How do you know if franchising is right for you? There are a variety of factors to consider, and they vary depending on where you are in the process. If you’re new to the idea of franchising, start by doing a gut check. I like to think of this as the Triple-A Test: do you have the Attitude, Aptitude, and Attention to be a franchisee?
Attitude
A franchise owner must have an independent, can-do attitude. That’s because franchising means being your own boss–in other words, being self-employed. When you’re self-employed, you don’t have a boss to tell you what to do on a day-to-day-basis, or even strategically. You set your own strategy and make your own decisions about how to implement it. You have to be comfortable being the top decision-maker and finding solutions to unfamiliar problems.
Self-motivation is also a key part of the franchise attitude. When you’re a business owner, you have to set your own KPIs and be responsible for meeting them. While some franchise companies give out annual bonuses or awards to top-performing owners, you have to be able to manage yourself on a day-to-day basis. No boss or HR department is going to monitor you to make sure your customers are happy, your employees are doing their jobs, and your balance sheet is staying healthy.
Aptitude
While attitude is important for franchise ownership, enthusiasm alone won’t make your franchise a success. You must also have the aptitude for business ownership. That doesn’t mean you need an MBA, but you do need a basic understanding of key business concepts and practices. For instance, you should know how to read and maintain a balance sheet, promote your business, and hire employees. Even if you plan to hand over daily operations to a team, you should know enough about your business to be able to ask smart questions and vet the work of your employees and contractors. You also need certain “soft” skills, such as problem-solving, leadership, and customer service.
If you have previous experience as a business owner, middle manager, or executive, you probably already have a lot of these skills. But if this is all sounding like gibberish, don’t give up. Are you good with numbers, a strong communicator, or a capable project manager? With some training, you can adapt those skills and others like them to business ownership. Check with the Small Business Administration or local resources such as your Chamber of Commerce, an entrepreneur/innovation center, or community college for classes. Distance-learning programs and online platforms such as LinkedIn Learning also provide affordable ways to earn useful certifications, skills, or even a degree.
Attention
Finally, you must be able to give your franchise your attention. Successful franchise owners invest significant time in due diligence and launching the business, and they are always on call in case of a crisis. Beyond that, however, your time investment will be flexible. Depending on the type of owner you want to be, you may choose to work onsite full-time (owner-operator) or hire a team and invest just 5-10 hours per week in maintaining the business (executive owner).
Time for that gut check. How do you feel about your Attitude, Aptitude, and Attention? Keep in mind that a little fear is normal. Buying a franchise is a major investment–if you’re not a little nervous, you’re not taking it seriously. But if you’re also feeling excited, confident, or even just intrigued, that’s a good sign. It means you’ve passed the gut check and are ready to learn more! Schedule a call with me or one of the consultants on my team to get answers to your questions and start your journey to professional and financial freedom.
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