If you’re thinking about investing in a franchise opportunity, one of the things that you should consider is whether you have the skills required to run a great franchise. Although you don’t need a lot of business experience because most franchisors will provide thorough training, there are a number of skills that are extremely helpful to have—and some traits that you either have or don’t have. The following are six skills that you should have if you are looking to pursue a franchise opportunity:
1. People Skills
One of the most important skills you can have as a franchisee is the ability to communicate and interact with people. Not only do you need to interact in a positive manner with your customers to build a reputation for having good customer service, but you also need to instill confidence in your employees and motivate them to be productive. You’ll also need to be on good terms with your franchisor if you expect your franchisor to help you!
2. Motivation Driven by Results
You should be a motivated person—but you should understand that taking action is not an achievement in itself. Striving for and attaining goals should be what motivates you because that’s what it’s going to take to get your franchise up and running. If you’re not motivated to continually improve your business, it will not thrive.
3. The Ability to Work with Numbers
It’s going to be your responsibility to keep track of the numbers, even if you hire an accountant for your franchise. You’ve got to keep up with the costs of running your franchise, from the rent of your company space to the cost of supplies, technology, and more. Money management will be essential; without careful management, you could find yourself in financial trouble.
4. An Affinity for Hard Work
It takes just as much work to run a franchise as it does to start a business from scratch. Many people will invest in a franchise because they think it will be easier than starting their own business. While a franchise is much less difficult to get off the ground, this doesn’t necessarily translate to less work. If you expect your franchise to thrive, you’ll need to be ready to work hard.
5. The Ability to Take Advice
A lot of people get into the franchise business because they want to be their own boss. That’s fine—running a franchise does give you the opportunity to be your own boss. However, this doesn’t mean that you should ignore advice or recommendations from your franchisor. Remember, the franchisor has most likely worked with many different franchisees. Your franchisor knows what works and what doesn’t.
6. The Ability to Follow a System
If you have problems with structure, then maybe franchising isn’t for you. The reason franchising is so successful is because franchises have a proven brand and business plan. If you’re looking to “wing it” or do it “your way,” then you’re going to clash with your franchisor.
These are some of the skills you’ll need if you want to run a franchise. If you’re looking for a strong franchise opportunity and have these skills, contact us at Signarama for information about our franchising process.