When choosing between an independent business and a franchise, it’s important to evaluate your own skill set to determine which opportunity you’re more suited for. Although there is a lot of overlap between the two, there are also some unique talents that come in handy for each one. These are the most valuable skills for running a successful franchise business.
Communication and people skills
As a franchise owner, you’ll be dealing with employees, customers, suppliers, and your franchisor — so good people skills and the ability to communicate effectively are a must. You will need to be able to build and manage a functional team that is dedicated to helping you succeed, and you’ll have to develop a rapport with your clients or customers and establish a reputation for good customer service.
In addition, you’ll need to be able to maintain a positive working relationship with your franchisor and any suppliers or vendors that you work with. All of this will be difficult to do if you have a hard time interacting with people or communicating effectively.
The ability to work well with others is especially important for franchisees, since you’ll be expected to work productively with your franchisor and your in-house team. You might be the boss, but the boss is nothing without a solid team behind them. This means you have to show your team respect and commitment and be willing to lend a hand anywhere you’re needed. Most of all, you must be able to admit when you’re wrong, make a change, and keep moving forward.
Openness to constructive criticism
While this goes hand-in-hand with being a team player, it deserves its own section. A successful franchisee must be open to constructive criticism from their parent company, their team, and their customers. If your franchisor informs you that you are not adhering to company processes or maintaining brand standards, you have to be able to keep a cool head and make the necessary changes.
Remember, the franchisor built and expanded their company by learning what works and what doesn’t. So even if it’s not how you would do it, chances are there’s a good reason why certain processes and policies are used. Now, this doesn’t mean that you can never have your own ideas — just be willing to accept advice and criticism and use it to make your business better. Your franchisor wants you to succeed just as much as you do.
You don’t have to have a degree in accounting, but you do need the ability to manage your funds and make sound financial decisions. If this isn’t too high on your list of talents, you may need to hire an accountant to help you oversee the budget. Just make sure you actually listen to them and respect their advice — otherwise you may find yourself coming up short and unable to cover expenses.
Willingness to work hard and stay motivated
Some people wrongly assume that franchise ownership is easy and that all of the hard work is already done for you by the parent company. Your franchisor will already have tried and true policies, processes, and products in place, but it’s still up to you to put in the hard work to build your business and make it successful.
So, while it is easier to get a franchise off the ground, the day-to-day workload is no different than that of an independent business. If you aren’t willing to roll up your sleeves and get your hands dirty — especially during the first year — then your business will likely struggle. Most businesses, even franchises, can take several months or longer to become profitable. Which means you’ll need the ability to stay focused on the big picture and keep your motivation up, even when things aren’t going as planned.
If you have this skill set and you’re ready to put it to good use building a new career, Right Hand Senior Care has franchise opportunities available for entrepreneurs who want to make a difference in their communities.
So what are you waiting for? Get in touch today and change your future with a Right Hand Senior Care franchise.