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.
Social Media Will Sell Your Next Franchise. Just ask the Former VP of Marketing at the IFA
Franchisors need to have guidelines for franchisees when it comes to using social media, but to date, most have not put together formalized play books for franchisees to follow. There are plenty of things you can do so your franchisees can create innovative marketing strategies using Twitter, Facebook, location based networks, blogging, etc., as long as they understand the guidelines of the franchisor first.
5 Rules to Follow Before Entering a Franchisor's Initial Training Program
Here are 5 Rules to Follow Before Entering a Franchisor's Initial Training Program
Determining Your Priorities
At its core the decision to open a franchise isn’t a trivial decision. You are making a serious investment, but if you take all of the factors into account it can be an amazing one. But before you get there you need to sit down, analyze your needs, capabilities and limitations in relation to a franchise business. This could take a few days to consider or a few weeks or months. In either case, it is one of the most important steps in the franchising process, so don’t skip it.