Take Advantage of Franchise Opportunities in 2019
When most people like yourself decide that they want to take advantage of an exciting franchise opportunity, they get so excited about the prospect that they don’t stop and think about whether they’re a good candidate for a franchise opportunity. As a result, their application either gets rejected, or if it is accepted, there comes a point when the franchisee discovers they’re in over their head.
Neither is a good situation, which is why it’s a good idea for you to sit down and consider whether you’re a good candidate for a franchise opportunity.
Here are a few questions you should ask yourself.
Do You Have Good Leadership Skills?
Are you a good leader?
There are traits that good leaders possess that make franchisors fall in love with them. Good leaders:
- Act quickly
- Are decisive
- Have excellent communication skills
- Can motivate their team
- Know when to bend and when to stand firm.
The good news is that even if your leaderships skills aren’t as good as you’d like, that doesn’t mean you have to give up your dream of becoming a franchisee. Many franchisors provide some training which is designed to help you hone the leadership skills you need. You can also take independent courses/programs that will turn you into an excellent leader and a great candidate for any franchise opportunity you’re considering.
Do You Like Challenges and Risks?
Yes, franchise opportunities are generally considered a better risk than starting your own business, but that doesn’t mean there is no risk at all. Franchisees love challenges are aren’t afraid of risks are what franchisors are looking for.
Does not being much of a risk-taker mean you application will be rejected? Not necessarily. Provided you are excited about the opportunity and confident you can make it work, the franchisor will love you.
If you are worried that it’s too big a risk, consider looking for a partner who will share the burden and reduce the risk. Ideally, the partner should be someone who has a different set of strengths and weaknesses than you do.
Are You Organized?
Buying into a franchise opportunity and turning it into a thriving business isn’t easy. You’ll frequently find yourself juggling lots of balls. It can get very overwhelming, but as long as you’re organized, things will progress smoothly.
If organization is an issue for you, make sure you have a good manager who is both organized and business savvy in your corner. They can supply the organizational skills while you supply the enthusiasm.
Are You a Team-Player?
Many franchisees have Type A personalities, which can be challenging since franchise opportunities are designed for team players. This is one of the few areas that franchisors aren’t willing to compromise on. If you can’t follow rules and do your part to keep the entire franchise running smoothly, you may want to consider another outlet for your entrepreneurial dreams.
Are You Patient with Franchise Opportunities?
Patience isn’t something many people talk about when they discuss franchise opportunities even though it’s an important trait for franchisees to have. The entire process of finding the best franchise opportunity, waiting for the application to be approved, going through training, getting a location set up, furnishing it, etc. takes a great deal of both time and patience.
What traits do you have that make you a great candidate for franchise opportunities? What traits are you working on developing?