Frantastic Franchise Consultants
Characteristics Of An Entrepreneur
If you’re pondering whether now is the time to become a franchisee, there are numerous things you need to think about. As a franchisee, you’ll have to make challenging calls, devote to long working hours and utilize all of your acquired experience to thrive. If you’re not inclined, you might be confronting inescapable failure but if you’re all set, it could be one of the finest decisions you make. To help you find out whether you’re sufficiently prepared, we’ve accumulated this list of the top 10 signs that demonstrate franchising is appropriate for you. Optimistically, it’ll help out you make your mind up. 1. You have the hustle and grit Buying a franchise means you’re obligating to growing a business for the imminent future. The key turn of phrase here is “your own business”. As the manager of your up franchise unit, you’ll crave the drive and willpower to succeed. There won’t be a boss gasping down your neck every day to make the sure thing you hit targets. Nor will
www.frantastic.in
Contact: +91 99090 45439
1
Frantastic Franchise Consultants
there be a supervisor to encourage you when you’re just not feeling it. With a franchise, it’s all down to your self-enthusiasm. That means you’ll be sure you can work without deferment. If, for example, you’ve been able to avert getting distracted when operating from home in the past, you may be a decent candidate for franchise proprietorship. Nevertheless, if you strive to stay engaged when working on your own, you might not be able to assert control of the way of the business when you’re in the steering seat. 2. You comprehend how to balance out the risk All business ventures are dicey to an extent. You’re financing money in a business model that you anticipate to make profits, but there is no assurance that it actually will. Although franchises are frequently deemed to be economically safer than autonomous start-ups, the franchise system is like any other business model in that there is always an intrinsic risk. Subsequently, you ought to be able to evaluate, balance and, where potential, mitigate against peril if you’re to thrive. There’s a good line between taking only some chances and exposing yourself to dangerous amounts of peril. On the other hand, it’s also easy to overlook opportunities by being excessively cautious. The trick is to discover ways of making circumstances work for you if you can. 3. You can encourage a workforce In most franchises, you won’t be functioning alone. Instead, you’ll be operating a team of employees, who will hang on you for instruction and assistance. This means you’ll have to be proficient at providing clear, crisp instructions and make sure they’re chased through. Not only should you be self-confident when it comes to municipal www.frantastic.in
Contact: +91 99090 45439
2
Frantastic Franchise Consultants
speaking, but you should also be competent to cope with any issues you’re trying to settle with particular employees and find acceptable, timely solutions. Your workforce will also look to you for inspiration. It’s crucial that you can encourage your team, as it’s an excellence that’s very challenging to teach. When employees don’t feel stimulated, their productivity declines, they’re likely to be absent more frequently and the excellence of their work suffers. If you’re to thrive as a franchisee, you ought to be able to spur. 4. You’re delighted to let someone else lead Even Though you’re technically your boss, franchisees also have to adhere to the stringent protocols, procedures, and routines that are set out in the franchise’s operations guide. The franchising system puts franchisees in a distinctive position. Although you’ll handle business and are accountable for its triumph or failure, you’ll also have to report to a greater authority — the franchisor. The capability to adhere to someone else’s lead and work together to help the company is an indispensable value in any franchisee. The franchisor will almost certainly be fastidious when it comes to sustaining uniformity across their network of franchise units, so willing to play by the guidelines when you become a franchisee. If you inadvertently offer different products or poorer quality service, for instance, you risk ruining the status of the whole business. 5. You can be a strong boss It’s also essential that you’re adept of filling the role of boss. You will be in charge of your franchise unit, so it’s needed to build up and polish all the skills, capabilities and qualities you consider constitute a
www.frantastic.in
Contact: +91 99090 45439
3
Frantastic Franchise Consultants
nice manager. If you’re not able to sustain quality levels and collaborative working culture, it’s expected your business will survive. Everybody has their management style, but you ought to be assured that yours operates when putting to the test. Whether you’re friendly and accessible or firm but fair, you’ll necessary to ensure your employee’s respect and react to you. 6. You can take assistance When you first commence exploring the idea of beginning a franchise, you’ll have to swiftly get used to taking advice. It’s a decent idea to seek assistance at every juncture — you should ask for legal advice for the franchise contract, fiscal advice for the terms of your bank loan and supervision advice from the franchisor. Numerous banks, solicitors and other advisory professionals will have established experience in toiling with franchisees, so they’ll have been throughout the procedure before. By relying on their knowhow, you can make your journey much simpler. Just the reassurance that your franchise pact is in order, for instance, will be a massive relief. Taking any assistance that is offered to you is extremely important if you’re to flourish as a franchisee. Part of the allure of the franchise model is the wealth of experience and knowhow you can plug into — so make the most of it! 7. You’re inclined to make use of A potential franchisee rarely has sufficient capital to finance the entire initial financing themselves. Most franchisees will need to derive from some form of lender. The terrific news is that, reliant on the franchise you expect to start, many franchisees can acquire up to www.frantastic.in
Contact: +91 99090 45439
4
Frantastic Franchise Consultants
70 percent of their entire investment capital from lenders. This can be a massive help when you’re first set out, as it’ll permit you to retrieve all the tools, training and encouragement provided by the franchisor. Nevertheless, it’s vital to know that there’s certainly nothing wrong with using, but you should be conscious that not all lending is advantageous. An inclination to borrow is often essential to get ahead, but so too is an awareness of what constitutes favorable and harsh terms. 8. You have business smarts While numerous franchisors will say that prior experience in their industry is not a necessity when becoming a franchisee, nearly all will claim that you need some insight into basic business practices to thrive. While this doesn’t mean you’ll require a degree in business management, ordinary sense business smarts are an indispensable factor in building a profitable franchise. This isn’t certainly something you can understand; you either have it or you don’t. Though, you can pick up tips and tricks by devoting time in other businesses and observing how they manage. This won’t always be a quick-thinking journey, but it’ll be extremely advantageous in the long run. 9. You have an excitement for a certain line of work The brightest franchise business for you is one that you are genuinely enthusiastic about. Being competent to appreciate your work is crucial if you’re to perform at the best level. While it might be feasible to get by without excitement as an employee, it’s not feasible as the leader of a booming business. Operating a franchise can mean extended hours, vital decisions and a lot of self-doubts — www.frantastic.in
Contact: +91 99090 45439
5
Frantastic Franchise Consultants
in these moments, it’s your desire and aspiration that gets you across.
Conclusion At Frantastic, we help our clients with ample of opportunities in the world of franchising across sectors and industries to unlock their growth potential by evading or minimizing franchising challenges & risk and making it first time right. We are a one-stop solution for all the business is driven people who want to begin their career with the franchise business model.
www.frantastic.in
Contact: +91 99090 45439
6