Do You Have That Special Personality Needed To Be A Franchise Owner?

It takes the right personality traits to be a franchise business owner. It's just not for everybody.

Just like everyone is not cut out to be a US Air Force Thunderbirds * jet pilot, flying around at 1,000+ mph, so it is with small business ownership. Being a small business owner requires certain personality traits on its own.

The business model of franchising brings with it a totally different set of issues. Not only must you be somewhat of a risk taker, but you must have absolute faith in the system you are investing in. Along with that faith, and a great deal of proper due diligence and fact gathering, there is one other thing that tends to be overlooked. What is often overlooked is what I call, 'a franchise personality'. What I mean by 'franchise personality,' is that the person or person's that are purchasing the franchise having the type of personality that is OK with rules. (A rule follower)

Rules like;

• You must follow the franchisors operations manual
• You must use their colors, their logos. (If you buy a UPS Store franchise, the predominant color of their stores is brown. You cannot set up your retail space with splashes of orange and green!)
• You'll be asked (Required) to pay a certain percentage of your gross sales revenues to the franchisor
• Territorial rights. You may not be allowed to market your products/services outside of your protected territory.
• You may have minimum monetary requirements regarding monthly advertising expenditures

It's not just you, the franchisee, who has to follow the rules.

So, how do you know if you have the right personality for franchise business ownership?

There is a free quiz that I developed which is totally unscientific, but will really help you decide if you should even go down the franchise path. It will take you all of 5-10 minutes to complete, and I'll score it for you. Just go to http://www.TakeTheFranchiseQuiz.com *

Remember that a franchise concept is someone else's 'baby.' It was not your idea, and it certainly was not your money that went in to create the concept...from its systems, to its marketing and advertising, to its computer networks, and software. For a franchise system to really work, the system itself must remain tight, and well...systemized.

The rules are there to keep uniformity in the franchise system. That is what you are buying, right?

**Hyperlink directs reader to non-government Web site.

{The Franchise King ®, Joel Libava, is president of Franchise Selection Specialists Inc. Joel helps those interested in exploring franchise ownership all over the country find great opportunities that are a great match for them. He is frequently called on by the media for his no-spin insights on the world of franchising. You can follow Joel on his award winning blog-The Franchise King Blog.}