Are You a Potential Franchisee?
With so many employees resigning from the workforce the period of uncertainty with a pandemic, many are striking out and working on their own for themselves.
Whether they decide to start their own business, work freelance or invest in a franchise, the shift is palpable.
For some, starting their own business is too scary. Too fraught with the unknown and requires some degree of faith that they can stick it out and do the hard grafting. And it also involves having a business idea that can successfully fill a gap in the market. Not everyone is cut out to be an entrepreneur with their own product or service and a plan. Others choose to freelance with something they know they can do.
And what about those who know they want to work for themselves but want access to a proven system with a track record that says, “this business model already works”? Typically this involves investing in a franchise.
Could You Be an Ideal Franchisee?
If the option of acquiring a franchise is the least risk-averse scenario for you there are some traits and qualities you should have that will set you up for the greatest success.
The top 10 qualities you need to make your franchise a success are:
Passion: the franchise you invest in has to excite you and you have to fully believe in it
Hardworking Attitude: every franchise requires initiative and graft. If you aren’t bricks and mortar you still need to network, participate in trade shows and events, and get involved in the community to spread the word
Confidence: your mindset matters
Growth-driven: develop a strategy and make it work, which might include advice from the franchisor about ways to scale
Personable: able to interact on all levels of the business in a friendly and inclusive way which helps develop those key relationships critical for success
Patient: things take time. And until your client base and marketing strategies are in place you need patience until things begin to manifest
Collaborative: able to take advantage of mastermind groups and call on the franchisor and fellow franchisees for advice and help. This is not working solely on your own
Resilient: able to handle the inevitable ups and downs. Even in a proven business model recessions happen, employees leave, and crises will occur
Compliant: able to stick with the model without trying to reinvent the wheel. If you can’t be compliant to the proven franchise model itself it’s a recipe for disaster
Active: willing to participate in franchise events that may require travel well beyond their local territory. Things like annual gatherings, continued training opportunities and franchisee engagement
Why Hyper-Niche Micro-Franchises Are Growing Exponentially
If you think buying into a franchise means huge money, then sure, in many cases it does. Big brand corporate names will cost considerable sums of cash upfront. Not to mention proof of cash liquidity available to the franchisee for household name franchises.
But now more than ever, hyper-niche franchises are offering lower-cost and uncomplicated business models. Inspiring and encouraging first-time franchisees to grab hold of the zeitgeist and take the plunge. With many people choosing to want to work for themselves this hyper-niche market is allowing individuals to make business ownership a reality.
The current generation is even more likely to be intent on working for themselves. With fees required for niche franchises considerably lower, some acquire them before leaving university or college.
The more niche the franchise is, the higher the momentum seems to be at the moment. From home services to beauty, fitness, and business coaching they all do one very specific thing really, really well.
The added allure for entrepreneurs starting these businesses and franchising down the line is that larger conglomerates are acquiring them with gusto. As a result, this makes for a potentially lucrative exit strategy.
How Does It Feel To Be a First Franchisee?
Considering that metrics from a brand are what a potential franchisee investor uses to gauge whether to invest or not, what happens if there aren’t any?
If you’re the first or within the first five franchisees, what makes someone grab the brass ring? According to Franchise 500, ‘more and more people are trying to be in the very first group who snag the first franchises’. It’s the modern way to become an entrepreneur.
When you consider new and young niche brands, the territory is wide open, the market isn’t saturated. And effectively the world is your oyster. That’s tempting when coupled with a substantially smaller investment fee.
Early adopters are excited at the prospects they have while older and much larger corporate franchises can be the opposite. Early adopters know they are taking a risk, But there are substantial gains in that the investment will never be lower than at the start. And your choice of territory is up to you which can’t be said for the person who chooses to become the 250th franchisee.
Want to become a Tricres Partner for a taste of what being a business coaching and consultant as a part of something bigger is all about? It’s not unlike being a part of a franchise. Check out Our Partner Training Programme!