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Should I start a franchise?

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Even if people have decided to go down the entrepreneurial path, there are several avenues to becoming their own boss.

You can start a business from scratch and outline all the operational details needed to get your business off the ground, or you can take a few turns by finding an established business for sale. But does a sales opportunity fit your expectations and budget?

Finally, you could embrace all the benefits associated with franchising on the road to business ownership. With thousands of franchises to choose from, you’re sure to have options to find a concept that’s a good fit for your experience and skills, as well as your financial capabilities.

But even then, many would-be entrepreneurs openly question whether franchising is the right choice for them. How do you know for sure? Sure, there are no guarantees in life, but if you have these five “can’t-miss” personality traits, it’s a safe bet that franchising is right for you.

Related: 6 signs that franchising is for you

You are enterprising

Having an entrepreneurial mindset means that you prefer to be in control of your career destiny. It’s not that you hate working for others, but you recognize that all your hard work and effort would be best spent if it benefited you, not someone else.

Many business owners who are franchisees will tell you that they have always felt this way. That they were destined to make their way in life, with control over their work-life balance and income generating capacity. Many learned this at the foot of a parent or mentor who was also enterprising and an londonbusinessblog.com. But a good portion of today’s franchisees have reached a certain turning point in their lives where taking the road was the only sensible way forward.

You are not risk averse

One trait most franchisees have in common is a willingness to take risks. They have simply determined that some opportunities are more than worth the rewards that await them – whether it be greater freedom and flexibility or earning an income commensurate with their talents.

Being risk averse may not apply to dangerous activities like skydiving or bungee jumping, but almost all entrepreneurs understand that it takes a proverbial leap of faith to achieve autonomy. As the old saying goes, “Don’t be afraid to grab the brass ring.”

Related: How to Take Better Risks for Entrepreneurial Success

You are curious about learning

All successful entrepreneurs and franchisees remain curious about the learning process. They possess a humility in the realization that they do not know everything there is to know, but they are willing to listen, understand and discover.

Franchise ownership is not for misfits, rebels or those who march to the beat of their own drummer. Owning a successful franchise organization is completely dependent on the ability and willingness to follow the brand’s proven business model, training and operating manual. There is a reason that most franchise concepts do not require any previous experience or knowledge of the industry as that is an essential part of what you receive in return for your franchise purchase. That doesn’t make you a follower rather than a leader – being coachable is a sign of one’s level of maturity and understanding.

you are a leader

Following a system and being coached to success doesn’t mean you can’t be a natural born leader. As a franchisee, you are the de facto leader of the operation, the public face of the business in your community. The vast majority of franchisees possess excellent leadership skills.

The concepts that require staffing depend on the londonbusinessblog.com to delegate powers, tasks and duties that ensure smooth operation. Showing superior leadership skills is not something you are born with, but it is a skill that can be acquired and continuously improved.

You are passionate and committed

While franchising is a low-cost path to business ownership, it’s still no guarantee of success. Just about any current franchisee can share stories of the hard work, dedication, and effort required to launch a successful operation, then take it to break-even point and beyond.

People who are able to achieve these results are passionate and committed individuals. They understand the value of hard work and are willing to put in the time to build a sustainable franchise operation. Passion and involvement can make you motivated, ambitious and optimistic in your approach. These qualities are reflected in a practical outlook that leads to good decision-making skills.

Related: How a Personal Commitment Helps Your Business Grow

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