How do you assess yourself as a franchisee? Start by asking whether you want to build an untested idea or run your own business under an established, recognisable brand and proven system. Franchising gives prospective franchisees access to business expertise and ongoing support that could otherwise take years to establish.
My old guv’nor, Moshe Gerstenhaber (who launched Kall Kwik 40 years ago), believed that all potential franchisees should be ‘enterprisers’ and not entrepreneurs. A franchisee should be an enterpriser, not an entrepreneur: someone with the drive and energy to run their own business and the ambition to push it forward, while still wanting to be ’employed’ and being willing to take some risks.
In that sense, a good franchisee is more of a damned good mechanic than an Elon Musk!
Most entrepreneurs rarely make good franchisees
Franchising relies on teamwork and working to a successful system, whereas entrepreneurs tend to be completely independent and continually try to ‘reinvent the wheel’.
If you don’t have the self-discipline to work to a system, and don’t want to learn a proven method of doing business, you are probably better off looking at something other than franchising.
That said, running your own independent business can be lonely and expensive. Without anyone else to turn to for advice or specialist support services such as marketing, training and business development, the alternative is to pay outside suppliers. As a franchisee, access to these services is included as part of your franchise package or heavily subsidised.
So, if you want to be a really good mechanic?
You need to know yourself
If you want to be a successful franchisee – a damn good mechanic – you first need to do a thorough and honest self-assessment before you give up the day job. A good franchisee brings wholehearted commitment and understands that running their own business will change their lifestyle.
A franchise is not simply a job – it is not, as Dolly would say, 9 to 5 – it is much bigger.
Your passport to success rests largely on being realistic about yourself: your skills, attributes, work ethic and financial resources.
It certainly helps if you have an enterprising personality. It helps, too, if you are outgoing, positive (half-empty glass purveyors need not apply!), enjoy problem-solving and have a surfeit of energy.
Ideally, you should be a self-starter, goal-oriented and a team player – someone who can be trusted with responsibility and can see things through to a successful conclusion.
You are a doer – a completer – someone who sees solutions, not problems.
However, you are also someone who makes use of good advice. Successful franchisees understand the need to work within the system and not waste time ‘reinventing the wheel’. They recognise the value of working with the franchisor, taking advantage of their experience, knowledge and support. They also appreciate that working with fellow franchisees and sharing best practice is good for all.
So, be honest with yourself.
If you are shy, understand that trait, but also recognise that you will have to go calling on potential business prospects. Work with the franchisor to develop strategies to do this.
By the same token, if you are not a ‘people person’, choose a franchise that does not rely heavily on interaction with people.
There is a wide range of franchises, and there will be one that suits your skills and ambitions.
Most importantly, though, don’t sell yourself short.
Most franchisors want you to succeed as much as you do, so you’ll find plenty of encouragement if you are still unsure about your chances.
Key takeaways
- A franchisee should be an enterpriser, not an entrepreneur: bring drive and ambition to a proven business model rather than an untested idea.
- Self-discipline matters because successful franchisees work within the system instead of continually trying to reinvent the wheel.
- Assess your commitment, lifestyle, skills, work ethic and financial resources before giving up the day job.
- Match the franchise to your personality: develop strategies for challenges such as shyness, or choose a business with less reliance on people interaction.
- Make use of support from the franchisor and fellow franchisees, including their experience, advice and shared best practice.
