Do you have what it takes to be a franchisee? Evaluating yourself is an all-important step to take before you buy a business.

Do you have what it takes to be a franchisee? Evaluating yourself is an all-important step to take before you buy a business.

“Let the franchisor do it!” One of the most common and destructive misconceptions that exists in the franchise industry is embodied in those five little words. “Let the Franchisor do it.” Words that somehow impart a sense of choice, as if there’s an option as to who is responsible for making your business successful.

WAKE UP! Get Real. If you think that success in business is something that rests solely in the hands of the franchisor, you don’t understand the role of the franchisee in the franchise model. If all that mattered in terms of the success of a business were the actions of the franchisor don’t you think that franchisors would simply hire employees and thereby become able to keep what would otherwise be the franchisee’s share of the profits?

Some may argue that franchisees pay to build out the units that they buy. Saving the franchisors don’t have to provide the capital needed to expand on their own. But if that was the real reason that franchisors sought out franchisees, ask yourself why these same franchisors continue to add Franchisees long after these franchisors become financially strong, and able to expand on their own if they chose to? Why would the franchisors that franchise service businesses, and whose franchisees often work out of offices or from their homes, and therefore don’t require capital to build physical plants also seek out franchisees?

The answer is simple, unavoidable and logical. Franchisors are in business to make money. The unvarnished truth is that franchisors believe that they can make more money by having franchisees that own their own business, than by having employees in corporate locations. Franchisees bring something to the mix that the franchisor desperately wants and needs. What is it? Once again, it’s YOU! It’s your hard work, your dedication, your commitment, and your skills...

Franchisees make such a positive impact on their businesses. Many franchisees are seasoned managers with years, and even decades of business experience. Many franchisees have risen to hold significant jobs in significant companies. Most are smart and have ideas and skills that will positively impact the success of their franchise.

Franchisors don’t want “freelancers” and “loose cannons”, but they very much want the dedication, creativity, commitment, talent, and other skills that franchisees possess but employees often can’t match. You, as a franchisee, bring critical attributes to the business. Your personal ability will be a significant key to making your franchise successful. If it’s your business, you’ll jump in with both feet when something needs to be done, and by doing so, you complete the franchise equation. You make the whole business better.

So, you’re dedicated. You’re committed. You’re talented. And you have some awesome skills. What’s missing is perhaps the most important piece of all, in terms of making a good business decision, and getting involved with the Franchise that’s right for you.

Before you select a franchise, no matter how exciting you may think the business opportunity is, and no matter how rewarding it may be for other franchisees, you need to ask yourself this: What am I good at, and where are my skills most valuable? Before you’re ready to buy a business, you first have to know who you are, what you are good at, and where your talents can best produce the kind of business result you are seeking for yourself and your family.

This means that properly evaluating your skills could be your biggest ally in the search for the right business for you. Before you charge into the business world, and take it by storm, do yourself a favor and review the following:

 
1.  Start by creating your own personal model of who you are, what you’re good at, and what you want your business life and personal lifestyle to be if you enter into and ultimately succeed in your own franchised business.

2.  Be honest! Don’t feel you need to have every skill in the universe. Additionally don’t let your model include items that you just don’t want any part of. 

3.  Be candid and uncompromising about who you are and what you want. For example, if you don’t want a business that will require you to have a lot of employees, or if you want your weekends reserved for family, not business, put each item into your model.
 
4.  Measure any business you look at against your own personal, unique model. Use your model to create a “level playing field”.
 
5.  Feel free to change your model in midcourse. If you find that, as you look at businesses you find that something you first thought was okay no longer is, it’s okay. Change your model. Don’t accept a business that has too much or too little of something you feel strongly about.
 
6.  As you look at businesses, compare yourself to the franchisees that have come before you in that business. Talk to both the successful and the unsuccessful franchisees. Of course you want most of the people in that franchise to be happy and successful, but you also want to see how you compare to those on each end of the spectrum. If you and your skills match up well with the successful franchisees, you are probably headed in a good direction. If not, you most likely will want to look into a different concept.

7.  Don’t buy a business because a friend or colleague did. They’re not you. Buy a business because it fits you, not someone else.

8.  Use professionals. Organizations like FranNet. (Franchise Network) which is the group I am associated with, specialize in helping people like you build models that become the foundation of your all important personal research.
 
9.  Seek the advice of those you trust, and who know you well. At the same time, be careful not to let their point of view overshadow your own. Listen carefully to any good input about what direction you should take, but reserve the final decision for yourself.
 
10.  Don’t settle for a business that isn’t right for you. Of the literally thousands of choices that franchising affords you, don’t you think that there’s at least one (and probably a whole lot more) that would be very successful when matched with the skills and abilities that you possess?

Remember that franchising when done well is like any good marriage. It unites two complementary parts that allows the whole to be far greater than the sum of its parts. Knowing yourself, and where you fit will make a huge difference as to whether that marriage succeeds. Good Hunting!

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