Owning a franchise is one of the ways one could be a business owner. Franchising comes with a tried and tested business recipe, along with having the support and backing of a franchisor. “It takes a special kind of person to be a franchisee. A franchisee is an individual with a burning desire to succeed in a business,” says Morne Cronje, Head of FNB Franchise.
Cronje says that there are a number of characteristics of a franchisee one should explore:
Ability to adapt
As a franchisee, you need to absorb new concepts quickly. Remember that your business comes from a franchisor’s blueprint. So if your franchisor makes a decision for the business, it will affect you and you need to adapt to the necessary changes.
A positive outlook
Cronje says that the future for franchising is positive, even though the economy is slowing down, but you have to go about things in the right way. Firstly, the days of buying into the right brand and expecting automatic success are long gone. Franchising is an active investment and should be owner-operated with the franchisee committed to achieving profitability by growing the business personally.
Always look for ways to better yourself and your business
The beauty of franchising is that there is the support of the franchisor, and Cronje believes this is why the industry will thrive despite tough market conditions – the principle of being in business for yourself but not by yourself is one that can play a huge role in job creation.
You have to have a head for business to be able to manage and control the business. You will be interacting with people from a wide spectrum and must be prepared to co-operate with the franchisor’s team as well as with fellow franchisees, as they play an active part in programmes offered by the business network.
You have to be determined to build the business into the best and most successful it can be. You have to be sold on the merits of the franchise, and be prepared to defend both against possible attack by competitors or others.
Cost savings should be a very strong focus for franchisees who will come under increasing pressure. Every square metre of space needs to generate money as rentals are on the rise in malls. Things like the escalating cost of electricity, e-tolls, interest rate hikes and other economic factors are not going away in the short-medium term so everyone needs to adapt and be innovative.
This article was supplied in press release form by FNB.