For years we've been reading articles about a franchisor's desire to select franchisees that are not too entrepreneurial.that are in fact interdependent rather than independent.
There is truth to this of course. Franchising as a model requires that franchisor and franchisee work together as a team. The franchisor is expected to provide the proven model, trademark, marketing image, branding, and systems.the franchisee is expected to provide intimate knowledge of their specific region, strong marketing efforts and a "follow the rules" mentality.
But in order for most prospective franchisees to take the leap into business ownership.they need to develop an entrepreneurial spirit.
Consider a prospect from my own experience in franchise sales. This prospect was well-qualified in many ways to take on franchise ownership. There was only one problem. He had a really hard time making a decision on whether or not to buy in to the opportunity.
Now, let me set the stage. He had done a thorough job of due diligence. He had reviewed the UFOC with his attorney and his spouse. He had created a list of questions for franchisees of the system, asked them, and received responses.
He had even visited two or three of these franchisees.getting a real-life feel for the workings of the business and the plusses and minuses of the franchise system.
Yet he felt unable to come to a decision!
As I guided him through this decision making process, I finally said this: "Your due diligence has been superb. You've done everything you can possibly do to get clear on this opportunity. Even though you may feel there is still one more question that will make this perfectly clear.there is no such magic question. It is truly time to come to a decision."
"May I help you to put on your Entrepreneur's hat?"
"You know," I continued, "each of us has to have a good bit of entrepreneurial skills in order to move into our own business."
"Imagine that you do decide to move forward. As a franchisee, you will be required to make immediate and even long-lasting business decisions with as much confidence as possible."
Maybe you'll be faced with a decision on the type of loan to pursue and its terms.or a decision on whether to lease or buy your space.
"Or maybe you'll be asked to make build-out decisions quickly so that you can open your unit in time for peak opportunity."
You get the picture!
Owners of both independent and franchised businesses are called upon to make entrepreneurial decisions each and every day. Decision-making is part of the package called "business ownership".
So put on your Entrepreneur's hat, please, while pursuing the franchise purchase decision.
It may be what convinces your franchisor that you are the right one for the system.
This article courtesy of Flo Schell, EdM, Founder: Franchise Coaching Systems and FranchiseGATOR.com. Flo's upcoming book Stop Selling: Start Clicking! Ten bold steps to boost your business through the magic of human connection is available this fall at www.FloSchell.com
For more information on franchises or to search for a franchise to purchase please visit www.franchisegator.com.
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