Do You Have What it Takes to Be In Business for Yourself?

Franchising 101

By LEANNE BEATTIE

Certain personality traits and characteristics are shared by all business owners, whether they choose to operate a franchise or decide to start an independent business instead. If you're thinking about starting your own business, consider the following qualities to see if you fit the profile of a successful business owner.

Desire

Your desire to succeed on your own will push you to work harder than ever before. If you've worked for other people in the past but always felt like something was missing, owning your own business will be a dream come true. This desire to be independent will keep you going, even though you'll be working longer and harder than ever before. But because you're fulfilling your own wants and needs, and doing something you love, it won't really seem like work at all.

Responsibility

While your desire will give you the spark to get started, responsibility is what keeps you going, even when you're exhausted from working longer and harder than ever before. As a franchisee, you'll have to juggle a lot of issues at the same time - and do all of them well. From hiring staff and ordering supplies to dealing with difficult customers, your sense of responsibility will help you handle any crisis as needed. As a business owner, you will have to balance your dream of independence with action - you'll need to be able to do whatever's necessary in order to make your dream a reality, even if you don't have all the skills. Somehow, you will find a way to overcome your problems and learn from the experience at the same time.

Financial Backing

It takes a lot of money to start any type of business or franchise. Before you can start making plans for your future, you've got to take a hard, honest look at your financial situation and figure out exactly how much you can afford to invest in your proposed venture. Are you comfortable using your personal assets as collateral in the business? And even if you are, is the rest of your family comfortable with you doing that? While deciding what type of franchise or business is right for you, you must consider how much income your family is accustomed to and how much it needs - can your plans support your family?

Background Experience

As a business owner, you will be expected to provide a high quality product or service at all times. To do so, you have to know your business inside and out - it doesn't mean you're limited only to franchises or business ideas within your immediate realm of experience but it does mean that you have to be apply any relevant background experience you have to a new situation.

If you're opening a franchise, your franchisor will be a terrific source of training and information. But even so, you need to be coming into the endeavor with a solid range of experience already behind you in order to maximize your chances for success. For example, if you've managed people in a prior job, you can take that knowledge and apply it to your new staffing responsibilities. Before your business is opened, you will need to evaluate your level of ability in a wide variety of skill sets, including accounting, marketing and human resources. If you're weak in certain areas, either learn the new skills necessary or find the right people to handle those areas for you.

Stubbornness

Being stubborn or tenacious is a necessary trait for any type of business owner. Roadblocks will appear which would make the common person run for the hills, but you have a certain bullheadedness that keeps you forging onward, no matter what. When faced with a tough problem, you will draw on your sense of responsibility and background experience to find a solution.

Support from Your Loved Ones

Knowing that your family supports your decision to start a business is priceless, especially if your family is providing financial backing for the endeavor. Your business will be your first priority for the next several years and your family must understand that your loyalty will be divided for a long time to come.

You'll need to be honest with your loved ones and explain that you'll be working long, irregular hours for the foreseeable future - inevitably, you won't be available for certain functions. Your family will also need to understand that your income will fluctuate wildly at times, so it might not always be possible to do the things that you usually do if money is tight. It's absolutely necessary for your whole family to understand these issues before you start working for yourself, to save them from a nasty shock later on.

Emotional Control

Both business owners and franchisees need to make logical decisions, without any emotional interference getting in the way. This means that you've got to be capable of handling a financial crisis without panicking or dealing with a late order without flying off the handle in anger. Your emotions have to stay on an even keel at all times - if you act without thinking first, this impetuousness can cause your business to face real difficulties, while shouting at the staff in anger will alienate both clients and staff. Any type of emotional outburst could cost you a lot in lost respect and diminished sales.

Do You Have What it Takes?

Before deciding to start a business of any type, take a hard look at yourself - do you recognize yourself on this list? If so, congratulations! You're well on your way to becoming a flourishing business owner - couple these qualities with the right franchise opportunity and you've got the recipe for self-employment success.

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