Determining whether or not you have what it takes to be the proud owner of a thriving franchise business often depends on whether or not you have the personal traits necessary for success in this kind of business.
Before you sign on the dotted line, be sure you have most — if not all — of the five personality traits below:
1. You’re willing to conform. The franchisor is going to be calling a lot of the shots in regards to the overall big picture of the franchise you’ve bought into. Can you handle not having control over, for example, the freedom to decorate your business in the way you see fit? Freedom to promote a new product in a way you’d like? If you’re one who has trouble falling in line with the powers above, becoming a franchisee may not be the right step for you.
2. You’re a people person. Before becoming a franchisee, be sure you’re not an introvert who’d rather stare at a computer monitor all day. It’s of the utmost importance that you feel at ease with people and enjoy interacting with customers (and employees) of all stripes. Do you consider yourself to be a confident and able team leader?
3. You can occasionally play the bad guy. Taking pleasure in working with people from all walks of life is an important trait of a franchisee. Know, however, that you won’t always be giving pats on the back and spirited pep talks. From time to time you’re going to have to put your foot down with certain employees. Do you feel comfortable being in a position of power like this? If necessary, are you able to terminate an employee for bad behavior or poor performance?
4. You’re comfortable asking for help. Even though you will have thoroughly researched the franchise you want to be a part of, and even though you should have some prior experience with being in a managerial role of some kind, there will come a time when you need help. Can you check your ego from time to time to ask your franchisor for advice when you know you need it? Or seek out help from others whose franchises are doing well? In fact, you should seek advice from both these parties even when things are running smoothly, since in business there’s always room for improvement.
5. You’re ready to put in long hours. You should expect your business to take up a huge chunk of your daily life. Can you handle work days where you’ll barely be able to take a break? Where you’ll essentially be the go-to person for every problem, no matter how big or small? Do you have the energy and drive to juggle a multitude of tasks? If you can answer “yes” to these questions, you’re most likely ready to step up to the plate.