What It Takes to Run a Franchise Business
Running your own business is, in a nutshell, the American dream. And thanks to franchising, small business ownership is more attainable and manageable than ever before. A franchise business gives you a proven system for starting your business. It also gives you the support of a larger brand, including training resources, market research, and promotional materials.
But running a franchise business can still be tough work. Not everyone’s cut out for it. Plus, it’s a major investment. Most franchises cost tens or hundreds of thousands of dollars to start. Before making that kind of investment, you want to know that you have what it takes to succeed.
At Visiting Angels®, we boast more than twenty years of franchising experience. We know what goes into a successful franchise location. And we know which kinds of entrepreneurs thrive as franchise owners.
Before you sink your life savings into a franchise, you’ll want to ask yourself two things:
- Do I have what it takes to run a franchise business?
- Which franchise is the best fit for my skills and strengths?
The 5 Qualities You Need to Run a Franchise
If you’re thinking of buying a franchise business, there are only a few qualities you absolutely need.
That might sound surprising. After all, few people have the resources and tenacity to start a small business, never mind running one profitably. The fact is, running a small business isn’t easy. And depending on which type of franchise you buy, you’ll need certain skills and traits to succeed.
But when you’re looking at the bare essentials for running a franchise, there’s a short list of truly must-have qualities...
1. Funds. If you want to buy a franchise business, you’ll need capital. Your initial investment will depend on the franchisor. Some require less than $10,000 upfront. Others cost upwards of $1,000,000.
2. Time. With few exceptions, running your own franchise is a full-time commitment. Most franchise owners routinely work overtime. Almost without exception, running a franchise is not something you can do while holding down another full-time job.
3. Goal-Driven. When running a business, you’re bombarded with small tasks and unexpected obstacles. If you let these tasks and obstacles distract you, you can easily stray from your core business goals.
4. Detail-Focused. One of the benefits of buying a franchise is getting a proven, turnkey system. But for that system to work, you’ll need to get the details right.
5. Stamina. Building a profitable business is a marathon. It will be tough. It will be trying. And it will test your resolve. To reach the finish line, you’ll need a never-quit mindset.
You might have expected a longer list. But in our experience, anyone with all five of these qualities can succeed with a franchise business. That’s thanks to the dizzying array of franchise opportunities currently available. In today’s franchising market, almost anyone can find a franchise suited to their goals, interests, skills, and background.
So long as you have these five qualities, the question isn’t whether you can run a franchise business. It’s whether you can find the right one.
Finding the Right Franchise Business
If you want an illustration of how almost anyone can succeed with a franchise business, look no further than Visiting Angels.
Our franchisees come from all walks of life. We’ve had franchise owners come to us after careers in the military, banking, physical rehabilitation, construction, the ministry, and the service industry.
Despite their diverse backgrounds and skillsets, our franchisees have found success with the Visiting Angels model. We think there are three main reasons for this...
- First, our franchisees all share the five qualities listed above, so they were well positioned for success as franchise owners.
- Second, Visiting Angels offers a flexible franchise model. Other franchisors dictate every detail of how to run your franchise. But we give our franchisees the freedom to build their business according to their own vision. This way, they can build their business around their skills, strengths, and circumstances.
- Third, our franchisees are passionate about what they do. They care deeply about the comfort, health, and happiness of seniors, and they’re devoted to their clients’ well-being. This gives them a reason to roll up their sleeves every morning. And at the end of the day, they know they’ve made a difference.
Think you have what it takes to run a franchise business? Looking for a franchise opportunity in the senior care sector? Call 800-365-4189 or request information to learn more about franchise territories currently available through Visiting Angels.