As important as maintaining the expectations of the franchisor
is understanding exactly what you want from the franchise. This is
a timeless truth--no matter what the state of the economy. "To
be a successful franchisee, you should always have very clearly
defined personal goals," Tunmire says. "A business is
simply a vehicle to help you achieve the quality of life you want,
and that has to start with fully understanding what you really
want."
Your personality can also influence whether you're going to
succeed at franchising. "Franchisees have to look in the
mirror and go through a certain amount of introspection. They have
to ask themselves one question: Am I willing to be part of a team,
or am I looking to create something?" Kaplan says. "If
they're mavericks with a need to create, to re-engineer, to
express their own creativity, they should not go into franchising.
These individuals make the worst franchisees possible."
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By being part of a franchise system, you not only have the
support of the franchisor but also access to an entire network of
other franchisees who may be experiencing the same challenges.
Asking for their help and offering your own is good for everyone.
"Why else would you buy a franchise if you didn't take
advantage of that benefit?" says Karen Peterson.
"That's what you're paying for, and it's one of
the most crucial elements of success."
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Tapping into this network can save time and headaches. "If
you're buying a franchise, information is available from the
franchisor and all the other franchisees, whether it's about
employees, marketing or technical issues," says Bill Peterson,
48. "If I have a technical question I think the franchisee in
Dallas can answer, I take advantage of that."
What's the one key ingredient to franchise success in 2003?
Everyone has their own ideas, but franchisee strength seems to come
from a combination of a few essentials. "I wouldn't say
there's one way to be a successful franchisee today. That's
too narrow," says Whipple. "You have to have most of the
package to make it work."
Originally published in the July 2003 issue of Entrepreneur Magazine
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