The franchise world is as vast and diverse as the good old USA. At the end of 2019, more than 770,000 franchises were in operation, including quick-service restaurants, lodging and business services. With that variety of industries, each with different degrees of owner involvement, comes a host of personal and professional dynamics that contribute to a businessperson’s ability to succeed as a franchise owner.
Many people dream of what it would be like to be their own boss and have unlimited earning potential. In our fantasies, we can romanticize the idea of owning a business. When you decide you’re serious about researching franchises and see what the investment is, however, thoughts about whether you’re up to the task may start to creep in.
Can you fill the shoes of a franchise owner?
Owning a business is decidedly more complicated than a 9 to 5, clock-in, clock-out job — although it can also be a great deal more rewarding. Franchise owners need to have vision, remain hyper-focused on goal attainment, and make quick work of difficult decisions.
What Successful Owners Have in Common
Leadership. You don’t have to be a c-suite executive to be a leader. They live at all levels of an organization. Honesty, integrity, optimism and exceptional communication skills are some of the top strengths of leaders. As the owner of a franchise, you’ll need to rely on these strengths to guide operations with enthusiasm and energy. Your words and actions carry weight in an ownership role.
Resilience. If 2020 is any indicator, business owners need the will to get up when they get knocked down. Setbacks happen in all businesses, either due to outside economic forces, internal management or operational issues. Can you handle the lows and pivot and recalibrate to achieve your objectives? If you can use setbacks as opportunities for growth, you’ll have a leg up in the franchise world.
Marketing and sales skills. As the franchise owner, you’re the mouthpiece for your business and the number one salesperson. Without a solid, ongoing effort in marketing and sales, however, your business will not produce the returns you expect. Because marketing is so critical, franchise companies often provide support in this area. But you’ll still need to be the boots on the ground by networking and creating business partnerships.
Business Management Skills. Just because you love dogs, that doesn’t mean you should necessarily buy a doggie daycare. There are many other considerations for matching your skills and personality to the franchise model and industry. In general, owners spend more time overseeing the business than in day-to-day operations. You’ll need to be — or quickly get comfortable with — all areas of general business management, including customer service, accounting and human resources functions, such as payroll.
Self- and Franchise Knowledge. Self-awareness is key to success in any big life or business decision you make. Honestly examine your work style and strengths to see if you’re prepared to own and lead a business. And do your homework on any franchise you’re considering.
If you’re ready to take the next step, we invite you to learn more about the benefits of becoming part of the We Insure family. Our proven business model, focused on customer experience and exceptional agent support, is upending the insurance industry. We offer unparalleled access to carriers and operational, service, IT and marketing support to franchise owners, allowing We Insure to rapidly expand to more than 150 retail locations nationwide and earn its place among Franchise Business Review’s Top 200 Best Franchises to Buy in 2020
Contact us to learn more.