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What Skills Are Important When Buying a Franchise Resale?

No two franchises are the same so it makes sense then that each franchisor looks for something different in a franchisee. And whilst experience can be relevant for some franchisors, the majority look for certain traits and characteristics rather than experience. The reason being that good franchisors will teach and train franchisees everything they need to know about being a successful franchisee in their network. This is why franchising is ideal for those looking for a career change and wanting to pursue an entirely different line of work.

Franchisors therefore don’t consider experience to be that important but instead focus on getting the right people for their franchisee. As mentioned there are some common traits and characteristics which make a franchisee successful, we have listed below some of these.

Successful franchisees are those who are 100% committed to making the franchise work and so they need to be motivated with a strong drive to achieve success. If a franchisee loses interest in their business, then it will be reflected in the success of the business. It is therefore evitable that a franchisee enjoys their work as they will be in this role for a long time and will be working long hours in the business. You therefore need to be enthusiastic for the product or service you are selling; the best sales people are those who truly believe in what they selling. You need to keep this in mind when looking at franchises of interest. There is no point in looking at those you think will make you the most money if you don’t like the actual work involved as it will only lead to you underperforming in the business and the business not reaching its full potential. So if you think McDonald’s will make rich but you hate the idea of working in a fast food restaurant then it is not the franchise for you.

Don’t be fooled into thinking that you can buy a franchise and then sit back and watch others run your business for you whilst the money rolls in! It does not work that way. A lot of the time you will be required to be hands-on especially at the start of your business venture. You will also be required to be undertake any task no matter how menial it may be. Once your business is more established and you are in a position to open another unit i.e. become a multi-unit franchise owner, then you may be able to step back and take a more management role in the running of the businesses.

Franchisors also look for those who learn fast and have the ability to transfer what they learn to others. This is especially important in a franchise that requires managing people as the franchisor will want someone who can pick up quickly how things are done and who is then able to train their staff adequately in the business operations; good staff equals a successful franchise.

A business can only become a franchise if it has systems and procedures that can be replicated. A successful franchisee is therefore someone who can follow these systems and operate the business the way the franchisor expects it to be run. Franchisors therefore tend to look for those who can follow rules and are not tempted to do their own thing!

As funny as it sounds, experience in an industry is not always beneficial to a franchisor. The reason being if you already have previous experience in a similar business then it may be difficult to teach you how to operate their franchise in the way they want you to run it as you may have conflicting ideas. Some franchisors will ask for experience, some will not but will focus more on the interest you have in the industry. For the same reason some franchisors look for those who do not have all the administrative and entrepreneurial skills necessary to start a business as they want to teach them how to do it their way. Franchisors believe that management skills, attention to customer service and sales skills are the most important qualifications when recruiting franchisees.

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