The Truth Behind Franchise Business Ownership

What does it take to own a franchise? In many ways, the responsibilities of a franchise owner align quite similarly with those of a small business owner. Even though they are essentially the same, the franchise owner starts of with a few more advantages.

There are many franchise concepts and some of them offer a type of product or service that connects directly with the customer. Depending on which franchise you choose, you could be very involved with the public on a daily basis. If you don’t have the patience or personality to deal with complaints, demands and the occasional attitude, then you might want to look for a franchise that does not need you on the front lines. Carefully understand the outline of your responsibilities and don’t settle for something you aren’t passionate about.

As an owner you need to make sure you have a strong team of employees, so you need to prepare for effectively training and motivating your team. The franchisees’ training and on-going support will come from the franchisor; however, the franchisee must pass on their knowledge and use it to better their individual operation.

You’ll also need to consider the marketing of your business. Your franchisor may have national or regional advertising, which they will handle. However, you may be also tasked with leading local marketing activities to actively promote your business. Are you prepared for this?

You will also need to plan for additional costs in starting of your business. There are the expenses of the initial investment, but keep in mind the royalty fees, equipment costs and the expense of keeping your business running day to day. Don’t set yourself up to fail — money is important and so is time. You will be pulled a lot of different directions and you will need to dedicate a great deal of time on your business so your business can get up on its feet the right way.

Simply put, a franchise owner is a leader with an inability to quit. They take initiative, communicate effectively and are pro-active. Expect to fill this role wholeheartedly and you’re setting yourself up for great success.

Are you ready to be your own boss? Perhaps it’s time for a free consultation with a qualified and experienced franchise consultant. FranNet has a great track record of assisting individuals on their path to business ownership. Make arrangements to speak with one of our representatives today!