Coffee shops.  Cosmetics suppliers.  Health clubs.  The list of available franchise company types goes on and on.

With over 5,000 franchises representing countless industries and serving a variety of clientele in practically every country, it seems as if there is a franchise to fit every entrepreneur’s personality.  However, there’s a catch to this reasoning:  if you’re not “franchise material”, you’ll have a tough time succeeding in this multi-billion dollar industry.

But what (not to mention who) is “franchise material”?  After all, one franchisee is destined to have dissimilar interests and skill sets than another.

While it’s true that there is a plethora of franchises from which to pick and choose, the selection of a franchise should be secondary to recognizing and honing some intrinsic traits that the majority of long-term, profitable franchise owners hold. 

Five top “franchise material” characteristics, culled from data obtained by the experts at MatchPoint™ Franchise Consulting Network, are listed below in greater depth.  Each characteristic enables investors to effectively navigate the waters of independent franchise ownership while working hand-in-hand with a corporate entity.

1.  Natural Leadership

It should come as no surprise that the franchisees that set themselves apart from the rest of the proverbial “pack” have the innate ability to lead others.  When they speak, others cannot help but listen. 

Though certain elements of leadership can undeniably be learned, those persons who are “franchise material” tend to have a knack for motivating their employees naturally as well as enthusiastically.  This ability to inspire comes in particularly handy during the start-up phase of the franchise’s existence, as attracting and retaining reliable employees can be a cornerstone to any business’s longevity.  It’s also invaluable during challenging moments, which every company is bound to face.

2.  Teamwork Mentality

Even franchise owners without additional employees (as in the case of many work-from-home franchise ventures) must have a regular connection with their franchisors and customer base.  It is this strong pull and desire to be a part of something larger than themselves that drives them to work long hours and strive to always be at their best.

Certainly, for many people, a team work ethic is anathema; they are those souls who want to “do it all” themselves.  Ironically, they may make better inventors or franchise system founders than franchisees. 

That being said, it’s generally wise to learn how to work with other people, even if such behavior doesn’t feel “natural” at first; after all, a lack of “team mentality” can be a prescription for business failure or hardship.

3.  Desire for Ongoing Education

A description of someone with true “franchise material” would be incomplete if the element of continuous education were not factored in.  After all, ongoing education is part of the foundation of ensuring a rewarding franchise experience.

Many franchisees believe that all learning will be directed by their franchisors; yet this well-meaning assumption is generally flawed. 

Yes, the majority of educational opportunities (especially during the franchise start-up phase) will come from the franchisor.  However, exceptional franchisees do not limit themselves to seminars and guidebooks, choosing instead to supplement their educations by reading business books, subscribing to magazines, earning degrees, and taking courses to improve their chances of success.

4.  Ability to Learn from Mistakes

There are no guarantees in life; accordingly, there will be periods of time that are more challenging than others for any franchisee.  Competitors come to town with a vengeance and an attractive marketing plan… seasonal workers leave en masse… the franchise headquarters experiences a problem that causes negative publicity… such occurrences can and do affect franchisees every day.

However, franchisees with the capability to learn from their (and others’) faux pas are inclined to weather rough spots with exceptional amounts of positivity and professionalism.  Rather than succumbing to the necessary pressures of owning a franchise, they rise to the occasion and never make the same errors twice.  Their instinctive resilience is a key ingredient to their having fiscally and personally satisfying franchise experiences.

5.  Willingness to Follow a System

Becoming a franchise owner means ceding some entrepreneurial control; after all, a legitimate franchise’s internal structure is already in place by the time the franchisee joins the enterprise.  Basically, the franchise’s skeleton simply awaits a franchisee to “flesh it out”.

Consequently, the most successful franchisees are those who find it unnecessary to tinker with a system that already works.  Rather than spending their time struggling to make formulaic changes, they forge ahead and work within a proven methodology without the need to exercise control over every franchisor-directed detail.

A Final Note

If you’re still unsure as to whether or not franchising is the right path for you, take heart. 

Many franchisees spend copious amounts of time working with reputable franchise consultants to determine if franchising is the right career or perhaps business choice for them.  Some organizations, such as MatchPoint™ Franchise Consulting Network even offer free personality assessments to potential franchise owners.  This process can often take a few months of diligent research and soul-searching; however, no franchisee has ever regretted evaluating him- or herself before taking the plunge into the franchise pool.

So… are you “franchise material”?  Find out by contacting MatchPoint™ Network’s professional franchise consultants today.

Only a few generations ago, tech franchises enjoyed limited availability.  But thanks to the cyber revolution which changed the way people buy, live, earn, and connect, the international marketplace is awash with franchise opportunities related to computers, multi-media, document shredding, technical tutoring, and Internet business coaching.

Though you don’t need to be a self-professed “geek” to become a tech-related franchise owner, you should have a natural affinity and respect for the products or services you’ll offer to the public.  Otherwise, your disinterest or lack of knowledge could severely hinder your ability to make a profit or remain competitive.

Getting to Know the Tech World

Your first step to buying a tech franchise is to understand and accept the way the tech world works.  Technology progresses rapidly and transforms on an almost daily basis; hence, the tech company you operate today will not necessarily be the same (or have relevancy) tomorrow. 

Case in point, consider what would have occurred if a franchise had been built around Beta video cassette recording machines in the late 1970s and early 1980s.  Within a few short years, that franchise would have become obsolete unless it had switched its focus to the VHS format.

Similarly, any technology-related franchise in which you’re interested must have the resiliency to change as the world changes.  Top franchisor executives must be willing to switch gears.  If the franchise’s niche is too narrow, you as the investor may be throwing money into a veritable black hole.

Selling Technology-Based Products and Services

Beyond finding tech franchises that exhibit an innate flexibility, you’ll also be wise to give consideration to the consumers of tech products and services.  Depending upon the targeted clientele – young kids, computer whizzes, novice gamers, business owners – you should seriously ask yourself if you honestly feel equipped to successfully make an effective tech franchise sales person (or, if you’re hiring others to handle the selling aspects, a “figure head.”)

For example, if you are truly bewildered by and/or uncomfortable with the workings of the World Wide Web, owning an Internet-based franchise might appear profitable; however, you’ll be overwhelmed by the questions you receive from potential customers.

That being said, a solid, reputable tech franchisor will offer you plenty of advice when it comes to pitching products and services and retaining clients.  But you must bring a strong attraction to technology to make the most of any educational opportunities.

Education: Your Key to Success

Speaking of education, even if you feel comfortable with technology, you’ll need to stay “in the know” regarding the tech industry sector you’re involved with.  This may require you to earn a second (or first) degree, take credit or noncredit courses, attend seminars, and/or subscribe to technology and business publications.  Remember that as a franchisee, you’ll be regarded as an “expert” by the public…whether you are or not.

Franchisors should be up front with potential franchisees about background and credential necessities.  Without a doubt, it’s in their best interest to ensure that anyone operating under their trademarks or brands can perform and profit at an outstanding level.  Still, you may have to ask questions about training during your investigative phase to gather all you need to know from a franchisor when it comes to prerequisites.

Working with a Tech-Savvy Franchise Consultant

There are over 5,000 different franchises available to entrepreneurs; hence, it’s become more and more popular to partner with a franchise consultant, such as the reputable experts at MatchPoint™, when looking to invest.   

If tech franchises fascinate you, find a franchise consultant who can speak with proficiency on the top tech-related franchisors as well as those that are new to the market (if you have a higher risk profile.) 

Check Out your Competition

It’s tough to become a successful tech franchisee if you have to spend all your time breaking into an already-saturated market. 

Before you definitively choose the tech franchise in which to invest your savings, become an informed investor and explore your competition.  Whether you’re advertising to the neighborhood, the country, or the planet, knowing the names and qualifications of your competitors is a huge part of ensuring profitability potential as well as career satisfaction.

Clearly, competition is healthy and to be anticipated; however, if your prospective customer base cannot support the existence of another tech franchise, be cautious about jumping into the fray.  It could be a hard road to become successful in the long run, but if you’re persistent and sensible, you may be able to enjoy a slice of the generously-sized tech franchise pie.

Driving through almost any town in the United States, Canada, or the United Kingdom, you’re bound to encounter a handful of franchises.  With their eye-catching logos and recognizable appearances (“Golden Arches”, anyone?), they are difficult to miss.  Truly, franchises have come to be expected sights, deeply woven into the fabric of our society.

For entrepreneurs seeking to become part of the multi-billion dollar franchise industry, the choices are practically endless… and, consequently, can be incredibly overwhelming.  Determining which franchise or even franchise type in which to invest can leave even the most eager potential franchisees scratching their heads in dismay.

However, it’s important to recognize that there are tried-and-true ways to narrow your focus if you’re in the market for a franchise opportunity.  Below are seven of the most effective methods to use to help you find your ideal franchise match, culled from recommendations by the experts at MatchPoint™ Franchise Consulting Network.

1.  Consider your Credentials

Though it’s not always necessary for a franchisee to hold a specific degree or have a specialized background, it can be of assistance in determining which franchisors to investigate.  For instance, fast food industry franchisors usually require that franchisees have some prior expertise in the restaurant business before being considered as viable investors.

If you haven’t devoted energy to pulling together your resume or curriculum vitae (CV), now is the time to do so.  Once on paper, your background will typically be easier to evaluate, and a franchise path may instantly become clear.

2.  Take Logistics into Consideration

Unless you’re prepared to relocate, you should be able to narrow down your franchise possibilities by simply investigating which franchisors and franchise types already have a presence in your community.  Accordingly, if you have your heart set on owning a UPS store, you may be out of luck if one already exists in your neighborhood.

Certainly, not all franchises offer exclusive territories, but those that do are likely to be “off limits” unless you move to or work in another town.  A reputable franchise consultant can be invaluable in helping you uncover which franchises will be “open” to consideration in your region.

3.  Avail yourself of a Free Personality Assessment

A few of the more reputable franchise consultant groups, such as MatchPoint™, offer free franchise personality assessments for entrepreneurs exploring their options.  Questions delve into both your experience and your intrinsic traits in an effort to provide you with viable franchise options.

Such personal assessments enable you to glean objective suggestions in terms of your ultimate franchise match(es).  Additionally, your franchise consultant will probably be aware of some franchises that both fit your personality and are currently for sale in your area.

4.  Contemplate your Capital

Though finances shouldn’t be the deciding factor in finding a franchise “match”, they will absolutely play a significant role.  For instance, some franchises have relatively low start-up fees and can therefore be attractive to investors with smaller investment dollars.  Others require more capital (and are usually less risky, as in the case of Subway, consistently one of the top global franchises, which requires an investment of between $75,000-$222,000 USD and has an outstanding franchise success rate.)

Even if you have very little in terms of liquid assets or net worth, you can find other means of obtaining capital, including through venture capitalists, loans, or professional partnerships.  However, each of those alternatives carries with it new risks and must be examined on a case-by-case basis.

5.  Evaluate your Likes and Dislikes

Hate cosmetics?  Then why would you want to sell them for a living?  Not interested in frozen treats?  An ice cream parlor will probably leave you flat.

Simply because a franchise is “perfect” for your area (“We don’t have an automotive supply place in town!  I hate cars and trucks, but it seems like such a great fit!”) doesn’t mean that you should invest in it; after all, matching you to the ideal business is as much about your likes and dislikes as it is about fiscal viability.

Because you’ll likely be working at your franchise for many hours, perhaps up to seven days a week, for the first few years or even longer, it’s critical that you enjoy the product or service you’re selling to clientele. 

6.  Reflect upon your Idyllic Work Environment

Are you someone who enjoys doing everything “solo”?  Or do you get fired up when obtaining feedback from colleagues?  Though being a franchisee will require a certain amount of teamwork, not all franchises are set up in the same way.

For instance, a 24/7 retail establishment will require many employees; thus, you’ll be expected to head a group of workers, handling negotiations and conflict as well as day-to-day operations.  On the other hand, some work-from-home franchises are arranged to allow franchisees to work independently, a system that offers more autonomy but less collaboration.

7.  Ask Yourself where you want to be in Five (or Ten) Years

Finally, it’s imperative to honestly determine where you expect to be both professionally and personally in the coming years.  If you cannot see yourself staying in your current area of the country, a traditional “brick-and-mortar” franchise is not the right choice (unless you can sell it to another investor.)  An Internet-based franchise may be more appropriate if you’re planning a move, as it will offer flexibility in locale.

Most franchisors will require a time commitment of up to a couple of decades from their franchisees; therefore, you must mentally explore your expectations in terms of where your life is headed before signing any legally binding agreements.

Rest Assured:  There is a Match for you Out There!