22 Aug Are you franchisor material
Have you ever dreamt of starting the next, big Australian franchise? You’re not alone.
Franchising, with its significant contribution to the Australian economy, is attracting many business owners today in the hopes of achieving great returns. But we all know that for every successful supermarket, automotive or fast-food franchisor, there are also scores of others who failed simply because they’re not franchisor material.
So, before taking the leap, it’s important that you take an honest inventory and assessment of your skill set first. Possessing the following key attributes may tell that you’re truly cut out to launch your very own business in a box:
- You’re a people person
Good people skills can be one of your most valuable assets as an aspiring franchisor. The ability to communicate and convey your vision clearly is vital for creating trust, loyalty, value and good working relationships not only among prospective franchisees, but also with employees, vendors and suppliers. This is also essential in promoting your brand.
If you’re a weak communicator and don’t enjoy networking or managing people, you may want to reconsider your business plan. However, if you’re serious about franchising your business, then there are ways to help you overcome your weakness. Consider taking public speaking courses to boost your confidence, or try joining organisations to expand your network.
- You have excellent leadership skills
It’s been said that leaders make the best franchisors, and for good reason. In the realm of franchising, franchisors act as the leaders, providing the tools and knowledge franchisees need to achieve success. They instil trust in those who buy into the system, making sure everyone understands their roles and goals. They also look for ways to reward performing franchisees who’ve helped them grow their brand, and provide support and assistance to those who are not performing as well.
- You’ve had your fair share of successes and failures
A good franchisor isn’t necessarily one who’s enjoyed an impressive winning streak in business. Sometimes, it could also be the person who’s had his fair share of flops and failures. This is because good and bad experiences will often prepare you for the various challenges in the industry, especially if you’re still learning about how to franchise your business.
Such experiences will help you become more resilient, and teach you that there’s no substitute for hard work. They would also make good motivational stories, which you can share with people who want to come on board.
- You’re future-oriented
A good franchisor will not be on a quest for quick cash and have his eyes only on present opportunities, but will, most importantly, prepare for the future. You shouldn’t keep the people looking to adapt your business model guessing about what’s in it for them in the long term. Instead, make sure to have plans in place that prospective franchise unit owners will look forward to. Continually seek ways to develop the franchise while ensuring that quality standards are maintained.
Castles take time to build, so do thriving franchise systems. The franchising process typically takes around 6-12 months to complete, often involving feasibility reviews, strategy development, and lots of paperwork. If you don’t have a good stretch of patience and are not willing to invest considerable resources in developing a good franchise system, then this venture may not be right for you.
These are but some of the characteristics aspiring franchisors need to possess to guarantee that they’re on the right track. And if you think you have what it takes to grow your business through franchising, then give our team here at The Franchise Institute a call today. As trusted franchise consultants, we’ve provided many business owners with the tools and support they need to break into the world of franchising. We’re confident we can do the same for you. Get in touch with us today and learn how to start a franchise simply, easily and cost effectively.