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Key Takeaways
- Learn how to assess whether your professional experience and mindset align with what franchisors actually look for in successful owners.
- Discover the key personal qualities that matter far more than specific degrees or backgrounds when deciding whether franchise ownership is right for you.
When it comes to entrepreneurship, there’s a reason there isn’t a single “how-to” guide or story that maps success; there simply isn’t one. Why? It would be easy to say that this is because every new business requires energetic originality and careful navigation of a unique path, but what about franchising?
Let’s bust a myth right away: entrepreneurship is not reserved for geniuses in a rarefied space. Entrepreneurship is accessible and possible, even if – in fact – especially if – you are not Bill Gates, Jeff Bezos or Steve Jobs.
As a franchise consultant who is often asked by potential franchisees if they have the “right” education and background to become a franchisee, I tell them, “You can’t major in franchising.” And it’s true. I have a degree in finance and I was a CPA for many years before eventually owning and running a fitness franchise.
All this to say that many backgrounds can thrive in franchising. The whole point of franchising is that the franchisor (or parent company) gives you a business in a box. So anyone can do it, right? Wrong.
What they cannot deploy includes strong leadership, management skills and cross-functional professional knowledge. What franchisors need are top-level management skills applied in a smaller market. This is where the partnership comes into play. They bring the industry, the business operations and the playbook – you bring the strategic thinking, problem solving, communication, delegation and other professional leadership skills you have honed.
So instead of focusing on a specific path or degree, take some time to explore the skills you’ve earned throughout your career. Ask yourself the five questions outlined in the following list. If you find yourself answering with conviction, it may be time to seriously consider a franchise.
Related: Why You Should Buy a Franchise Instead of Starting Your Own
1. Are you willing to adapt and grow – even if it is uncomfortable?
There are no two ways about it. Corporate ownership has a way of quickly highlighting weaknesses in our knowledge. Ask yourself: How do I deal with the fact that I don’t have the answers? Should I keep my mouth shut and avoid the problem? Or should I dig and learn? Entrepreneurship is humbling, and those who are willing to admit where there are gaps in their expertise, but have the drive to expand their knowledge, are the ones who succeed.
2. Are you driven by a scarcity or abundance mindset?
To be an effective entrepreneur, you must be able to see opportunities where others see obstacles. Importantly, this doesn’t mean ignoring these roadblocks. Instead, you see the obstacles, but instead of allowing the fear of negative outcomes to dictate your behavior, you think outside the box to develop solutions. In the business world we say ‘around, over or through’ obstacles.
3. Are you confident in your abilities as a leader?
There’s a reason why franchise owners aren’t typically fresh out of college or are young professionals with no prior work experience. While you don’t need a specific, curated background or education, one of the things that makes a potential franchise owner attractive to a franchisor is earned leadership experience and confidence in their own abilities. Are you someone who becomes paralyzed by fear, or do you take action? One way to limit execution risk is to trust your capabilities, regardless of challenging circumstances.
Related: 3 Qualities You Need to Succeed as a Franchisor, According to Top Franchise Leaders
4. Do you have ruthless determination and grit to succeed?
This is a big one. Entrepreneurship may look fun from the outside, but ask any entrepreneur about their early days and they’ll tell you it’s a bare-knuckle street fight every day. You have to be willing to fight for your franchise, make sacrifices, do the uncomfortable things, and operate with a “failure is not an option” mentality.
5. Do you have a strong vision for the future of what you want to achieve?
You can put in all the tremendous effort you want, but if you don’t have a clear idea of what you’re working towards, it may be in vain. I often say to my franchise candidates: You can’t achieve a goal you don’t strive for. Think about where you want to be in five, ten years – and not vague platitudes like ‘rich’ or ‘successful’, but specific goals. Maybe it will pay for your children’s college education, maybe it will fly off into the sunset in an Airstream, maybe it will leave a legacy for your family – whatever your vision for the future, make it clear. Can you see it?
Ultimately, franchising is a unique option for aspiring entrepreneurs. It offers a fantastic balance between a true start-up and a traditional entrepreneurial path, making former corporate employees with a wide range of skills and experiences ideal candidates. In many ways, franchisees are citizens of the land of quirky toys. A wide variety of backgrounds can lend themselves to successful franchise ownership; All it takes is research to discover which franchise model best suits your skills.
While this is by no means an exhaustive list, answering these questions is a good first step in considering whether you should explore franchise ownership. Although you cannot pursue a specialization in franchising, your acquired knowledge, experience and determination are the only credentials needed to embark on this path of entrepreneurship.