Ask the Expert:

What Personality Types Are Most Likely to Succeed at Franchising?

MODERATED BY JOHN WALSH

Q: Do I have the right personality for franchising success?
A: That depends. Are you good at multi-tasking and problem solving? Do you feel comfortable tackling a variety of jobs, some of which you have never done before? Can you stay motivated without a boss or supervisor making sure you get all of your work done? Do you enjoy hard work, and are you ready to commit a lot of your time to make sure that your business thrives? If you answered "yes" to most of these questions, you have the right personality for success in franchising.

Q: I am not very good at staying organized. Does that mean that I would not be a good franchisee?
A: Staying organized is an important franchising skill that you can learn. Franchising is a better choice than starting a brand new business because a regimented system for running your business has already been designed for you. Your franchisor should have good suggestions for keeping on schedule. It is also a good idea to make sure that you hire employees who excel at keeping things organized.

Q: Do I have to be a "people person" to make my franchise a success?
A. It certainly does not hurt to genuinely enjoy interacting with people. However, if you know that this is not one of your strengths, you can look for a franchise that puts less emphasis on customer service, or you can hire an outgoing staff to work with customers while you handle the behind-the-scenes work.

Q: What about the risk?
A: Starting any new business entails a risk to your initial investment. Without this risk, there can be no rewards. You can minimize the risk by researching your franchise options thoroughly to find a company with a great track record and good prospects for the future.

Q: How risky are franchises compared to other businesses?
A: Starting a franchise is less risky than starting a brand new business. Franchises offer you built-in brand recognition and the support of an established company. They give you a successful business model and all of the tools you will need to succeed.