CEO of Frannexus, award-winning franchise consultant and author of “Profits are Better Than Wages“.
Currently, there are more than 30 million small business owners in the U.S., and of those, nearly 800,000 are owned franchise businesses. Although franchise owners are considered small businesses, they have a lot of advantages that go-it-alone company startups do not share. There is sometimes a substantial investment upfront to invest in a franchise; however, the benefits are numerous.
Although some people might consider franchise owners to be the epitome of Type A personalities set to revolutionize the world, many real franchise owners might indicate quite the contrary. Franchising is a system that operates on replicating the success of others.
Therefore, I’ve observed that those who are most successful in owning a franchise typically have a slow and steady type of personality that doesn’t necessarily have the desire to set the world on fire. So, which one is right for someone who is looking to begin their own business?
Eight Characteristics Of Franchise Owners
As a franchise consultant, I’ve seen these eight personality traits fare the best if someone is deciding to become the owner of a franchise.
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1. Result-driven: A person who understands that an action is not the equivalent of achievement tends to strive better in a franchise situation. If you are someone who is a fan of benchmark evaluations and are willing to self-correct when things aren’t on the right course, then franchise-owning might be your calling.
2. Don’t mind paying dues: Small business owners who know that long hours and rolling up your sleeves isn’t the happiest way to live in the here and now but focus on the big picture do best buying into a franchise. For someone who can see that the day-to-day is just a means to the end and can look long-term instead of looking for immediate results might find a franchise a good choice.
3. Go-getter: Franchise owning is not a spectator’s sport. People who do best with owning franchises are those who have a responsible work ethic and know that nothing comes easy in life. Also, most successful franchise owners don’t take all the credit for a win; they recognize the whole team as an integral part. And they are always there to give an accolade.
4. Eternal optimist: If you are a half-glass-full type of individual and believe in opportunities and solutions over hurdles and problems, then you can own and operate a franchise fearlessly, making it as prosperous as possible.
5. Outgoing and engaging: The franchise owner understands the importance of both employee engagement and getting to know their client base. They enjoy getting to know their customers, building and establishing networks and long-term relationships and can be humble when the occasion calls for it.
6. Rule follower: If you are okay with throwing caution to the wind after a thousand various calculations to make sure that your odds are really good, a franchise is calling you. Those who like to reduce risk and take it as slow and cautious as possible will probably find a franchise a sound option for their small-business aspirations.
7. Resilience: Using your eternal optimism to your advantage, franchise owners refuse to be thwarted by a challenge. If you see barriers as an excellent way to prove that you can be resilient and rise above, you will find success.
8. Cool, calm and collected: Someone who maintains a cool head, understands the value of staying calm and values the ideation of the customer always being right will do amazing things with a franchise startup.
Three Benefits Of Investing In A Franchise
1. Work in an industry without the background/experience: If you are dissatisfied with your current career, buying a franchise is an excellent way to try something new without the need for experience. Most franchise opportunities come with the training and education to allow you to jump right in. Often, you can tap other industry leaders’ firsthand industry knowledge to increase your personal success.
2. Lower risk: Buying into a franchise means that you have the support and backing of a well-established corporation. The franchise has already done the hard work like marketing, branding and research to know who its customers are and what they want. That means you aren’t really starting from “scratch” and hoping all goes well.
3. Brand recognition and customer loyalty: Small business owners can spend years trying to build brand recognition and customer loyalty before they realize any real profits. A franchise has already achieved those things, so you are getting ahead right out of the gate.
An entrepreneurial outlook doesn’t necessarily mean that you like to walk on the wild side; buck the system and be a trailblazer to go where no one has ever gone before. If you are a bit more reserved, want to own a business and maintain control, yet consider having your branding and marketing pre-established, a franchise might be the best course for your business-owning aspirations. You just have to maintain the course, engage with customers and reevaluate as things arise to be a successful franchise owner.