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Franchise consultant Peter Williams considers what it takes to become a franchisee
The scope of objective advice available to prospective franchisees is a particularly useful feature of the British franchise marketplace. It comes in the form of published articles, free seminars, information packs, legal guidance and so on, and there really is no excuse for anyone who goes ahead and takes the plunge without considering all the relevant aspects. As statistics continue to show, the great majority of franchisees succeed and my attendances at conferences and award ceremonies provide me with opportunities to meet many successful franchisees, whose achievements I have tremendous admiration for. So what is it that actually makes a
Business ambition
Are you genuinely attracted to business ownership? If, as with the majority of franchisees, you come from an employment background, you should relish the prospect of being in control of your destiny and be enthusiastic about running your own show.
Family support
Are your family, and especially your spouse or partner, supportive of your enterprise? They need to understand the implications, not least with regard to social commitments which may need to take a back seat in the early days so as to give your business activities due priority. In becoming a franchisee your aim could well be to enhance the lifestyle and circumstances of your family, but there will probably be some
Good health
In order to concentrate on developing your business, you should be free of any
Capacity for hard work
It can be taken for granted that building a business usually calls for hard work, but that assumption needs to be put into context. Sometimes, in order to deal with demanding customers or a heavy workload, it may be necessary for you to work quite long hours, starting early and perhaps
Good at communicating
Of all personal attributes, I rate being a good communicator as one of the most relevant for anyone going into business. An outgoing personality is immensely important in the vital task of winning customers and, not least, in dealing with employees, suppliers and everyone you come in contact with.
Conscientiousness
As you will have discovered, a franchised business comprises a