Do you fit the franchisor’s bill? You are sold. You have decided to buy a franchise! Buying into a franchise business with a great concept, a good reputation, and appropriate training and support systems will certainly put you in good stead. You will have the tools, collateral, network and support that you need to start-up quickly and improve your chances of success.
Are you cut out for franchising?
Even with the best franchise system and access to quality support, much of your success will depend on what you bring to the business – your commitment, skills, talent and hard work.
Before you sign up, you should have a good understanding of the franchise and how it operates, be enthusiastic about the company, share its values, and feel excited and confident about contributing to its successful expansion. Importantly, you must believe in the products or services that the franchise offers.
Once you are in, you must be willing to embrace the franchise programme and be comfortable with participating constructively. This means undergoing the training, using the tools and systems, engaging with other franchisees, and willing to work with the franchisor team. As a franchisee, you will have to achieve and maintain a careful balance between developing your own franchise and operating as part of a team. Some people do find franchise structures and rules too restrictive. You need to ask yourself if you can live with the restrictions of the franchise or not.
Remember that buying franchise does not mean that everything will be handed to you on a platter. Every start up business requires hard work and total commitment. Do you fit the franchisor’s bill?
There is an adage in the franchise world that a franchise is only as good as its franchisees. The skills, capabilities and contribution of franchisees to the business have a tremendous impact on the franchisor, other franchisees and the brand. So, it goes without saying that franchisors need to be as discerning about franchisees as franchisees are about choosing a franchise.
It’s essential for a franchisor to be able to work with and trust a franchisee with its brand name and goodwill. Therefore, franchisors will carefully scrutinize the personal qualities of prospective franchisees. Franchisors want franchisees that are committed to maximizing the profit potential of the business and growing the brand. This doesn’t mean simply having strong sales. It also means keeping satisfactory margins and controlling costs.
A poor-performing franchisee has the potential to damage the franchise’s reputation and brand. That is why franchisors seek franchisees that share the vision to provide an excellent and consistent customer experience. After all, a base of satisfied and loyal customers is vital to the growth, sustainability and reputation of the franchise brand.
Franchisors want to see passion and commitment in a franchisee. They want to know that the franchisee has a business plan as well as goals for the business. They want to feel reassured that a prospective franchisee will not throw in the towel at the first sign of lackluster results.
Franchisors also expect prospective franchisees to have adequate working capital. This includes the initial capital to setup plus contingency funds in case things do not go as planned. Just as important as having adequate capital is the know-how for managing it.
As a franchisee, you would need to have an understanding of basic finance and accounting. More than anything, most franchisors want franchisees that are going to follow the system at a very high and enthusiastic level.ActionCOACH has a tried and tested approach, methodologies and structure that have been proven to work. Making a success of an ActionCOACH franchise is easy if you follow the system. There have been plenty who have come into the system and been very successful. There are some that come into the system and are comfortable. Then are a few who come into the system and don't succeed. Generally, it is because they don't follow the system and don't do the hard work. Find out the how today!
The attributes of a great franchisee:
Becoming a franchisee is not for everyone. Franchisors look for certain qualities in franchisees. If you have these qualities, franchising could be for you:
1. A real ambition to grow the business.
2. Willingness to learn and undergo training.
3. A positive attitude. All franchisors want good people representing their brand.
4. Goal orientated and results-driven.
5. Some entrepreneurial spirit.
6. Belief in their product or service.
7. Passion for people.
8. Good communication skills.
9. Be able to work independently as well as part of a team.
10. Good organizational skills.
11. Well presented.
12. Committed to excellent customer service.
13. Be able to get things done efficiently.
14. Have physical and emotional resilience.
15. Be comfortable with selling.
16. Have the ability to manage and motivate others to get things done.
17. Belief in their own capabilities.
18. Be able to work effectively as part of a team.
19. Appreciate structures and systems.
20. Keenness to embrace the franchise system and follow directions when needed.
The next steps
Click here to find out more about ActionCOACH Franchise opportunity!
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