Here at Joey’s, we are extremely proud of our business and the franchise model that we have adopted which has allowed our brand to reach millions, while also giving financial freedom to those franchise owners that have succeeded.
Many individuals who are unfamiliar with the world of franchises believe that becoming a franchise owner is an easy and glamorous way to become a wealthy business owner. The brand and business model are already established, so all you have to do is set up shop and collect the profits, right? Not exactly.
There are many things that are not glamorous in the life of a franchise owner, and that’s ok.
If starting and operating a business was easy, wouldn’t everyone do it? There is a lot of hard work involved when opening a franchise. There will be massive obstacles that you will have to overcome. There will be times where you will question your decision to become a franchise owner. And if you are the right type of person, there will come a time where it’s all worth it.
So what are the ingredients that make up a great franchise owner? Are you considering joining forces with the Joey’s brand and opening up your own location? First, discover the key elements every successful franchise owner should naturally embody.
1.Risk Tolerance
Any investment that has the ability to offer significant returns comes with some level of risk. If you are buying a home, the housing market could crash. If you purchase the stock of the hottest tech company, the owner could be caught up in a scandal, making your shares worth pennies. And on the other hand, you may purchase a large quantity of gold and watch it’s international value soar during a banking crisis.
The more risk, the higher potential reward- it is usually as simple as that.
There is always risk involved when you start a new business. There is no way to completely mitigate this risk, however there are ways to reduce the amount of risk involved. This is one of the benefits of a franchise. The product, system and brand has already been proven to be successful and profitable. A franchise location replicates the success that has already been achieved by the original owner. That original owner assumed all the risk at the beginning by starting a brand new business.
So you must ask yourself, what is your true risk tolerance? Are you looking for a safe bet where it is nearly impossible to lose your money? A franchise might not be right for you. Are you daring and bold, wanting to bet the farm every chance you get?
Deciding to become a franchise owner is embracing the Goldilocks level of risk. Not so much risk that everyday will have your heart racing but enough risk to bring significant returns.
2. Personality Type
If you have decided that you are OK with having a little risk mixed into your life, you must then take a step back and analyze your personality type. This is where it is extremely important to be honest with yourself and all other parties that could be effected. When you decide to be a champion of a brand such as Joey’s, there are many people involved who are all betting on you.
Franchise owners are self starters and typically great leaders. They inspire their team and care deeply for their location. A successful franchise owner has the personality of a business owner, with the ability to take some direction and follow the rules of the contracted agreement.
Do you follow rules easily? Of course there is some room to make your franchise your own but at the end of the day, you must follow the rules that are set out in the franchise agreement and be OK with not bending those rules. If you think consistently following rules could be an issue for you, perhaps a franchise is not the best option.
3. Lifestyle
Remember when we mentioned that not all aspects of a franchise owner’s life are glamorous? There will be times when your location needs you. You might need to put in long hours that spill over into the weekends and last late into the night. At the end of the day, you are the leader and you need to ensure that your ship stays afloat.
Of course, you can put amazing employees in place that will make your life much easier but if the alarm sounds in the middle of the night, or if there is a major issue when you are on vacation, your phone will be the one that is ringing.
Again, with sacrifice comes reward. Once you have your franchise running smoothly and have a great team in place, you may have greater flexibility than your friends who have rigid corporate job schedules. You may be able to take your child to their doctor appointment in the middle of the day with ease and then have to work late into the evening the following day. When you are in charge, your schedule can vary but those who persist reap massive rewards.
Franchise Success
There are many factors that contribute to a successful franchise including the right geographical location and a healthy relationship with the franchisor, but the single most important factor is the franchise owners attitude and personality. For some, a franchise is the perfect mixture of freedom, risk and regulations, while some will never find success with the model.
The question you must now ask yourself is, “Are you meant to be a franchise owner?”.
We are always looking for strong candidates to join the Joey’s family. If you think your personality and lifestyle values align with those of the ideal franchise owner, we want to hear from you!
To learn more about sharing in the success of the Joey’s brand, click HERE.