What does it take to own a franchise? In many ways, the responsibilities of a franchise owner align quite similarly with those of a small business owner. Even though they are essentially the same, the franchise owner starts off with a few more advantages.
There are many franchise concepts and some of them offer a type of product or service that connects directly with the customer. Depending on which franchise you choose, you could be very involved with the public on a daily basis. If you don’t have the patience or personality to deal with complaints, demands and the occasional attitude, then you might want to look for a franchise that does not need you on the front lines. Carefully understand the outline of your responsibilities and don’t settle for something you aren’t passionate about.
As an owner you need to make sure you have a strong team of employees, so you need to prepare for effectively training and motivating your team. The franchisee’s training and on-going support will come from the franchisor; however, the franchisee must pass on his or her knowledge and use it to better their individual operation.
You’ll also need to consider the marketing of your business. Your franchisor may have national or regional advertising, which they will handle. However, you may be also tasked with leading local marketing activities to actively promote your business. Are you prepared for this?
You will also need to plan for additional costs in starting your business. There are the expenses of the initial investment, but keep in mind the royalty fees, equipment costs and the expense of keeping your business running day to day. Don’t set yourself up to fail — money is important and so is time. You will be pulled in a lot of different directions and you will need to dedicate a great deal of time to your business so your business can get up on its feet the right way.
Simply put, a franchise owner is a leader with an inability to quit. They take initiative, communicate effectively and are pro-active. Expect to fill this role wholeheartedly and you’re setting yourself up for great success.
FranNet Bio: FranNet is North America’s most respected leader in matching individuals with franchise ownership opportunities. Founded in 1987, FranNet has more than 100 experienced consultants across the United States, Canada, Germany and the United Kingdom. FranNet uses a proprietary profiling and consultative process to determine a business model unique to each client’s goals, skill sets and interests, and has matched thousands of prospective business owners to rewarding small business franchise opportunities. Based in Louisville, Kentucky, FranNet has been recognized by Inc. magazine as one of the fastest growing private companies in America for the last five years.