Can I Be A Franchisor?

As a business owner you have probably wondered, “Can I be a franchisor someday?” Maybe you want to grow your business but you aren’t sure if you have what it takes to be a franchisor. So how would you know if you measure up for franchising (visit our main website for more information about franchising)? There are really two things you need to evaluate: 1) do you have the qualities of a franchisor; and 2) does your business have the elements of a franchise? Let’s cover the topic of qualities first (because let’s face it that’s the fun part) then we will dive into the business side of things.

Qualities of Franchisors

Franchisors aren’t necessarily smarter, older, taller or wiser than everyone else. There is not a special “franchisor look,” and every business person who has been, is, or will be a franchisor is an amazingly unique individual! But with that said, there are some commonalities among franchisors! Here is a collection of some of the most common qualities that we have put together to help you identify if you have what it takes to become a franchisor.  

  • Leaders: they accept responsibility for their actions and the actions of their team; they exude confidence; are optimistic and can see the “big picture.”
  • Risk takers: they are not afraid of taking a risk on people and giving them a shot; they are willing to try new ideas that help them grow their business; and they tend to take unconventional paths in their journeys.
  • Innovators: they think outside the box; they are visionaries who can see things in different and unique ways; and they are constantly looking at creative ways to improve their entire system.
  • Mentor and/or Teachers: they want to share their knowledge and find satisfaction in empowering others; they are motivators and they tend to think of others first.
  • Hungry for growth: they can see themselves expanding and are driven to get into new markets; they may have even built their business for scalability; and they have a “fire in their belly” to make it all happen! 

Does this help paint a picture? Do you have some of these qualities?

Franchising is for all types of businesses and franchisors come from a wide spectrum of backgrounds, experiences and walks of life. But what we have noticed is that it takes certain personality traits to go from being just a “business owner” to a “franchisor.”

NOTE: These are just samplings of qualities and characteristic traits and are not rigid requirements to being a franchisor! Heck, we have clients who have broken the mold with unique personalities and businesses, who have made the jump into franchising and are doing exceptionally well (read about the different businesses we have franchised from start-to-finish)!

Now, What About Your Business?

Now that we covered you, what about your business (for more see “How to Know if Your Business is Franchisable”)? After all, you may possess some of the qualities we talked about above but ultimately whether or not you can be a franchisor also depends on your business. Whether or not your business makes sense to franchise is not a complicated calculus problem nor is it a philosophical conundrum. It’s really a simple mix of these three things:

Passion: A successful franchise system is always under the leadership of a business owner who: 1) is passionate about his or her business; 2) has a strong desire to train and mentor others; and 3) is motivated to help other people succeed in business. You should ask yourself if this describes you or if you are really seeking to be hands-off.

Widget: You need to have a product and/or a service that is different or unique. This could be a product you created that is surrounded by a service (for example: a proprietary wax you created and you use it to perform body waxing services). Or it could be a service where you offer something different and/or you have given it a unique twist, taking your business to a whole new level (for example: a real estate service business where you have developed a unique way to promote and sell houses).

Method: This is the “how to” that surrounds your widget, such as your techniques, processes and best practices that you have developed which make your business work and sets you apart from everyone else. This is one of the “reasons” why people looking to own a franchise need YOU (you can learn more by reading “Why People Buy a Franchise”). Your job is to train them on how to start your business, continue to provide support and share with them all the methods you have developed so they can be successful at operating your business in other markets!

A successful franchise system is a combination of these key elements. Having just one or two of these things is not enough. Having a combination of PASSION with your WIDGET, combined with your METHODS of doing business, means:

An Easy-To-Follow system that leads to
HAPPY franchisees, FASTER growth and
QUICKER brand awareness.

Some Other Questions to Consider

“I’ve got the widget, so can I franchise?”

When it’s only a widget (maybe just a product that you currently sell) without a method of doing business, then there is no business model or system for others to follow! So, that would be a “NO.” Just having a product does not qualify you as a franchise.

“Our business is growing like crazy, and we’re still figuring things out. Is franchising right for us?”

So you are more than half way there in this example. Our recommendation is for you to continue to operate your business, get the bugs out and look into franchising it later. Now may not be the time. Even though the passion and widget is there, you need to get your methods clearly defined, and then your business will be better suited for franchising.

“I’ve had a successful business for years. I’m burned out and ready to step away from my day-to-day operations, and I really don’t want anything to do with my business. So should I franchise?”

Well, if you are simply looking for a TOTAL way out of your business, then NO, franchising is not your solution (read “Learn Why Franchising a Business Requires Your Involvement”). You should maintain at least one business in operation (even if you train someone else to run it) as it is important for many reasons. Remember, franchising is its own business. You must have the passion to want to teach, train, mentor and provide ongoing support to others. And in order to do that, you must continue to be engaged. If your passion isn’t there and you just want out, then franchising is not for you. For answers to more questions about franchising visit our frequently asked questions.

People who are franchisors are go-getters and visionaries. They have a driving passion to improve their brand and to train and mentor other entrepreneurs to be successful. Regardless of the type of business they operate these are people who never sit still. Does this sound like you? Do you have the passion, a widget and method of doing business? If so, give us a call directly at 1-877-615-5177 send us your information. We will answer ALL your questions and help you determine if franchising is right for you!