Festive franchising - 12 days of Christmas...
As Christmas approaches and the year draws to a close, it’s both a time for reflection and looking to the future. If...
Thinking of investing in a franchise, but not sure if it’s right for you? We’d advise that it’s equally important to consider if you are right for it. A franchise can be a fantastic opportunity, with all sorts of training and resources provided by the franchisor, but you’ll still need to put in an enormous amount of hard-work, and most importantly, have the correct disposition. Being an entrepreneur isn’t for everyone, and while business knowledge and qualifications are helpful, they’re actually far less important than simply having the right personality traits.
We’ve put together a checklist of the 5 key qualities we feel all potential investors need in order to make their new franchise opportunity into a long-term success.
Perhaps most fundamental of all, is the need for great people skills. No matter how much business acumen you might have, if you’re not a people person, investing in a franchise is probably not the right avenue for you. As a franchisee, you’ll not only need to be able to communicate well, but also to inspire and motivate those around you. You’ll naturally be striving to build a great reputation for excellent customer service, and your personality and general manner can help instill the right qualities in your employees, as well as motivate them to work harder. You’ll also want to cultivate a strong relationship with the franchisor so that they continue to provide top level help and support, and perhaps even go the extra mile for you because of the rapport you’ve built.
If you want to be a successful franchisee, you need to be someone who understands that taking action is not an achievement in itself. Every action you take should lead to a tangible result or goal completion that moves you and the business forward in some way. Enthusiasm and drive are unquestionably important, but it’s not enough simply to be motivated in a general sense by the idea of your ultimate success; you’ll need to know how to focus that motivation into day-to-day achievements by setting measurable goals for each area of the business, and every step of the journey.
While having business qualifications is not a necessity when it comes to being a successful franchisee, you will definitely need to be able to effectively keep track of your business finances. You don’t have to be a financial expert, but you’ll want to understand how to calculate profit and loss, and perform basic accounting for your new venture. Money management skills are a vital piece of the puzzle regardless of the industry you’ve chosen for your new franchise, and even if you have all the other traits on our list, neglecting this area or underestimating its significance, could easily lead to the sort of financial difficulties that will scupper your plans for success.
If you’ve imagined that running a franchise is the easy option when compared to starting your own business from scratch, then think again. While it’s certainly far easier to get the business off the ground because of the established reputation and help from your franchisor, running a franchised business takes just as much hard-work and determination as any other. You‘ll need real passion to fuel the sort of ongoing effort required. So if you want to start your own successful franchise business, you must be ready to work hard and able to push yourself to drive the business forward and break through barriers.
If you’re the type of person who has a hard time following a set structure or obeying rules and guidelines, then a franchise most likely won’t be the best fit for you. Although you’ll need to be a great leader, someone that can make important decisions and motivate staff, you’ll also need to be happy accepting guidance, training and direction from the franchisor. Remember that the reason that most franchises are successful is precisely because they have a proven model with tried and tested systems and procedures. So, if you always have to do things your own way, you might run into difficulties. However, if you feel you can follow as well as lead, then a franchise opportunity could be the perfect fit.
As you can see, running a successful franchise requires a specific set of character traits. If you’ve run through our list of some of the most important qualities and thought it described you perfectly, it’s likely you have what it takes to achieve long term success with a franchise. Have a look around our site or get in touch today to see what amazing franchise opportunities we have for you.