Anybody that has a desire to become their own boss should recognise that the most popular and most secure route is through franchising. It offers true flexibility but at the same time you are not alone, you have the backing of a proven and successful brand that will be with you throughout your journey in business ownership. Starting a new business from scratch can mean that you have no support structure, you must adapt and learn from your mistakes. Investing in a franchise means those mistakes have already been made and resolved so all you need to do is listen, learn and work hard.
Of course, we are not saying that the moment you sign up to become a franchisee you are guaranteed success, you are not. There are no quick or easy steps, your success is down to you and how to you adapt to becoming a business owner. With the right attitude and the right mentality, you can fulfil your dreams.
However, the key question is, “how do you know if you are right for the world of business ownership”? To help try and answer this we have created our top 10 personality traits which we feel are most important when deciding if the franchise world is the right business investment for you:
Professionalism – ensure that you have the right professional attitude and can adapt your character to dealing with all types of individuals. Be confident in your abilities, demonstrate leader capabilities and motivational techniques to ensure all staff and suppliers know what is expected and can help you make your business a success.
Listening – you are never going to be an expert in every single aspect of business ownership and nor should you want to be. Don’t be frightened to ask for advice and guidance, but most importantly listen to what is being said, take feedback on board and remember as part of a franchise you are never alone.
Processes – a successful business will have the right processes in place to ensure every aspect of the business runs smoothly. Be process driven and capable of developing systems that will improve and enhance operational efficiency to ensure the business continues to run as proficient as possible.
Goals – be a person that needs to set goals and targets. If you have no targets, then how do you know what success should look like? Develop personal goals and business goals for the 6, 12, 24 and 48 months. Remember to keep revisiting your goals and adapt according to how your business is performing.
Motivation – if you don’t have the right levels of motivation then it is likely you will not succeed as a business owner. Be driven to become successful, work hard and commit to the business. Select a franchise that will make you happy, that you will be passionate about and that will keep your interest for the long term.
Challenges – you will face different types of challenges on a regular basis. Often you won’t be able to prepare for them, you will just have to accept them, adapt to them and overcome them. Embracing this from the outset, being able to think on your feet and most importantly being able to find solutions to overcome them will be very important.
Conflict – you won’t be able to always take a stern approach to conflict, at times you will have to accept that issues will occur and you might have to take responsibility for them. Of course, it needs to be an equal balance, stand up for yourself and your business when the time is right and accept that you need to resolve a conflict when a mistake has occurred.
Communication – whether it is written or verbal, good communication skills are a must. You also will need to adapt your communications to different audiences, for example the approach you take with a supplier might be slightly different to the approach you take with a customer. Most importantly if you have a team, ensure you communicate with them regularly, don’t leave them isolated or unaware of what is happening.
Resilient – just as in day-to-day life every business owner will experience highs and lows, you need to celebrate the highs and embrace the lows. Maintaining resilience even when troubling times are ahead is vitally important. Never give up, don’t let any form of failure become a part of your culture.
Ask – as a business owner you will have to continually make decisions but that doesn’t mean you are on your own and that you cannot ask for help or advice. Surround yourself with the right business professionals that can guide you when you need guiding and can praise you when you have been successful.
If you are unsure whether you are a right fit for the franchising world, then our specialist team would be very happy to help. Please feel free to call us on 01993 706403 or e-mail hello@ngifranchisefunding.co.uk.