Last night, you and the family celebrated your birthday with dinner at your favorite sit-down restaurant, a well-known franchised brand. After the usual great meal -- including a hearty greeting from the host and the owner -- you stopped in at your favorite ice cream emporium, also a franchise. (We won't name names here; you know what you like!)
On the way home, your kids said they wanted you to own a restaurant and ice cream store "just like the ones we ate in tonight!" You laughed it off, but the next morning on the way to work, stuck in traffic, you began to wonder… "Wouldn't it be great to be in charge of my own business, serve great food, and become a place people love to come to for a good time? And think of all the money I could make! Is this something I should do?"
Yup, it all looks great from where you sit -- on the receiving end! What you (and most enthusiastic customers) don't know is what goes on behind the curtain. There's a world of difference (and, some say, a world of hurt) when you're on the other side of the counter in a retail business.
So what do franchisors, who know from experience what characteristics and traits make for a successful retail operator, look for in a franchisee candidate? Yes, enthusiasm for the product and the brand, along with being a "people person" are essential, whether the retail operation is food, a postal shipping store, a hair salon, a convenience store, a sign store, or a pet shop. So before jumping in, ask yourself the following:
These are some of the questions you should ask yourself before filling in that online form to own a retail franchise business. Next week we'll take a look at what franchisors want, need, and expect in a successful retail franchisee.
13.5: Franchise Culture
14.2: Retail Franchising: Traits & Attributes