Are you thinking about starting a franchise? We are talking about a proven type of business that has demonstrated successful performance. This is why more and more freelancers and entrepreneurs are deciding to launch their own franchises.
Mostly, it offers security and a guarantee of success, but also the satisfaction of running our own business and getting advice from the company. It’s a win-win, since if the new franchise works, the overall company will make more money as well.
However, it should be noted that this type of investment is not intended for everyone. In fact, it is estimated that 1 out of every 3 companies that fail in Spain are franchises. That being said, if we compare these success figures with conventional companies, we will find that the success rate is much higher.
Qualities that franchise entrepreneurs should have
1) The ability to know the best moment to invest
It doesn’t matter if you want to open a franchise in the USA, or anywhere else. One of the characteristics that you have to meet is knowing when there is a good opportunity and when the best time to invest in it is.
To do this, it is necessary to ask the following questions:
● Is there a need that can be covered by the investment?
● What objectives are you aiming for with your investment?
● What are the means you are going to follow to achieve this?
2) The ability to adapt
An entrepreneur who wants to take charge of the franchise must have a good capacity to adapt to any change.
As much as the franchise offers us a guide and protocol to know what to do in different situations, these only cover some of the most common ones. At any moment we could have a problem with the kitchen, with an unsatisfied customer who doesn’t like any of the proposed solutions, suppliers who don’t deliver the goods, and a long list of etcetera.
Remember that you always have the head office to help you with whatever you need (this is precisely one of the advantages of having a franchise).
However, it takes more than that to be able to solve these problems on one’s own initiative. And that is something that can hardly be taught.
3) The ability to cope with risks
If there is no risk, there is no benefit.
This is the main premise that is followed when setting up any type of business, and it can also be extrapolated to the world of franchises.
Entrepreneurs must be able to take risks. But not just any type of risk, they must be measured, weighed, and very well planned.
It is also necessary to overcome the fear of entrepreneurship and to plan the steps that should be taken very well.
Ask yourself if you dare take those risks and if you feel better taking the risk with an investment plan.
4) The ability to commit
Keep in mind that the franchise is not going to work from one moment to the next. Even if customers start coming in from day one, you will have made an investment that can take months, even years, to pay off.
For this reason, a franchise requires a high level of commitment.
Entrepreneurs must be fully committed to their goals and be persevering.
If you are the type of person who leaves projects half done and gets overwhelmed when things start to go wrong, maybe investing in a business is not for you.
5) The ability to accept advice
It is true that entrepreneurs must be able to make decisions, but these must be based on advice from experts in the field.
No matter how much an entrepreneur has a solid background and a lot of knowledge, it is impossible for them to know everything. Sooner or later they will have to seek help elsewhere, and this is when they must be honest, acknowledge what they don’t know, and accept the advice offered.
This is especially important if we are working with a franchise from another country or culture. Adapting to the country’s culture can be complicated or impossible without help.
6) Being able to seize opportunities
It is not only important to learn to identify opportunities. If we are not able to take advantage of them, we will have achieved nothing.
The problem with opportunities is that they can come at a moment’s notice and have a very limited shelf life. We have to know how to react before we lose them forever.
If you identify with these qualities and attitudes, that’s a good sign. It’s a clear indication that you’re ready to own your own franchise. All you have to do is look for the franchise that suits your needs.