When you buy into a franchise you are buying into a system, a level of business support and a brand but most of all you are buying into an opportunity. However, what you are not buying into is guaranteed success. You, the franchisee, have an obligation to follow the system, work hard, be persistent and have ambition – if not then you may just as easily be heading for failure. So, whilst there is a host of due diligence you should do on the franchisors, their systems and their level of support, the most important due diligence to carry out will be on yourself.
It’s important to ask yourself: do you have the personality to follow a proven business system? Do you have the capacity to work hard? Have you got real ambition and passion to run your own business? Will you work with the franchisor to grow your business or will you soon think you know better? Are you well organised? Are you able to multitask? Do you have patience, resilience and, most of all, a sense of humour?
Most franchisors will tell you that they can train you in all the key aspects of running their business and, for the most part, that is true. However, you still have to have some basic commercial acumen, particularly in the area of securing new customers. No matter whether you are running a B2B franchise, a retail venture or even a franchise aimed at children, you need some aptitude for generating business, not to mention a degree of aptitude for coping with the stress and rejection rampant in all selling situations.
So if you think you have what it takes in the areas of selling, hard work and tenacity then the next thing you need to ask is: what is your job? Buying a franchise doesn’t automatically make you an entrepreneur – in fact it’s likely that if you’re becoming a franchisee you categorically aren’t.
So what are you? You are both the managing director and the tea boy; sales director and rep; marketing manager and delivery driver; business development manager and receptionist. Because of this you need to ask yourself: do you have self-discipline? Can you work with other people? Are you capable of asking and taking advice? To be sure you have what it takes, all of your answers need to be yes.
Finally, never make the mistake of thinking this is just a nine-to-five. You are not a manager: you’ll be dealing with all the problems and you won’t be able to switch off after closing. There will still be paperwork to be completed, planning to be done and suppliers to be contacted. The business is your responsibility: the most important thing is having the mentality, stamina, resilience and desire to grasp that responsibility with both hands. If you have this, then you have what it takes.”
