Entrepreneur
In this article, I’m going to reveal one of the biggest secrets in franchising: The three most important things you need to know when it comes to finding the best franchise to own. During the intensive franchise discovery process, what are the three factors you need to focus on? The answers might surprise you.
Related: Considering franchise ownership? Get started now to find your personalized list of franchises that match your lifestyle, interests and budget.
What is your role as an owner?
There is nothing more important than your owner role. Why? Because you are the one who has to get your butt out of bed every day to run YOUR business. Right now, some of you might get up and groan thinking about going to work, your lengthy commute and everything else that goes along with not loving your job.
Imagine having to do that with your own business. With a franchise, you will spend your own money to start it, invest in it, and build it up — so it is important that you want to get out of bed and run that franchise well. As we examine your ideal owner role, we’ll try to answer a few questions
What are you actually good at? What do you want to do?
Those two things can be different. You have probably been good at things in the past but not necessarily wanted to do them all of the time. Maybe you have always wanted to do X or wanted to do more of X, but you did not get a chance to because you got pigeonholed in your corporate role.
Related: The International Franchise Association Tops the 2024 Trade Association Rankings — Here’s What It’s Doing Right
What do you NOT want to do?
As a business owner, you are at the top of the food chain. You will do what you do best, and you will hire for the rest. As a franchise owner, you will sometimes need to be able to roll up your sleeves and take out the trash. But that’s not what you will be doing day in and day out.
Where do you need the most support?
There will always be some things you are not so good at or don’t really want to do. With the franchise model, you will receive support in all aspects of running your business. However, different franchises excel with support in different areas.
The owner role boils down to what we like to call the “Get Out of Bed Test” — what franchise is going to make you excited to get out of bed in the morning? Nothing is more important than this, and these questions can help you pinpoint a brand that aligns with your ideal owner role.
Related: Tropical Smoothie Cafe Names New CEO, Bringing a New Strategic Growth Vision to the Franchise
People
The second factor in finding your perfect franchise fit is people. There are a few different types of people to consider.
Your Team
You are likely going to have a staff. It is important to find out what kind of staff is best for you. During the FranCoach process, we will talk about the many different ways to build out a team. Ultimately, we will figure out which staffing structure is best for you. You want to get out of bed excited to work with your team.
Your Customers
You want to determine the customer profile you are most comfortable with.
- Who are these customers?
- Why are they buying from you?
- How do you find them?
- Who finds them?
- Who communicates with them?
- How long do they buy from you?
These are all considerations we will think through and understand in order to build out your ideal customer profile.
There are no wrong answers here (and it is okay if you are not 100% sure) – but it is important to be honest about what you want and are comfortable with in order to find the right franchise fit.
Related: Learn the Secrets of Running 20+ Businesses as a Side Hustle — Finding and Nurturing Your ‘STIC People’
Your Community
As a business owner, you should have some level of pride in your business and the desire to get out and connect. Some people love doing this, others not so much.
Understand that connecting can also happen incidentally. For instance, you might be in a line to get lunch somewhere while wearing a polo embroidered with the name of your franchise. Branded clothing is a great way to get someone nearby to say, “Hey, I saw your shirt, what is that business all about?” Are you going to be comfortable talking about that?
Finding your perfect franchise means surrounding yourself with people you will be excited to spend time with: your team, your customers, and your community.
Related: See The Entrepreneur 2024 Top Franchise Supplier List
The franchisor
The third consideration as you look for your perfect franchise match is the franchisor itself. Now, this does not mean the “it” of the franchise, or what specifically they do.
The industry you operate in does not matter as much as people think. The longer you’ve been in the corporate world, the more you are brainwashed into thinking that industry is the driving force in finding the right career path. But franchisors are not vetting you based on industry experience.
When you become a franchise owner, you are starting a long-term partnership. Throughout the Discovery Process, you will have a chance to talk to many people involved in that franchise, from the development rep to the CEO. At the end of the Discovery Process, you will attend a Meet the Team Day, where you will literally meet their entire team. You will also have the chance to talk to owners within that brand.
As you interact with all of these people, ask yourself: Do you feel like you are in the right room? “Culture” is an overused buzzword, but it is a real thing. Do you align with the franchisor’s vision and values? You need the comfort and confidence that the franchisor knows what they are doing and will have your back (they will be the ones training you and giving you long-term support). Ensure that their vision and plan for growth aligns with yours.
As you get the chance to talk with other franchise owners during this journey – you will usually speak with a minimum of three or four – ask them about the community of owners. Do the owners talk to each other? Do they have a culture and relationships that resonate with you? Again, you want to feel like you are in the right room with the right people.
Find Your Franchise Match
Are you ready to pursue franchise ownership for yourself? Let’s connect. FranCoach is a national search firm dedicated to working with individuals who are interested in owning a franchise. Our number one goal with our clients is to help them find the absolute best franchise for them to own. Reach out to us to learn more about potentially becoming a franchise owner. There’s never any fee for our service, so why not take the first step today toward your better tomorrow?
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