Owning and operating a franchise business is a difficult yet rewarding career but it’s not for everyone. Before investing in a franchise, it’s essential to determine if there’s a good fit between a specific franchise and your skills, aptitude, and interests. But even before you do that, it’s a good idea to figure out if you’ve got what it takes to thrive as a franchisee. Use this checklist to see if you’re built for franchising:
- Are willing and able to follow the system
Entrepreneurs thrive on coming up with new ways of doing things, but this is not how franchising works. Successful franchisees prefer to work within proven systems and follow established procedures. If you cannot colour within the lines, franchising isn’t the right fit for you, even if the next nine points describe you perfectly.
- Are motivated by results
Successful franchisees derive satisfaction from achieving business goals which is why they’re willing to put in long hours to build the business.
- Have an optimistic attitude
Instead of complaining about problems and focusing on the negative, successful franchisees learn from mistakes and pursue meaningful solutions.
- Demonstrate excellent people skills
Franchisees must have terrific people skills because the success of the business is affected by many human relationships with staff, clients, vendors, and partners. If you’re not a people person, franchising is not likely a good fit for you.
- Are willing to ask for help
Successful franchisees may not enjoy asking for help when they find themselves in unfamiliar territory—but they’re always willing to do it. Guidance and support are available through the franchisor and fellow franchisees so there’s never a good reason to go it alone.
- Are effective leaders
Successful franchisees manage customer, employee, and business relationships effectively. Leaders guide staff through good times and bad, they’re attentive listeners, and they help staff perform their best. Anyone can be a boss but being an effective leader builds better business results.
- Work hard
Hard work is a must for all franchisees, and it starts on day one of franchise ownership. Employees are much more likely to follow someone who is engaged in the business, committed to success, and doesn’t shy away from whatever work needs to be done.
- Stay on top of the finances
Successful franchisees plan the work and work the plan. This includes preparing and following a detailed business plan, having enough working capital to get through the early days, overseeing income and expenses, and understanding the numbers. For first-time franchisees, business financials may represent a whole new world—which is why #5 is so important!
- Accept responsibility
A successful franchisee knows who is responsible for success and failure—the person in the mirror. Setbacks are inevitable and should be expected, even within a proven business system. Being able to accept responsibility, learn from mistakes, and keep going is important in franchising (and life).
- Network consistently
Franchisees must be willing and able to expand their networks to support business development. Successful franchisees regularly meet and help new people because networking is the first step in developing business relationships.
If you found yourself nodding your head 10 times while reading this list, you may be a great fit for franchising. To learn about what it’s like to be a Hand & Stone franchisee, meet some of our franchisees here.
Take control of your lifestyle with a solid business system.
Hand & Stone is the most relaxing massage and facial franchise investment opportunity in Canada. Our proven business model allows franchise owners to profit from the booming health and wellness market and meet consumer demand for luxurious yet affordable spa services. Find out more about becoming a Hand & Stone franchisee by reading our blog or connecting with us directly.