The Ideal Franchisee - The Franchisee Point of View
Franchisees are required to put in tremendous effort to launch their business and must work extremely hard at their capacity. However, simply working hard does not guarantee success in the franchising business. There are certain other traits, which must be present within a person for them to consider becoming a franchisee.
Possessing an entrepreneurial mindset is a plus but one should also have the employee mindset as well. This lies in the fact that even though the franchisee must have the steely determination and drive to launch a business, they must be willing to be restrained and follow the directions of the franchisor. The level of control for a franchisee is noticeably less than of that of being an owner of your own independent business. However the level of risk presented to a franchisee is less than that of an independent business owner. Therefore this type of business is preferable for those looking for less risk. If we were to prepare a checklist of the traits, which were to be present within the ideal franchisee, it would appear something as:
- Willing and able to work within the structure of a franchise system
- Possesses enough capital to not rely on initial returns to support self
- Able to work long hours at work
- Can work without supervision and often support staff
- Is not scared of financial risk
- Has a supporting spouse and family
- Has exceptional time-management skills and can multi-task
- Is a Determined worker
These are a few of the traits, which are more important but should not be taken to be the only indicators of being a successful franchisee. A franchisee must have the ability to assign responsibilities, have a crisp and quick mind to identify the best opportunities, should be willing to accept advice from others and should have strong interpersonal skills to interact with the customers and management at the franchisor headquarters.
If, as a franchisee, you feel you do not possess these qualities and that you are weak in any of these then it is best that you either work in improving your skills or else choose some other line of work. Failure is never an option when launching a business and you start up with the intention of staying in the long run. So it is best to know one’s own strengths and weaknesses before starting a business venture rather than learn along the way.
The Franchise Experience
Many of the franchisees we talked with had to make a decision first on whether they would open an independent business or a franchised one. A few of their stories follow.
Franchising as a Growth Vehicle—the Risks of Improper Classification
Should I franchise my business? Is it the right time? Is franchising the right growth vehicle for my business model? Does franchising fit with my ambitions, tendencies, preferences and general corporate culture?
How to Read the Franchise Disclosure Document and Red Flags to Look For
This webinar is designed to help you learn how to choose a franchise wisely. Your selection process should consist of thorough research, analysis, and focused investigation. Understanding how to properly read and analyze the franchisor's required documentation, the Franchise Disclosure Document (FDD), is one of the most important activities you will perform in your franchise selection process.