franchises

I tell many of my clients that buying a franchise is like entering into a marriage. It involves commitment and hard work. The franchise owner needs to collaborate productively with the franchisor towards a common goal. Ultimately, success is based on how the two of you fit together and work together. If you find the right one — you will have a long lasting, mutually beneficial relationship.

While not all franchises require the same qualities in a business owner, there are some common traits to successful candidates that any good franchisor will look for you to have. Traits that all franchise companies will look for include:

Positive Attitude – This is probably the most important attribute for any business owner. Do you have a positive attitude? Can you focus and show results orientation towards a common goal? During the investigation process, franchisors will be evaluating you to see if you have these traits. You need to show you are willing to do what it takes to be successful in the business.

 Being Coachable – This is one of the most powerful assets of any franchise is the system they have in place. The business model and process they have established which will provide success for the franchise owner. Can you follow the system? Look for opportunities to learn from others in the system. Ask the franchise support staff for advice, and follow that advice. Franchisors will look for candidates who can show that they know they don’t have all the answers, and are willing to ask for help when needed.

Good People Skills – You will need to have good people skills. Can you get along with others? You need to show you that you can work effectively with others within the franchise system, as well as with customers and employees.

General Business Skills – Franchisors will be looking for candidates with good general business experience and acumen. This will come from your business experience as well as your life experience.

 Finances – Franchisors will want to know that you can afford the opportunity. You will want to allow enough capital in your budget to get yourself up and running. A franchisor can give you a very good estimate of exactly how much you will need to start and grow your business. You may have to source additional financing prior to final approval as a franchisee.

There is one trait that that you typically don’t need to have — specific industry experience. It’s a common misconception that you need to have experience in a specific business before you pursue a franchise in that industry. In truth, most franchisors prefer to have candidates from outside the industry as they don’t have to “unlearn” bad habits. The franchisor will train on how to successfully run the business. HBM

Rocky Zanzonico is the Founder and President of FranUSA, a company that provides free consulting to consumers looking for a franchise that best fits their needs. In addition to being a franchisee himself, he has 20 years of experience as a senior executive in business management and leadership consulting. Rocky can be reached at (949) 498-2131 or