by Rudolf Kotek
Would I make a successful Franchisee?
A successful Franchisee should be suited to the industry, which he or she intends to join; suited to the particular Franchise Company and suited to the franchise system generally. Important questions to ask you include:
• Am I suited to the industry physically, in experience, education, learning capacity, temperament and financial ability?
• What type of work is most appealing to me? For example, do I enjoy working with food? Mechanical things? People? Property? Books? Computers? Sporting Goods? Etc.
• Am I prepared to work hard and take a financial risk?
• How do I react to controls?
• Do my advisers, family and friends think I am adaptable and trainable?
• Am I a loner, resisting authority and restraints, or can I accept guidance and directions happily?
• How do I personally feel about the company’s image, products and services?
The right answers to these questions help determine your potential success as a Franchisee.
How do you explain the success rate for franchised businesses?
The franchising system is designed to provide a pre-tested formula for success, plus ongoing advice and training. The unavoidable business mistakes have been worked out of the system through experience. Most independent businesses fail because of lack of management skills. With a franchised business, your Franchisor should be eager to help you overcome problems. Your hard work and the Franchisor’s expertise spell a long partnership. No one can be 100% sure of success. Although the majority of franchise owners are satisfied, successful business people – some do suffer financial loss. Regardless of earning claims made by Franchisors, recognize that success or failure ultimately depends on YOU.
What are some of the drawbacks of owning a franchise?
In exchange for the security, training and marketing power of the franchise trademark, you must be able and willing to give up some of your independence. If you are a person who likes to make most decisions on your own or to chart the course of your business alone, a franchise may not be right for you. As a Franchisee, you will be required to comply with the various controls and procedures established by the Franchisor. Then too, all successful businesses require a lot of dedication and plain hard work. You must be prepared to make that commitment.
Rudolf Kotik is the founder of RK Franchise Consultancy Inc, which developed more than 350 Filipino Companies into Franchise Systems, with address at G/F Minnesota Mansion, 267 Ermin Garcia Street, Cubao, Quezon City. Tel. 9122946, 9122973, Cebu Tel. (032) 273.3827, 238.3933 Email: rk@rkfranchise.com; Websites: www.rkfranchise.com, www.franchise.ph
