Do You Need Industry Experience To Buy a Franchise? Top Franchise Consultant Answers
Should you consider investing in a business where you have no industry experience? Top Franchise Consultant Kim Daly shares the TRUTH about prior experience.
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Could you be a top-performing franchisee in a franchise with NO experience?
It defies logic to own a franchise business with no experience in running a business and no experience in the industry for the business that you’re selecting. The reason? Most franchise organizations want you, the owner, to be the CEO, not the employee, to hire to the experience of the business.
A great example of this would be if you were to own a Supercuts. A Supercuts franchise owner is not going to check you in for a haircut, nor are they going to be the one giving you a haircut. A Supercuts franchise owner could have a full-time job. They could have other businesses that they manage or even multiple locations of Supercuts, where they’re focused on managing the manager for business operations.
Another reason that you don’t need industry experience: all franchisors have training unlike a traditional job. Oftentimes, executives feel pigeonholed into the industry in which they have experience. That disappears in franchising because the franchisor offers training. What the franchisor needs from you are the basic business skills: sales, management, operation, leadership skills. If you’re an executive business owner coming to the idea of owning a franchise, and you’re trying to build a lifestyle where you have a work-life balance, where you have that quality of life that you’ve been striving for the whole time that you are corporately employed. Wouldn’t it be great to know that you have a team of people that you can be leveraged through, so you don’t have to work in your business? If you end up exchanging your time for money, how is that any better than you having a corporate job, working for someone else?
If you’re investing in a business because you love the widget, you’re passionate about it. You are building a business that is giving you the freedom and quality of life.
So, what’s necessary to be successful if no experience is required? Skill sets. If the business requires operational management or leadership skills, those skills are required. So, it’s important that when you select the right business that you enjoy using.
The most important thing to become successful is for you to own it. We have to follow the franchisor’s lead. They have the proven plan, but it’s what we do with the plan that determines whether we succeed or whether we fail. Great business owners have clear, specific goals. They know exactly what they have to accomplish every day. Great business owners are like personal development junkies.
Give yourself a learning curve. It’s part of the fun of the journey! But you have to want to grow into that role of being a great leader and a great mentor, and a great boss to your team if that is the primary skill that’s necessary to drive success in a particular business. How do you do that? Reading books, listening to podcasts, going to seminars; it’s called personal development.
You can grow into the role of becoming the business owner of your dreams. The idea is that the day you say yes to your franchise business it is a monumental day in your life that will change your life forever. But saying yes doesn’t mean that you’re a business owner, right then and there. It means that, yes, now you own a business, but now, your job is to grow into the role of a successful business owner. Part of that will be accomplished through training and by the franchisor’s mentorship. Most of it will be accomplished by you and what you do to develop yourself in your skills.
When you are ready to find the business of your dreams so that YOU can become this owner that you dream of becoming, please leave me a comment below or reach out to me directly by e-mail. And for more videos just like this one, don’t forget to like and subscribe!
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