Have you “Got What It Takes”
There is no doubt that franchising is a good way to run a business. It has many attributes that make it appealing for both the Franchisor and the Franchisee. Like anything, there is more to franchising than meets the eye and it takes some effort and understanding to be a good franchisor. Franchising is not for everyone. It takes specific requirements and business
Before considering becoming a Franchisor you need to evaluate yourself to see if you’ve “got what it takes”. You will need to be honest with yourself. Maybe you need to talk to another person to get a different perspective on things.
Do you have what it takes to be a franchisor?
Once you have committed to this path you bring many people onto your team like new Franchisees and support staff. These people trust you and will come to rely on you to make important decisions that will affect their livelihoods and future. You need to demonstrate credibility and a history of good management to earn their trust and respect.
Do you have the right people skills?
Becoming a Franchisor means that you give up working in your business and transition to managing people. You will have to leave your “tools” behind and become a manager. If you cannot manage people then stop right now, because this is one of the fundamental requirements of becoming a Franchisor and if you cannot manage people you cannot manage a franchise.
Can you play the long game?
Building up a Franchise is a long term process. If you think you will make millions in the first six months then get out now, because that won’t happen. You need to set your sites on a long term basis. Rome wasn’t build in a day and nor will your franchise. You will need to commit to a 5 to 10 year plan before thinking that the franchise is established. At that stage the business will start working for you.
The work life balance
You need to assess your current work life balance and see if you will be able to adjust this. Taking on a large project such as starting a franchise is not a small undertaking and there will be an impact on you, your family and friends. You will find that there is a natural tension and that your time will be divided between work and life.
You will need the support of your family. You will be on call 24/7 and this commitment needs to extend to your family as well. They need to buy in to the Franchise concept and be prepared to sacrifice time with you in order for the Franchise to succeed. If you haven’t got the support of your family then exit now before it is too late as without this support, it is unlikely that you will be able to commit the time and emotional resources to the Franchise to ensure its success.
FrankDocs is the premium suppler of Franchise Documents, Legal Documents, Franchise Manuals, Franchise Templates and Franchisee Recruitment Documentation in the UK. Feel free to visit us at www.frankdocs.co.uk or by emailing support@frankdocs.co.uk
Tagged with: franchise agreements • franchise documents • frankdocs.co.uk
Comments are closed.