With the Chartered Professional Accountants of Canada...
Franchising opportunities present a great way for aspiring entrepreneurs to get into a successful business, but owning and operating a franchise isn’t for everyone. Just like how not everyone is cut out to be a professional hockey player, not everyone has what it takes to be a great franchisee. There are certain personality traits to look for, and before going into business it would be prudent to look at yourself and see if you possess any of these qualities.
As a franchisee you have to accept that the business you’re running isn’t your business. You’re allowed the rights of using the company’s brand, image, location, and products but you are not free to make changes to them at will. You have to play by the rules and have a more collaborative approach to running the business. There is no room for mavericks in the franchise world, and the best partners are those who know the rules and stick to them.
The best franchisees are devoted to seeing their business thrive. This means going to great lengths to ensure success such as working 60 hour weeks, abandoning personal plans when emergencies come up, and always being available. You must have a “ do whatever it takes” attitude in seeing your business succeed.
You must exhibit steadfast leadership, not too concerned with whether or not people like you. It’s impossible to be both the friend and the boss, so it will be necessary to put your foot down to enforce company policy and quality standards. Great franchisee partners believe in the business, and if you can’t be enthusiastic about the business you’re running than why are you even there?
Staring a business from scratch comes with a huge amount of risk. However opening a franchise tremendously reduces your risk as you are buying into a proven business model. You have to pony up a lot of money to start a franchise and it’s all in the faith that your business will succeed. As a franchise partner you can’t be averse to taking risks. A franchise does not guarantee your success and to increase your chances making it, you have to maintain your commitment to running the business as laid out in the operating manual, and have the unwavering faith that it will work out if you stay vigilant.
The franchisee should be tough and resilient in the day to day operations and management of the business, but they should also be fair and accommodating to their employees and customers. The franchisee personality means being assertive and direct, never mincing words and always being concise. Management qualities are essential to being a successful franchise owner, and you have to be firm about your decisions and confident in your abilities to lead and inspire your employees.
It takes more than just a cash investment and a shining credit rating. These days, many franchisors look at personality profiles to determine if applicants are a good fit. If you possess the above mentioned traits, you could have the makings of an all-star franchisee.