As you can see, there is a wide variety of franchise opportunities, industries, brands, and agreements. And there is a wide variety of people who become franchisees. Some franchisees want independence. Others like the security of being connected to an established corporation that provides training and backup. Still others just like to grow a business without having to come up with the idea for that business.
You’re probably wondering whether you match the profile of the perfect franchisee. Well, there really isn’t an ideal franchisee, because so much depends on the industry in which you want to work and your background and experience in that industry.
Yet, you will find some common characteristics that fit all franchisees. The most important character trait you must have is the ability to balance the needs for being your own boss versus being an employee.
In reality all franchisees play both roles. They must manage their people, but they also must comply with the rules of their franchise system. While a franchisee runs his or her own business, that business must be run according to the system and rules dictated by the franchisor, who has already perfected the business, or at the very least wants a consistent national image and method of operation for the business. All franchise systems are constantly being tweaked and updated to respond to changes in the marketplace. You could find that taking directions from the franchise’s headquarters is a drag and not what you had planned when you started the business. Successful franchisees learn to keep a proper balance between maintaining the franchise system rules, taking direction from the higher-ups at franchise headquarters, and being able to delegate responsibilities to employees who work for them.
No matter what franchise system you choose, one thing is guaranteed: In the initial years you must be willing to work long hours and you can’t expect to earn much money in the first two years as you build your business. Work hard, you will succeed one day!