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In this article, I'll reveal one of the biggest secrets in franchising: The three most important things you need to know when it comes to finding the best franchise to own. During intensive exclusivity discovery processWhat are the three factors you should focus on? The answers may surprise you.
What is your role as an owner?
There is nothing more important than the role of your owner. Why? Because you are the one who should geat your butt from the bed every day to run your business. Right now, some of you may be up and groaning at the thought of going to work, your long commute, and everything else that comes with not liking work.
Imagine having to do this with your business. With one franchiseyou're going to spend your money to launch it, invest in it, and build it — so it's important that you want to get out of bed and run that franchise well. As we consider your ideal owner role, we'll try to answer a few questions
What are you really good at? What do you want to do?
These two things can be different. You may have been good at things in the past, but you didn't necessarily want to do them all the time. Maybe you've always wanted to do X or wanted to do more of X but never got a chance to because you got pigeonholed in the role of the corporation.
What do you NOT want to do?
Like one business owneryou are at the top of the food chain. You will do what you do best and hire for the rest. As a franchise owner, sometimes you'll need to be able to roll up your sleeves and take out the trash. But that's not what you'll be doing every day.
Where do you need more support?
There will always be some things you're not that good at or don't want to do. with franchise modelyou will receive support in all aspects of running your business. However, different franchises excel with support in different areas.
The role of the owner it comes down to what we want to call it “Get out of bed” test — which franchise will make you excited to get out of bed in the morning? Nothing is more important than this, and these questions can help you determine a brand that matches your ideal owner role.
Related: Tropical Smoothie Cafe Appoints New CEO, Bringing New Strategic Growth Vision to Franchise
The people
The second factor to find your perfect franchise fit it's the people. There are several different types of people to consider.
Your team
You likely have a staff. It is important to find out what type of staff is best for you. Long FranCoach process, we will talk about many different ways to build a team. After all, we will understand which ones personnel structure is the best for you. You want to roll out of bed excited to work with your team.
Your customers
You want to define customer profile you are more comfortable with.
- Who are these customers?
- Why are they buying from you?
- How do you find them?
- Who finds them?
- Who communicates with them?
- How long do they buy from you?
These are all considerations that we will think about and understand in order to build your ideal customer profile.
There are no wrong answers here (and it's okay if you're not 100% sure) – but it's important to be honest about what you want and are comfortable with in order to find the right one franchise fit.
Related: Learn the Secrets of Running 20+ Businesses as a Side Hustle — Find and Educate Your 'STIC People'
Your community
As a business owner, you must have a level of pride in your business and desire to get out and connect. Some people like to do this, others not so much.
Realize that connection can also happen by chance. For example, you might be in line for lunch somewhere while wearing a polo shirt embroidered with your franchise name. Brand clothing it's a great way to get someone nearby to say, “Hey, I saw your shirt, what's that business?” Would you be comfortable talking about it?
Finding your perfect franchise means surrounding yourself with people you'll be excited to spend time with: your team, your customers, and your community.
Related: See the list of top franchise suppliers of Entrepreneur 2024
franchisor
The third consideration as you search for your perfect franchise match is franchisee himself. Now, that doesn't mean the “it” of the franchise, or what specifically they do.
The industry you operate in doesn't matter as much as people think. The longer you've been in the corporate world, the more you're brainwashed into thinking that industry is the driving force behind finding the right fit. career path. But franchisors aren't vetting you based on industry experience.
When you become a franchise owner, you are starting a long-term partnership. Throughout the Discovery Process, you will have the opportunity to speak with many people involved in that franchise, from the development representative to the CEO. At the end of the Discovery Process, you will participate in a Meet Team Daywhere you will literally meet their entire team. You will also have the opportunity to chat with the owners within that brand.
As you interact with all these people, ask yourself: Do you feel like you're in the right room? “Culture” is an overused word, but it's a real thing. Are you aligned with the franchisor's vision and values? You need comfort and confidence that the franchisor knows what it's doing and will have your back (they they will be the ones coaching you and giving you long-term support.Make sure their vision and plan for growth aligns with yours.
As you get the chance to talk to other franchise owners on this trip—you'll usually talk to at least three or four—ask them about community of owners. Do the owners talk to each other? Do they have a culture and relationship that resonates with you? Again, you want to feel like you're in the right room with the right people.
Find your franchise match
Are you ready to pursue franchise ownership for yourself? Let's connect. FranCoach is a national search firm dedicated to working with individuals who are interested in owning a franchise. Our number one goal with our clients is to help them find the absolute best franchise for them to own. Hold out your hand for us to learn more about potentially becoming a franchise owner. There is never a fee for our service, so why not take the first step today towards your better tomorrow?
