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Buying into a franchise may seem like a great opportunity, but the level of responsibility that comes with such an undertaking is just as great. To be successful, you need the right balance of knowledge, skill, and personality to fulfill the many roles that will be required of you. So; do you fit thefranchise profile?
Considering the franchise profile can be beneficial not only in terms of knowing what franchisors are looking for in a franchisee, but also what you, as a franchisee, should look for in a potential franchise, and what skills you will need once you become the proud owner of your own.
Aptitude and Skill
Ideally, your skill-set should be suited to the tasks you'll be expected to perform. While some tasks may be delegated to members of your new team, others will require your personal attention. Franchisors want someone who has the leadership skill to maximize team strength while downplaying team weakness. Most corporations' ideal franchise profile includes self-sufficiency and self-motivation, along with the ability to reconcile those tendencies with the overarching brand message.
Personality and Approach
While the unique demands of franchisors may vary, there are certain key elements that typically come into play. For example, franchisors may want someone who:
• Is entrepreneurial, ambitious and assertive, yet compliant and collaborative
• Will set an example through hard work, honesty, and drive
• Has self-confidence but isn't afraid to admit (and learn from) mistakes
• Is methodical and well-organized but can react quickly to change and make decisions on the fly
• Is willing to invest money, time, and effort in the franchise, often at the expense of personal time.
If you fulfill all of these needs, then you should feel confident that you can adhere to most business' franchise profile.
Collaboration and Communication
An extension of your personality and approach to business is your ability to successfully collaborate and communicate with franchisors, colleagues, and clients. Assertiveness and ambition is encouraged to a point, but franchisors also want someone who will comply with company policy and successfully sell their ideas to employees and clients.
In today's world, this often means online interaction. Thus, even a basic understanding of social media networking tools can increase your value in the eyes of the franchisor. This will not only increase the value of your franchise profile to prospective businesses, but also help your franchise grow once your business actually gets off the ground
Being a franchisee requires a special combination of traits. By honing the ones you have, and being willing to work at those that you do not, you will will be able to fit even the most stringent franchise profiles, and position yourself, and your franchise, on the road to success.
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