You may never have seen yourself as an entrepreneur, and the word “franchise” may send your mind into spasm, but perhaps running a franchise could be the right move for you. We look at what it takes.
What kind of person makes a good franchisee? Answer the questions below and you could have your answer.
Are you self-motivated or do you need constant stimulation from others to come up with good ideas? If you enjoy the freedom to do your own thing, then running a franchise could be for you. When you start a franchise you might eventually take on staff, but odds are you will spend a fair amount of time at the beginning working alone – albeit with a network of other franchisees supporting you. Think about how you would feel in this situation.
Are you good at prioritising tasks? You need to be able to prioritise and take decisions as you will be your own boss. Some people thrive on this and working mums, in particular, tend to have highly developed skills of time management and organisation due to juggling the many things they are required to juggle on a daily basis!
Working for yourself, essentially, is what being a franchisee is about, but with the support of a franchise structure so you don’t have to start a business from scratch.
It’s not just about being a salesperson, but more about being able to get across the positives of what you are doing. You needn’t be an all-singing, all-dancing showstopper. Marketing your work effectively requires good ideas, a conviction in what you are doing and the ability to network well, another skill which parents develop fast if they want to get any time off or need help picking up the kids!
If working from home suits you down to the ground, then running a franchise may be for you. Many franchises are operated from home, at least initially, and this can work very well around children. But try to ensure a dedicated work space or you could find small people doodling on your vital work documents.
Do you, for instance, love baking or shoes or are you into teaching children how to dance or sing? There are franchises out there that cater to all sorts of interests and the investment varies according to the franchise. Being able to work in something that excites you will make your job all the more enjoyable and mean you invest more energy.
Running a franchise means having to learn all aspects of the business, from strategising and making business plans to doing your own IT [perhaps creating your own website]. You may also need hiring your own staff, depending on your ambition and success. You need to be open to taking on new challenges and to feeling the satisfaction that comes with being able to grasp new skills which could be useful not only to you as a franchisee but in any future work you do.
The success and failure of many businesses lies in the research and planning that goes into a business plan you create from the start and review regularly. You need to make sure your business is based on sound business sense, that there is a good market for it and that you have plans in place to develop it at a pace that is not unattainable.
As a franchisee, the responsibility for the success or failure of your business rests with you. You need to relish this responsibility and be willing to put in the hours and thought that might be needed to make it all work.
Being in control does not mean doing everything unaided. Franchisees have the benefit of being able to get advice and support from the franchisor, who has tried and tested the business formula. It is also a good idea to network with other business people or those working in similar fields. You can get lots of good ideas and advice so don’t feel you continuously have to reinvent the wheel.
If you think running a franchise is right for you, check out our Franchise Opportunities to see a range of the franchises on offer.