What It Takes To Succeed As A Franchisee

How to Succeed as a Franchisee

I’m not going to lie; it takes a lot to succeed as the owner of a franchise business.

With that in mind, wouldn’t it be great to know what it takes to be a successful franchisee these days?

If so, keep reading.

How to Succeed as a Franchisee

What It Takes

You have to make a lot of right moves when undertaking something big — like buying a franchise business. And it’s the first move that’s the biggest; choosing the right franchise business opportunity.

To be sure, there’s no shortage of franchises to choose from. There are chicken franchises, fitness franchises, and cleaning franchises, just to begin naming them.   

But how do you do it? How do you make the right choice in a franchise with so many to choose from?

Don’t Look At Franchises

Say what?

That’s right. If you want to make the right choice in a franchise — one that really is right for you, stop looking at franchise portals for a while. Instead, look at your own portal. Look deep inside for the things that drive you. And be sure to look at what you bring to the table; your top-shelf skills.

The reason I want you to do that is so you’re not wasting time looking at franchise opportunities that could never be a fit for you.

For example, you may be excited looking at some of the hottest green franchises around and their income potential; but if you’re not driven by eco-friendly things, your heart won’t be in the business.

Tip: If your heart’s not in the business you own, don’t expect it to be much of a success.

The bottom line: Only look at franchises that align with the things that drive you and can utilize what you’re best at doing.

Talk to Other Franchisees

The best and only way to find out if you have a good shot at being a successful franchisee is by talking to other franchisees.  

If you’re interested in buying a 1-800-We-Kill-Bugs franchise, call franchisees of 1-800-We-Kill-Bugs and ask them questions. Like:

“Are you happy with your decision to buy this franchise?”

“Are you making the money you expected to make?”

“Does headquarters do a good job of supporting you?”

“Does headquarters help you get customers?”

“If you had to do it all over, would you buy this franchise again?”

When you do call franchisees, make sure you talk to lots of them — at least a dozen.

Tip: Some franchisors give you a small list of franchisees to call. That’s fine, but you need to know that the list will almost always include franchisees that are pretty successful. It’s fine to talk to a few of them, but make your own list of franchisees to call, too. (You can find contact information for current franchisees in the FDD.)  

If you find a lot of happy, successful franchisees — and you feel that you’re like them, you just may have upped your chances of success.

One more thing: Make sure you schedule an in-person visit with a franchisee who’s within driving distance. Ask if you can spend the day. It’s a great way to see the business in action, and to ask even more questions — face to face.

Visualize It

Can you “see” yourself as the owner of the franchise you’re interested in buying?

If you’ve spent a good deal of time learning about the franchise business you’re interested in buying, and have talked to lots of franchisees, “decision day” will soon be upon you.

What do you think?

Do you feel you can make a serious go of it?

Do you think you can be a successful franchisee?

When you picture yourself as the owner, are you seeing a successful one?

To summarize, there are specific things you can do — before you become a franchisee, to set yourself up for success. I listed them above.

You — all of us — have what it takes to succeed.

To succeed in franchising, you need to find the right fit, learn all you can, do good research and make sure you can see yourself as a successful franchisee of the franchise you want to own.

Business Owner Photo via Shutterstock

Joel Libava Joel Libava is the Franchise Expert for Small Business Trends. Joel, The Franchise King®, equips today’s prospective franchise owners with time-tested, proven techniques designed to increase odds of success. He does this through one-on-one coaching, and gobs of useful content that can be found on places like Small Business Trends, SBA.Gov, and his award-winning franchise blog, The Franchise King Blog . He’s been featured in Entrepreneur® magazine, and is frequently called upon by national media outlets and publications for his no-spin insights into the world of franchising.