What Makes A Good Franchisee?

We’ve all been there, questioning why we’re working for somebody else when we could easily do the same job for ourselves. So what’s stopping us? There are three fundamental points that will be scrutinised by any individual debating whether or not they should go it alone….

• Can I afford a franchise?
• Do I have the traits to be my own boss with a franchise?
• What franchise sector do I want to work in?
• Will my boss be retiring soon…… (how did this one make it onto the 3-point list)?

Can I afford it?

There’s a common misconception that going it alone, especially with franchising can be extremely expensive, and thus results in the individual that I’m going to aptly name ‘Bob’ in remaining in his current unappreciative job role.

Alas the hope! Bob needn’t worry as there is light at the end of his gloomy office corridor, and we’re not referring to the blinds being opened on a scorching summers day. Who wants to be sat in an office working for somebody else in the summer? Apologies Bob, I side-tracked slightly there.

What Bob isn’t aware of is that Franchisors do offer various schemes to aid your acquisition of their franchise. Bob is vitally important to a Franchisor, as he helps expand their nationwide/worldwide network that enhances their value and reputation as a brand. Franchising allows you to follow a proven model, and nobody can testify this proven franchise model more than the Franchisor themselves. So when Bob investigates and attends various Franchise Discovery Days, he’ll discover that some franchisors, if they believe he has what it takes to succeed will offer various payment structures over a period of time. This goes back to my point about the franchisor fully acknowledging the proven model more than anyone else, they know this model works and they know you can make money from it. It makes sense for the Franchisor to offer this route if you don’t have the full capital requirement to purchase the franchise as it helps expand their network quicker and they know if they have the right guy (Bob) then you’ll succeed WITH them.

This isn’t the only route Bob can take, there are many accredited funding organisations that can assist (including the big banks) to obtain the full amount required. Franchise Supermarket work closely with Transmit who offer a personal finance option of up to £25,000 and have to date, granted more than 100 start-up loans to help people like Bob become their own boss via franchising.

Do I have the traits to be my own boss with a franchise?

Many people are scared to go it alone and be their own boss, for fear of failure or fear of trusting themselves to succeed. Do I have what it takes to run a business? It can be a very daunting process, and in many cases the first stumbling block for those looking to move on. By purchasing a Franchise Bob wouldn’t be alone, he’d receive ongoing franchise support/training to ensure he follows their PROVEN franchise model. It’s their brand and image on the line here, so it’s vitally important for the Franchisor that you do succeed, and this has resulted in over 97% of Franchisees running in profitability. If the franchisor feels you are the right candidate and accepts your proposition to acquire their franchise, then they’ll be supporting you whole way. They don’t just accept anyone mind!

However, it’s important for Bob to realise that he’s not an entrepreneur, the entrepreneur is the person that started the franchise from day 1. This is why franchising is a win/win, the entrepreneur perfected the franchise model, invested a lot of money to ensure the franchise business is replicable, profitable and comes with Franchise Operation Manuals etc for Bob to then carry on with in his chosen franchise territory, minus all of the original costs incurred by the original entrepreneur (franchisor).

It’s important that Franchisors don’t just accept anyone onto their established franchise network, as this could bite them in the ***** later down the line. If Bob doesn’t contain the correct traits for that chosen franchise then the Franchisor should politely say no, not just take his franchise deposit as his failure could end up costing the Franchisor a lot more than his initial investment cheque that they couldn’t turn down.

We spoke to a few Franchisors to gauge their views on what makes a good Franchisee –

Driver Hire
“At Driver Hire, our top performing franchisees are all highly self-motivated, ambitious people with a very positive outlook and a ‘can do’ attitude. They are good team leaders, financially astute, IT-literate and well-organised. From a customer perspective they’re great at building business relationships and inspiring the confidence of customers. Without exception they are all passionate about the business and have a ‘winning’ mentality.”

Ableworld
“If I had to pick three characteristics for franchisee success in our business they would be: energy, empathy and persistence.

Running any business requires energy; physical and mental. If you’re not prepared to work hard you’re unlikely to be able to build the business and lead-by-example (essential in a small business).

Our business like all businesses depends on sales. We use a consultative sales method which starts and ends with the customer. To provide the right product for the customer we have to understand them and their needs. The ability to truly empathise with another human being is not only important in sales it is also a vital ingredient in managing people (internal and external) and in communicating positive and effective messages to everyone you deal with.

For my final choice I can do no better than quote the words of Calvin Coolidge “Nothing in this world can take the place of persistence. Talent will not: nothing is more common than unsuccessful people with talent. Genius will not; unrewarded genius is almost a proverb. Education will not: the world is full of educated derelicts. Persistence and determination alone are omnipotent.” All businesses have their ‘up and downs’. Having the persistence and optimism to carry on in the face of adversity will, if you follow the franchise model, lead to success.”

It's clear to see from the two franchises we spoke to that people like Bob simply cannot expect to walk in and earn money from day one. You need to be fully prepared to put the effort in and have the drive to go out and make your business succeed. The Franchisor will provide you with adequate franchise training and support services to ensure you know what is required to make your franchise business succeed, but you as a person need that attitude and persistence to really succeed with your chosen franchise. Remember, you don’t need to choose a franchise within the same sector that you’re currently employed within. If you’re fed up of working for somebody else in an office, then why not look at franchises that operate outside? And vice versa if you’re currently working outside.

If Bob has the drive and persistence to succeed as his own boss, then there’s no reason why he wouldn’t be a true asset to any Franchise network.

Take a look at the many Franchise opportunities available on Franchise Supermarket