Okay, you’ve done your homework, and you’ve decided that owning your own franchise is the way to go. You’ve even found the one you want to buy. The company likes you, you like it and them. The financing is all worked out, and you’re ready to sign on the dotted line. But before you do, have you thought about what it really means to be in business for yourself and not by yourself?
Sure, on the face of it, not having to go it alone and being able to follow a proven business model are real pluses, but buying a franchise means you’re facing some potential challenges as well. The truth is that franchising is a bit unique in a number of ways, which is why industry experts largely agree that it’s not for everyone.
So, do you have what it takes to make it as a franchisee? Here are five traits that, if you have them, are a pretty good indicator that you do:
1. Resilience―You can maintain your enthusiasm despite the most dispiriting setbacks. Anytime a challenge presents itself, your response is to work that much harder to overcome it. You reach out for the help you need to bounce back and that is at your disposal when and if you need it.
2. Team Spirit―You lead by example and yet also know how important it is to follow when necessary. You are good with people and open to receiving feedback of all kinds, including constructive criticism.
3. Financially Prudent―You plan for the worst yet expect the best. You know that it takes time to turn a profit and have structured your available assets accordingly. You recognize going in that it’s important you be able to carry yourself for at least three to six months after startup.
4. Focused―You are very goal and task-oriented. You are able to ignore distractions and put the little things aside as necessary to focus on the bigger picture.
5. Compliant―You are willing and able to play by the rules as set forth by the franchisor. You view the system as it is laid out before you as one that has proven effective many times over in the past and are able stay on track to that end.