With more than 3,000 brands and over 700,000 franchise units in the United States, clearly, there are lots of people who are right for franchising. But are you?
There’s no easy way to know for sure until you start to go through the franchising process, preferably with a franchise consultant like me who can help navigate your journey.
However, here are some characteristics of successful franchise owners for you to consider.
They follow the plan. There are some HUGE benefits to franchising. One is that you are buying into a proven model of success. That means the franchisor has already proved their concept dozens if not hundreds of times at previous locations. Buying into that model means you’re given access to all of their methods for succeeding. However, you still have to follow their steps to success. If you’re someone good at following instructions and implementing a plan, you’re off to a good start.
They ask for help. Another of those wonderful benefits of franchising is the unparalleled level of support that franchise systems offer. Franchise systems have teams of people ready to assist you every step of the way. They are there for launch support, real-estate procurement, store build-outs, grand openings, ongoing training, marketing, peer support, tech support… it goes on and on, and is often available 24 hours a day! There’s no shame in asking for help, but in franchising, it’s imperative that you ask for help to make sure you’re getting the most out of your franchise investment.
They know when to follow, and when to lead. Your franchise business is still YOUR business, so whereas franchises provide you with a proven model of success and an unparalleled level of support, you’re still the boss on a day-to-day basis. You’re going to be the one hiring and training your staff, engaging your community, setting the standard for customer service and growing your business. Follow the plan, but lead your team!
They know themselves well. The beauty of franchising is that you get to pick the business model that supports your dream life. Want to get your hands dirty? There’s a franchise for that. Want to set your own hours? There’s a franchise for that. Want your business to be a side hustle, meaning you only work on it 10–15 hours per week? There’s a franchise for that. What do you want the franchise to provide you? That’s a question we can tackle together, but an answer we must have.
If you want to understand more, here’s a quiz I put together on my website.
If you’re ready to start your franchising journey, give me a call at 919.846.7111, email me at email@example.com or click the button below to schedule an appointment.