Aspiring Franchise Owners Ask Me This — But They Should Be Asking Themselves 5 Questions

When it comes to entrepreneurship, there’s a reason there’s not a single “how to” guide or a single story that maps success — there simply isn’t one. Why? It could be easy to say it’s because every new business requires energized originality and careful navigation on a unique path, but then what about franchising?

Let’s bust a myth right off the bat: entrepreneurship is not reserved for geniuses in a rarified space. Entrepreneurship is accessible and possible, even if — in fact, especially if – you’re not Bill Gates, Jeff Bezos or Steve Jobs.

As a franchise consultant who is often asked by prospective franchise owners whether they have the “right” education and background to become a franchise owner, I tell them, “You can’t major in franchising.” And it’s true. My degree is in finance, and I was a CPA for years before I wound up owning and running a fitness franchise.

All this to say, a lot of backgrounds can thrive in franchising. The whole point of franchising is that the franchisor (or parent company) is giving you a business in a box. So, anyone can do it, right? Wrong.

What they can’t roll out is strong leadership, management skills and cross-functional professional know-how, among other things. What franchisors need is top-level management skills applied in a smaller market. This is where the partnership comes in. They bring the industry, operations and playbook — you bring the strategic thinking, problem solving, communication, delegation and other professional leadership skills you’ve honed.

So rather than focusing on a specific path or education, take a moment to investigate the skills you’ve earned throughout your career. Ask yourself the five questions outlined in the following list. If you find yourself answering with conviction, it may be time to seriously consider franchising.

Related: Why You Should Buy a Franchise Instead of Starting Your Own

1. Are you willing to adapt and grow – even if it’s uncomfortable?

There’s no two ways about it. Business ownership has a way of quickly highlighting weak points in our knowledge. Ask yourself: How do I deal with not having the answers? Do I clam up and avoid the issue? Or do I dig down and learn? Entrepreneurship is humbling, and those willing to admit where there are gaps in their expertise but have the drive to expand their knowledge are the ones who succeed.

2. Are you driven by a scarcity or abundance mindset?

To be an effective entrepreneur, you must be able to see possibilities where others see roadblocks. Importantly, this is not to say that you ignore these roadblocks. Rather, you see the obstacles, but instead of allowing the fear of negative outcomes to dictate behavior, you think outside the box to develop solutions. In the entrepreneurial world, we say “around, over or through” obstacles.

3. Are you confident in your ability as a leader?

There’s a reason franchise owners are typically not fresh out of college or young professionals lacking prior work experience. While you don’t need a specific, curated background or education, one of the things that makes a prospective franchise owner appealing to a franchisor is earned leadership experience and confidence in their own capabilities. Are you someone who gets paralyzed by fear, or do you take action? One way to mitigate execution risk is with confidence in your capabilities, regardless of challenging circumstances.

Related: 3 Traits You Need to Succeed as a Franchisor, According to Top Franchise Leaders

4. Do you have a relentless determination and grit to succeed?

This is a big one. Entrepreneurship can look fun from the outside, but ask any business owner about their early days and they’ll tell you it’s a bare-knuckled street fight every day. You have to be willing to go to bat for your franchise, make sacrifices, do the uncomfortable things and operate from a “failure is not an option” mentality.

5. Do you have a strong future vision of what you want to accomplish?

You can put in all the Herculean effort you want, but if you don’t have a clear vision of what you’re working towards, then it may be in vain. I often tell my franchise candidates, you can’t hit a target you aren’t aiming for. Consider where you want to be in five years, 10 years — and not vague platitudes like “wealthy” or “successful,” but specific goals. Maybe it’s paying for your kids’ college education, maybe it’s riding off into the sunset in an Airstream, maybe it’s leaving a legacy for your family – whatever your future vision is, make it clear. Can you see it?

At the end of the day, franchising is a unique option for aspiring entrepreneurs. It strikes a fantastic balance between a true start-up and a traditional corporate path, making former corporate employees with a wide range of skills and experiences ideal candidates. In many ways, franchise owners are citizens of the land of wayward toys. A wide variety of backgrounds can lend themselves to successful franchise ownership; it just takes research to discover which franchise model is the best fit for your skills.

While this is certainly not an exhaustive list, answering these questions is a good first step in considering whether you should explore franchise ownership. Although you can’t major in franchising, your earned knowledge, experience and determination are the only credentials needed to travel this path of entrepreneurship.

When it comes to entrepreneurship, there’s a reason there’s not a single “how to” guide or a single story that maps success — there simply isn’t one. Why? It could be easy to say it’s because every new business requires energized originality and careful navigation on a unique path, but then what about franchising?

Let’s bust a myth right off the bat: entrepreneurship is not reserved for geniuses in a rarified space. Entrepreneurship is accessible and possible, even if — in fact, especially if – you’re not Bill Gates, Jeff Bezos or Steve Jobs.