Do you have the personal traits necessary for success in the franchising industry? You might want to make sure you can say “yes” to these questions before you invest:
1) Are you willing to conform? Remember: the franchisor runs the show. Will you be ok with not having control over things such as the freedom to decorate your business or promote new products as you'd like? If not, then maybe you shouldn't go into franchising.
2) Are you a people person? Introverts don't do well in franchising. If you want to own a franchise, you must feel at ease with people and enjoy interacting with customers/employees of all kinds. Are you a confident and able team leader?
3) Are you willing to play the bad guy (on occasion)? Be aware that, as a franchisee, you won't always be the “good” guy – meaning, you won't always be giving pats on the back and pep talks. With certain employees, you will most certainly have to put your foot down. Are you comfortable with this kind of position? Would you be willing to terminate an employee for bad behavior or poor performance if necessary?
4) Are you comfortable asking for help? Though you will undoubtedly have thoroughly researched the franchise you'd like to be a part of and probably have some experience with management, you will need help at some point. Can you put your ego aside from time to time to obtain needed advice from the franchisor? How about seeking advice from other franchisees? You should seek advice from both parties, even when things seem to be going well – there's always room for improvement.
5) Are you ready to put in long hours? In the world of franchising, business takes up a huge chunk of your life. Can you envision yourself being ok with work days where you may not be able to take a break? Where every problem will fall on your shoulders, regardless of the problem's scope or size? Can you juggle multiple tasks? If your answer is “yes,” then franchising might be right for you after all!
