Owning a franchise is a great way to take advantage of the expertise and marketing of a parent company while still running your own business. More than 1,500 companies in the U.S. offer franchise opportunities to entrepreneurs who want to meld their know-how with the franchise company’s time-tested methods. However, there are some personality traits that you should have in order to make it a success.
Do You Like Working With People?
In this day of email and text messages, a lot of business is conducted without face-to-face interactions. However, as the owner of a franchise, you will have to be a hands-on manager who can hire, fire and form relationships with employees and customers.
Do You Want to Run Your Business Your Way?
When you own a franchise, many day-to-day decisions are up to you. Running a special, hiring a new cashier, creating a new display- these are all things under your control. However, franchise companies have strict rules about many aspects of the business. You will have to agree to follow those rules in order to keep your business. If you must control all aspects of your working environment, a franchise probably isn’t for you.
Are You a Good Leader?
If you feel comfortable in a leadership role and have experience leading people with efficiency and without undue emotion, you have leadership skills. A leader should be calm under pressure and must be able to communicate plainly and without anger. Retail businesses can be stressful, but a good leader won’t let the stress crack that calm demeanor. If you cope with stress well and can communicate with others calmly no matter what the situation, a franchise may be a good fit.
Can You Put Off Your Rewards?
Building a business is certainly easier with a franchise, but it still takes time to build up a customer base and start making a profit. The first few months, or longer, you may have to work longer hours than you anticipated and take on multiple jobs. If you can put in hard work knowing that you won’t be rewarded with profits for a while, a franchise may be for you.
About the Author
FranchiseClique.com connects entrepreneurs with their perfect franchise fit. Our easy to use comprehensive directory lists hundreds of the best franchise opportunities and businesses for sale. We’ve got all the information you need to identify which business is right for you.
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