What are your strengths and weaknesses?

When looking at franchise opportunities, it can be easy to be drawn in by current trends. However, considering a business venture because it's 'what's hot' at the moment will likely not serve you well in the long run.

What are your strengths and weaknesses?

When looking at franchise opportunities, it can be easy to be drawn in by current trends. However, considering a business venture because it’s ‘what’s hot’ at the moment will likely not serve you well in the long run. Trends tend to only last for a couple of years, and hopefully you plan to be in a franchise a lot longer than that. 

The most effective way to decide which franchise is right for you is actually to look at your own strengths. These likely include the things that you are passionate about. Those things that you love to learn about, that you have in common with your friends or that you spend your money on.

Personality tests can also give you great insight into both your strengths and weaknesses. From a simple Myers Briggs, to DISC profiling, to ‘what job should I have’ tests, when considering a franchise, these are all worthwhile. For example, if the Myers Briggs test tells you that you are an introverted person, who doesn’t like sales, it’s probably not beneficial finding a franchise that focuses heavily on sales. You could instead look at options where you would be a trainer or a supplier instead of a sales agent.

The last way to try and identify your strengths is to look at your job. It doesn’t matter what you do, you will always have certain elements, including sales and customer service. Even if you are a waiter in a pub or restaurant, think about how you leave the clients. Do you deliver such a great service they leave the biggest tip? Customer service is likely one of your strong points. Or, do you upsell more onion rings than anyone else and have to show people how they can upsell more? If so, you are probably good at sales. Insight from your current job can help you when considering your next steps in business.

Alongside finding your strengths, you need to know your weaknesses when considering a franchise opportunity. Have a look around you and be open to identifying what you do. What tasks do you shy away from? Do you shy away because you don’t enjoy them or because you don’t know how to do them? There is a difference.

Speak to everyone you can and ask: what am I bad at? But make sure you are knowledgeable between competence and compliance.

One of our franchisees came from a carer background, she never had to handle budgets, and everyone said she shouldn’t go into business as she didn’t know anything about finances. This is a clear example of the difference between competence and compliance. Compliance is where you choose not to do something. She wasn’t choosing to be mediocre at finances or budgets, it’s simply she wasn’t competent in them because no one had ever taught her how to look after budgets, P&L statements and budget sheets. When she came on board, we showed her how to do this, and now she even teaches new franchises how to do the same thing!

Once you have a real understanding of your strengths and weaknesses, you need to consider your financial position. You need to be realistic about what you can afford when buying into a franchise, and how realistic the results are that the franchisor tells you will achieve. Make sure you get an opportunity to speak with other people who have previously bought in. Getting that background information about the support processes and how others have found taking on a new franchise is vital information. 

Good luck with your new endeavour! 

ABOUT THE AUTHOR
Gareth Sanders
Gareth Sanders
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