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Are You a Good Candidate for Franchise Ownership?
Updated: January 02, 2021 |
Taylor Kovar, CFP

Is Franchise Ownership For You? 10 MUST-HAVE Attributes to Manage a Franchise

Ever wonder if franchise ownership is for you?? Many have but unfortunately, not everyone is cut out for it. The wondering can be so exhausting.  Are you asking yourself if you have what it takes?

Check out the 10 Attributes you need to have before diving in:

Take a good look at yourself before asking "can I manage a franchise?"

#1 – Team Player

You can’t do everything but sometimes you will have to. You can’t say “I’m too good for that”. Sometimes you will have to step in where others can’t or don’t – you have to be ok with that. Be okay with the fact it’s okay to say no. always be super-duper clear to avoid misunderstanding.

#2 – Positivity

No one likes a “drip” and no one likes to work for one either.  Are you the type who sees the glass as half full instead of half-empty? Optimistic? Franchise ownership may be for you….read on.

#3 – Sincerity

Are you fake or phony? Man oh man, your employees will see right through it. Being genuine is the key to becoming a successful franchise owner.

#4 – Curiosity

Are you a question asker? People who ask and truly want to know the answers to tough questions see more success with their franchise. Questions to your staff like, “what do you like about working here”, “what do you dislike about working here” or even “what would you suggest we do to make this business rock?” Questions to your customers like, “what do you like about our store”, “what would you like to see more of”, or even “what would you like to see less of”? Be open to “constructive criticism” and always be willing to improve where you can. Nobody likes a “Debbie Downer.”

#5 – Like to manage

Are you a perfectionist that can never let go? Are you ok with delegating to others?  Do you enjoy seeing employees succeed? Are you ok with having the “hard” conversations to encourage your employee’s success? If you enjoy managing and working with people….read on.

#6 – Conceptual Thinker

Are you ok with abstraction, reflection, creative thinking as well as problem-solving?  Then you are a conceptual thinker and on your way to successful franchise ownership.

#7 – Linear Thinker

On the flip side do you enjoy “straight line” thinking? Rolling up your sleeves and seeing what is real? Looking at and analyzing the numbers? Can you develop a process, system, or streamlining so your business will be more efficient? An important skill to have to make your business hum! AH! Such a sweet sound.

#8 – Perseverant

Do you have a “do whatever it takes” attitude? There will be some things that need to be done despite their difficulty or delay that may come in achieving success.

#9 – Calm

Do you stay unruffled, composed, and steady when others don’t? There will be many opportunities to feel like “the sky is falling”. If you are good at “keeping your cool” then franchise ownership may be for you.

#10 – Agree about money

Are you considering a business partner? Maybe your spouse is jumping in with you? There are so many money decisions that will be made each and every day. Here’s just a few:

Big expenses like:

  • Business space
  • Inventory
  • Marketing
  • Website
  • Equipment
  • Utilities
  • Payroll
  • Consultants
  • Insurance
  • Taxes
  • Travel
  • Shipping

Everyday expenses like:

  • Temperature setting
  • Quality level of supplies
  • How much water is used
  • Office decorations

The list goes on and on knowing and understanding how you make money decisions and confirming a way to talk about your differences will save many a headache. We have seen so many businesses fold because there was so much money tension between owners and it just got to be too much.  Listen up, folks! Did you know that you have 2 out of the 5 Money Personalities, a Primary and a Secondary…Pretty fascinating, right? And hey, your potential business partner does too. We bet you’re wondering if your Money Personalities are the best for franchise ownership!?  What about your partners?

Learn your Money Personalities NOW!

Our website has tips for every combination of Money Personalities for you and your partner. If you have more questions, email us at [email protected]

Well – there you have it! Pretty cool tips, huh? Do your research, go in with eyes wide open and have fun determining if franchise ownership is right for you. Again, feel free to reach out, we want to help in any way we can.

As always,

Taylor & Megan

The Money Couple


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