enjoy the thrill of competition
- Give it 100% and never give up
