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Certain types of people are better suited to franchising than others. Because franchising involves being part of an existing brand and following the strategy set out by the franchisor, there is limited scope for developing the business or products or for adding your own personal touch.
For this reason, those creatively-minded people who enjoy adding a final flourish to their work or breaking the mould may find themselves limited by the restrictions placed upon them by franchising. There are some individuals, however, for whom franchising offers the perfect business opportunity.
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The three personality traits most desired by franchisors include:
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Regimented
Individuals who are good at following rules and working within existing processes are likely to be successful franchisees. They have good attention to detail and can understand and apply tested knowledge and information in an appropriate way.
They will take the time that is needed to review and understand every element of their Franchise Disclosure Document to avoid any unpleasant surprises later down the line, and will seek appropriate expert advice when necessary.
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Financially astute
Franchising has more outgoings than a traditional business model. Franchise fees and royalties are payable in accordance with the Franchise Agreement that will be signed at the beginning of the business relationship, on top of taxes, stock replenishment, location rental and staff wages.
Franchisees need to be very financially astute, with a sharp handle on their income and outgoings. They must also be able to recognize and predict financial trends and make appropriate changes to their business operations to maintain profitability.
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Persistent
Successful franchisees have to be very talented at marketing and promoting their business. Although the brand may be well recognized by most consumers, they will still be competing against other businesses in their locality that may offer similar products or services, and establishing and promoting their USP is essential for business success.
This may involve clever use of social media or cold calling potential clients to establish a solid network. Persistence is essential in building a loyal following, and people who can commit to relentlessly pursuing a goal stand a high chance of succeeding in franchising.
If you feel that these personality traits describe you well, it is likely that franchising will provide you with a long-term, fulfilling career that will suit the way in which you operate and allow you to become your own boss.
