Before you go and think about putting up your own branch of a franchise, ask yourself: Do I have what it takes to be successful as a franchisee?
Success in business is often a combination of various resources and traits. The good experience of other franchisees may be attributed not only to the franchise, but to their personal characteristics as well. Here are some factors that may decide how ell you’ll do as a franchisee:
PERSONALITY TRAITS
Most franchisers look for the following in prospective new franchisees. Give yourself a frank appraisal of how strong you are on each trait. The better you rate, the greater your aptitude for becoming a successful franchisee.
- Ability to Control and Direct
- Customer Focused
- Decision Maker
- Fits into the Organization
- Follows Business Procedures
- Gets Along Well With Others
- Goal Setter
- High Confidence/Self Esteem
- Honest
- Service Oriented
- Thrives on Achieving Results
- Trainable
PRE-REQUISITES
Aside from your personal traits, there are other prerequisites that you must have in order to be successful as a franchisee
MANAGEMENT EXPERIENCE
Management is something you just can’t learn from the books. This is one instance where experience is really the best teacher. Whether you’ve handles supervising others at work or managing a home with children, you must have experience in running a unit to maximize your change of success as a franchisee.
MONEY
There are over 1,300 franchise companies in the country. The investment range of these opportunities run from less than P100,000 to millions of pesos. From a practical standpoint however, you must have a net worth of at least P2,000,000.00, and at least P1,000,000.00 readily available for investment. If you do not have these minimums, you will find your options limited. Then franchising probably not a viable option for you. You may want to explore Small Business Corp (formerly know as SBGFC) on loan packages for people looking for a franchise.
TIME
As most entrepreneurs know, running your own business requires a big chunk of your time. Franchises are operated on a full-time basis, which requires you, as the franchisee, to be there most of the time. Even companies that are set up to accommodate absentee ownership have minimum time requirements for the owner. You must have sufficient time in your schedule to devote whatever is required for success in your business.
HOW WELL DID YOU DO?
If you find that your traits and resources match those listed above, chances are you have what it takes to do well in a franchise system.
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You may contact Armando “Butz” Bartolome for questions and more information.
By email: aob@gmb.ph
FB Page: Armando Bartolome
Linkedin: https://www.linkedin.com/in/franguru/
Website: https://www.gmb.ph
