Franchise ownership is an appealing choice for many people because it comes with a proven model, systems and processes. This turnkey approach means a much shorter ramp-up time to building a business and eliminates some of the risk associated with opening an independent business. But it also means giving up some control, following rules and accepting decisions that are not your own. While many skills and traits are needed for success, determining if you have the personality for franchise ownership is first and foremost.
Are You a Rule Maker or Rule Follower?
While there can be opportunity for franchise owners to contribute and provide input, there are a lot of rules and processes to follow. If you prefer to make rules or you have a history of rebelling against rules in the workplace, then franchising may not be well suited for your personality. Franchises make these rules known up front in the Franchise Disclosure Document (FDD). Examples include following the franchise operations manual, using set colors/logos, working within an established territory and meeting minimum monetary requirements.
Do You Work Well Within a Structured System?
When purchasing a franchise, you’re investing in a proven system. This means the franchisor has had past success, and you benefit from this track record when creating a franchise under this system. But you have to believe in and be committed to the model of business. It’s why franchisors invest significant resources, training and support into getting their franchise owners up and running.
Do You Enjoy Being Part of a Team?
A benefit of franchise ownership is being in business for yourself, but not by yourself. Being part of a team provides support when you need it, but it also means pitching in when others need assistance. Are you flexible and able to adapt? Are you optimistic, willing to delegate and ask for help? These are good personality traits for team-oriented franchise ownership.
Are You Open to Feedback?
Being part of a franchise requires the ability to self-reflect, receive constructive criticism, address a skill gap and acquire new skills. Ask yourself: Do you respond well to coaching and are you willing to learn? Are you open to implementing new ideas generated from the franchisor? These are key questions to ask during your self-inventory.
Is Franchising a Match for Your Personality?
If you answered ‘yes’ to all of these questions, you have a personality that is a great fit for franchise ownership. Of course, you’ll want to take a number of items into consideration when making the decision to pursue franchising.
Taking the franchise path gives you the opportunity to own your future! If you’re a natural leader, want to be your own boss, enjoy the freedom of a flexible lifestyle and want to build a solid business, a franchise may be what you’re looking for. BirthdayPak is a growing national franchise that provides these benefits to motivated franchise owners. To learn more, take the next step by scheduling a call here.