This lesson is part of our free Franchise 101 course.
There is no universal recipe for success as a franchisee. Different franchises have different factors that lead to a thriving outlet, depending on their brand and their industry. As a potential franchisee, you need to ask the franchisor what these factors are.
The Importance of Self-Awareness
It’s easy enough to start a conversation about this with a franchise representative. Simply ask them what makes for a successful branch of their franchise. If their answers sound vague and generic then ask for more specific details and examples. See whether they can provide an answer that’s specific to the franchise.
What you’re looking for is evidence that they’ve identified the common qualities for success in their business. Have they taken the time to understand what works?
This is partly a test of the company. If they haven’t reflected enough upon their business to understand what works then they’re likely to make mistakes, ones that could cost you. They’re also unlikely to be able to give you the insight and targeted support necessary for true success.
If they can answer the questions well, then there’s another question to consider…
Is This the Franchise for You?
Even a good, well-run franchise might not be the franchise for you, if it doesn’t suit your tastes and working style.
Think about what it takes to make this franchise work. Is it an approach to business that you’re comfortable with? Is it a way of working you’ll enjoy? Does the approach fit with your skills and experience?
This is all relative. Your skills aren’t going to be a perfect match for the success standards of any franchise. You’re looking to find out how well you fit each of the franchises on your shortlist and which ones you’re most likely to succeed in.
Finding the right franchise is about making sure that the franchisor is doing the work you need them to, and that you’re a good fit for them. Asking about their success criteria can help you to assess both of these factors. And if you’re looking for more information to help you compare the franchises, then check out Franchise Chatter’s comparison tools to give you a bigger picture and insight into what makes each franchise tick.