In terms of career change options, franchising certainly offers a lot. Being your own boss, almost unlimited earning potential, and the excitement of a new venture are enough to have anyone dreaming of a bright future. But is it for you? Do you have the necessary drive and strong interpersonal skills that will carry you on to success?
Is Getting Into A Franchise Worth It?
Absolutely. Of course, it depends on the franchise you invest in, but generally speaking, you're almost guaranteed to make money (as long as you follow the proven methods), and you are essentially working for yourself - even if it is under the stewardship of the franchisor. 40% of new businesses in Australia fail, but with franchising, the ultimate likelihood of success is much higher.
What Type Of Person Makes A Good Franchisee?
An online course in franchising will furnish you with the necessary knowledge and skills for the job, but you also need to possess the right personality. No one said that franchising is easy, so if you want to make a real go of things, you'll need to be a certain type of person.
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Franchisees Need To Be People People
As is the case with many types of leadership positions, communication is vital. You’ll interact with customers and employees on a regular basis, and clarity is needed for motivation and customer service to be effectively provided. The thing is, all the administration courses in the world aren't going to make you a good communicator, so it's usually something you're either good at, or you're not.
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A Good Head For Numbers
You’ll spend a good deal of your time looking at Key Performance Indicators (KPIs), accounts, profit and loss sheets and more, so a good head for numbers is essential. Pretty much every part of your franchise will have a cash value, so if you want to keep a firm handle on things, strong mental arithmetic skills are part and parcel of success.
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High Levels Of Self-Motivation
As the franchise owner, you’re responsible for every part of your business, which, as you might have guessed, means long hours and work-filled days. As online study courses in business teach us, self-motivation plays a big part in whether your venture achieves its goals, so you need to be someone who’s able to pick yourself up and perform every day. How can you expect your staff to be if you're not motivated?
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Being Able To Accept Advice
No matter how much you think you know in business, you can’t ever know everything. It could be that your franchisor has some advice based on experience or even one of your employees has an interesting idea that you could make use of. It’s important to understand that you don’t know everything and try to be receptive, as your success could depend on it.
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Being Able To Follow A System
There’s no place for egos when you’re a franchisee, as you have to defer to your franchisor’s success in a field you may have only just joined. So, in addition to all the required interpersonal skills, you need to be able to follow a proven system to the letter when you try and do it your way - against the franchisor's wishes - your chances of turning a profit drop dramatically.
Boost Your Business Skills With An OCA Online Course Today
Being a successful franchisee is something that requires an array of personal characteristics, but the great news is that any gaps you might have can be worked on. Our online study courses are CPD endorsed and video-based with training like our Franchising/SME Skill Set, able to be taken wherever and whenever you see fit. Being modular, it’s easy to fit around your obligations.
At OCA, we offer online courses that transcend traditional text-based learning for a stimulating and immersive educational experience - something you can see for yourself by watching our student study demo. All OCA students get 1 to 1 mentoring, too, as well as 24/7 tutorial support, and you can find out more by visiting us today at www.onlinecoursesaustralia.edu.au.
However, if you’d prefer to speak to us directly about your learning needs, just give us a call at 1300 611 404 or email us at [email protected], and we’ll endeavour to get back to you asap.
