Did you know that mentality and personality type play a huge factor in the success of a franchisee? Think about it. Being a business owner requires a series of personality traits on its own. Now add in the fact that being a franchisee is essentially being a business owner of another person’s business, and you have yourself a whole other set of matters. When potential franchise buyers are going through the due diligence process, they often leave out one very important factor.
Facts are gathered, legal and financial aspects are discussed, but actually determining whether the franchise business model is the right fit is commonly overlooked. There are many personality types and mindsets that are vital to the success of a franchisee, but if you are looking to start your self-discovery somewhere, read on. First, a potential franchisee should think about whether they have the ability thrive in a concept that was someone else’s “baby”.
Franchisees must be able to put absolute faith in a system that was established by someone other than themselves. If you have a passion to put your own ideas, models or systems into practice, franchising is not for you. As a franchisee, you will share brand identity with your franchisor, as well as all other franchisees in the company. Decisions made by the franchisor will ultimately affect you, so you have to be okay with having a “boss” and accepting the business is ultimately their concept. A potential franchisee must be a serious “rule follower”. Rules begin as early as day one, where the franchisee is required to read the franchisee operating manual, cover to cover, and attend training. After the franchisee is aware of all rules, regulations and systems, it is mandatory that they completely commit to conforming to everything the franchisor laid out.
If you are the type that believes you will be able to deviate from the rules and experiment with your own practices, franchising is not for you. In order for the franchise business model to work, you must come in with the mentality that you will not be able to change the system from within or “recreate the wheel”. It is essential to be fully on board with following the system in place. A potential franchisee must have the willingness to ask for help. In order to form a proper relationship between a franchisor and a franchisee, a franchisee must let the franchisor assist and support them. The point of franchising is to be in business for yourself, but not by yourself. The franchisee should be eager to learn from the franchisor and appreciate the support the franchise system allows for. If you are independent-minded and don’t value, respect or see the need of help from others, franchising is not for you.
Once you have done some more research and determined whether you are the right fit for franchising, you must then determine which franchise company best matches your personality. Like every corporation, each franchise has its own culture. Keep in mind that you are encouraged ask corporate leaders questions about what personal qualities successful franchisees exhibit. Thank you for watching this video—Please Share it. Also, I like to read your comments, so please leave a comment and I will be sure to respond.
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Rob Bennett is the Co-Founder of FranFinders, a franchise consultancy and funding group. At FranFinders, we are more than franchise consultants. We are “Your Partners.” Throughout your franchise search, from the Initial Call to your Grand Opening, we are with you “Every Step of the Way.” By partnering with us, you get our Experience, Knowledge and proven 10 Step Franchise-Buying Process that will bring Clarity and Direction to your franchise search. Gain Confidence, knowing that you are partnering with professionals.
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