Six Traits of a Strong Franchise Candidate
May 3, 2022
There’s a misconception that you need relevant industry experience to purchase a franchise. However, in many instances, this is not the case. The everyday responsibilities of a franchise owner rely on the transferrable skills you've acquired from practically any previous career. Becoming a successful franchise owner is all about cultivating a positive culture to attract and keep top talent, managing finances, and operations, and preparing to scale your business strategically over time.
According to industry experts, the most successful franchise owners share the following traits!
Adaptability is an essential part of operating a franchise. As a franchise owner, you will juggle multiple roles, including office management, budgeting, marketing, and day-to-day operations. This is especially true early in the life span of your business. You will receive support from the franchisor, but unforeseen challenges arise from time to time, and you must be prepared to address them head-on. For that reason, franchisors look for candidates who can adapt to changing circumstances and withstand minor setbacks.
An ideal candidate comes into franchising with an ability to analyze business performance, identify trends, and assess where to focus their efforts. It is beneficial to know how to detect meaningful patterns in data and apply them to the circumstances of your business. The franchisor will provide support to help you optimize your business performance, but they often look for candidates who have an analytical mindset and business acumen.
One of the benefits of franchising is the knowledge and support you’ll receive from the franchisor. You may even receive access to a turnkey system depending on the terms of the franchise agreement and the business model. This knowledge makes it much easier to achieve success but only if you are able to follow a proven set of systems and procedures. Franchisors look for candidates who are open-minded and accepting of support and advice about their business.
As a franchise owner, you will interact with numerous people, from customers and employees to vendors and suppliers. The ability to communicate clearly and effectively is essential. Effective communication plays a critical role in cementing relationships with customers, retaining employees, and partnering successfully with the franchisor. Franchisors look for candidates who demonstrate strong communication skills, with customer service experience as an added bonus.
Starting a business takes grit and determination. While you will receive support from the franchisor, your success as a franchise owner is ultimately dependent on yourself. Maybe you are motivated by the impact you can have on others. Maybe it is to leave a legacy that will outlast your lifetime. Maybe it is solely for profit or because you appreciate the challenge of starting a company. Most of the time, it is a combination of several factors. Whatever your reasons, franchisors look for candidates who are motivated to succeed.
Franchising allows you to own a ready-made business but without passion, it’s unlikely that you will be successful. Passion is the fuel that inspires and drives you toward your goals. Starting a business can be time-consuming and, at times, challenging, especially as you learn the ins and outs of being a franchise owner. Franchisors look for candidates who are enthusiastic about building a sustainable business and proud to represent their brand.
Do these traits describe you? If so, you may be well-suited to franchising. Invest in yourself and embrace the opportunity to learn something new while strengthening the skills you already possess.