by Chaitanya Patel
Essentials List For Franchise Success
This list is based on my experience in the franchise industry, where I saw many franchisees fail because they didn’t have these very important attributes. If you have all these things, congratulations, you’re destined for franchise success!
1. Passion
If you’re not passionate about the business you’re entering into, then you are wasting your time and money. You have to absolutely love the business and everything involved in it, otherwise you simply won’t want to put in the effort required to make it a success. So before you start looking at franchise opportunities, think about yourself and the things you enjoy doing, then base your decisions on that.
2. An open mind
In my experience, someone that already thinks they know everything there is to know will not be a successful franchisee. You need to enter into business with an open mind and a willingness to learn from the experts around you. Also, as simple and clichéd as it sounds, you need to have a positive attitude - rather than seeing challenges as a solid brick wall, view them as a door that can be opened to lead you to new opportunities.
3. Strong financial position
We’re talking about business, so of course money is a factor. If you can only just scrape together enough money to buy the business, then you’re putting yourself in a dangerous position – once you’re behind, it’s hard to catch up. As well as the initial purchase price, you also need to consider running capital to fund your ongoing business operations, because it will be a while before you start making money. There are numerous options for financing a franchise, so make sure you get expert advice before you commit to anything.
4. Basic business skills
There are some basic skills that anyone running a business needs to have, such as day-to-day finance skills, the ability to manage customers and staff and an understanding of business strategy and planning. If you can’t do these basics, you should get help from someone that can teach you or reconsider your decision to buy your own business. Without these skills, you simply won’t be able to run your franchise business, no matter how much support you get from your franchisor.
5. Family support
Buying and running a business is not a solitary thing – it will affect everyone else in your family too. So it’s important that you have their support before you invest in a franchise. Even if you don’t need them to actually help in the running of your business, you will need their moral support and their encouragement to help you succeed, so make sure you involve them in your decision-making and listen to their opinions.
6. Expert advice
When buying a franchise, there are lots of complex financial and legal issues that you will be confronted with during the purchase process and while you’re running your franchise. I strongly recommend that you seek independent professional advice from your accountant and lawyer before you sign any agreements with the franchisor, and then continue to work with these experts when you are running your franchise. If you don’t have a good lawyer and accountant, find one before you start negotiations with a franchisor because you will definitely need their help.
7. Work ethic
This may seem obvious, but if you are lazy and unmotivated then franchising (or running any business for that matter) is not for you! To make your business a success, you will need to work hard and be 100% committed. To really get the most out of your franchise, maximize every opportunity – do extra training, build a strong relationship with your franchisor and do lots of marketing, and you will reap the rewards.
So do you have all of these 7 essentials? If yes, then you’re the ideal candidate for franchise success!
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