If you are looking at purchasing a franchise what do you need to consider?
For most buying a franchise seems to be the first logical step for finding out what it is like to operate a business. Have you reached a stage in your life when a change is needed and the idea of working for yourself excites you?
Operating a business gives you a great amount of pride, a sense of achievement however it is important you realise when you operate a franchise this pride and achievement needs to be earned.
Yes buying a franchise, is a great way to experience the business world, however operating a franchise requires hard work and determination if you want to make it successful. Therefore the most important factor you need to consider when looking at franchising is have you got the “minerals” to run a business? Don’t think for one second that by handing over your franchise fee that, that suddenly fast tracks you to gaining a sense of achievement you are still going to need to put in the work to succeed with your franchise.
The company I operate recruits franchisees, however we stress to everyone, that operating a franchise is not a license to print money. Earning money is hard work, it doesn’t just appear on trees.
The reality of franchising is that yes you will have proven systems to operate, proven models to follow, proven marketing strategies, ongoing support, however whether you make it a success or not will come down to you.
Succeeding in business needs you to have a certain mentality, a certain outlook to life.
Have you got the personality traits of action-orientated people? You will need theses to be successful in your franchise:
- Doers: Do you get things done? Do you care if you make a mistake or do you get the ball rolling and readjust using every experience as a learning curve?
- Leaders. Do you like to be in charge, do you like to lead by example? Yes you might get called stubborn or arrogant at times however this mentality will make you successful in your business.
- Strong and Decisive: Are you able to make strong decisions, stick to them and remain focused all the time?
- Cheerful and optimistic: Are you the life and sole of the party? Do you promise the world because it is the friendly thing to do? Is that glass always half full?
- Impatient: Do you hate queuing, waiting in line? Do you get annoyed with people who are not like you?
Many franchisors look for many of these traits when they recruit franchisees. The only one that is sometimes a bit of putting is that if you are unable to follow instructions and listen and learn, which can be related to characteristics of leaders. However as long as you are willing to learn and treat each day as a learning experience and listen when required and have all the other traits of action orientated people you will succeed with your franchise.
Yes make sure you carry out your due diligence into the company you are looking to invest into, make sure you ask the following questions:
- Is the business model sustainable?
- Do you have successful franchisees? Can I talk to them?
- What do you do to promote and develop the brand?
- What ongoing support do you offer?
However don’t forget operating a business and being successful will come down to you. Franchisors can provide you with all the tools you need to succeed, tools that have been tested and are sustainable however what they can’t do is operate the tools for you.
If you are looking at buying a franchise make sure you take this into consideration,.
Don’t delude yourself to the fact that just because you have bought a franchise it is a fast track option to earning respect and a sense of achievement. You will need to work hard to generate customers, you will need to work hard to ensure all your customers are serviced, whatever franchise you operate all requires the same personality traits if you want to be successful.
Make sure you ask the right questions, make sure you consider your situation, however most importantly make sure you ask yourself the right question – HAVE YOU GOT WHAT IT TAKES TO BE SUCCESSFUL?
