Is becoming a franchise owner right for me?
The first step to choosing a career is to make sure you are actually willing to commit to pursuing the career. You don’t want to waste your time doing something you don’t want to do. If you’re new here, you should read about:
Still unsure if becoming a franchise owner is the right career path? Take the free CareerExplorer career test to find out if this career is right for you. Perhaps you are well-suited to become a franchise owner or another similar career!
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How to become a Franchise Owner
It is imperative that one makes sure they have the right traits and characteristics needed for franchising, or failure is almost a given. A Bachelor's Degree in Hospitality Management or Business Management can be an asset.
Conducting some self-assessment before jumping into franchising would save one a lot of hardship. According to Joel Libava, author of Become a Franchise Owner!:
"The first thing you need to consider is whether you are ok with rules. In other words, how has the rule thing worked out for you in the past? For example, have you been a rule follower in your previous positions? Were you able to abide by your company's line of thinking? Did you follow procedures as they were laid out? Were you OK with the parameters they set?
If you're generally comfortable with following someone else's rules and have a strong desire to be in business for yourself, franchise ownership is an option you should explore. However, if you don't have a very good track record of toeing the line--and prefer to make your own rules--then becoming a franchise owner may not be the way to get into business for yourself."
If owning a franchise is the right fit for you, you will also need to have the management experience and skills that the franchise requires in order to be successful. Ask the franchisor if special training, education, experience, or other requirements are needed in order to be part of the franchise. Requirements and skills differ with each individual franchise.
It is advisable to check out the background of the franchisor to find out more about their reputation before investing with them. Look them up on the Better Business Bureau, Hoovers, and also contact the American Association of Franchisees and Dealers (AAFD).