Owning a franchise is an excellent method for those with the entrepreneurial spirit to establish themselves in the business world. One of the best aspects of owning a business based on the franchise business model, is that many of the details have been defined for you. It’s brand is established; the mistakes have been made and overcome and your capital investment is more targeted than what it would be in starting up a company from scratch. The worst aspect is — you still have to do the rest.
Owning a Franchise – A Sports Analogy
Plunging into the process of owning a franchise can be compared to a soccer player on the field. Your team mates (the franchisor) have controlled the ball all the way up the field to a strategic point near the goal. You (the franchisee) are in a position where, when the ball comes your way, you can make a score. Your head must be right, control must be perfect and the trajectory on spot. You cannot become sidetracked by the opponents (problems/obstacles) between you and the goal (your ultimate success), your only true focus must be on scoring. You must see the line your ball travels directly into the goal. Knowing your own capabilities and limitations is the key. Your job in owning a franchise must be the same as the soccer player. You must be fully equipped with the experience, the mental focus, the desire and the ability to look past all the things in your path that distract you from your ultimate success.
The Trappings of An Entrepreneur
What makes an entrepreneur? Ask 10 persons and you’ll probably get 12 answers. But, the single most defining talent that most entrepreneurs possess is that they see possibilities — instead of impossibilities. They see the ultimate goal, success, and they deal with problems, obstacles and roadblocks as mere distractions, deal with them accordingly and continue onward.
Franchise Ownership – Do You Have What It Takes?
Those considering buying a franchise must not only fully investigate and know the company they want, top to bottom, but they should, more importantly, investigate themselves. Knowing the possibilities is as central to success as knowing yourself. Key aspects of your own entrepreneurial spirit must be:
- Desire — Wanting success so passionately that problems shrink to simple annoyances.
- Knowledge — Prior business experience is a must. Knowing how to put a franchise business plan in place and achieve your goal builds confidence and clears the road ahead.
- Talents — You should have the innate abilities that complement your product or service.
- Skills — A developed set of skills will bring success faster. Like the soccer player, you should have practiced until your skill set becomes second nature.
- Focus — Success must be your ultimate goal. Your focus must be unwavering.
- Personality – do you have the personality type for franchising?
Owning a franchise is your moment on the field. How you play it is up to you. If you don’t know your own skills, the moment will pass you by. Success can fade quickly to failure and disappointment. The bottom line — come to the field prepared, determined and fully equipped to win success for your franchise, or remain on the bench.
Do you know if you have what it takes to succeed in owning a franchise? Have any questions for CFO? Start or join the discussion and leave your questions and comments in the box below.