Can I Qualify for a Franchise?

Starting a franchise is an extremely popular and profitable way to fulfill the American Dream. Franchises combine the support of a proven business model with the independence of owning your own business. It is no wonder that this career path is extremely popular. 

A common question among people considering investing in a franchise is, "How do I know if I will qualify?" Each franchise opportunity is different, so there is not one answer to this question. However, there are some basic skills and requirements that fit most franchisees. 

For the purposes of this article, let's imagine that you are looking for a franchise opportunity in IT, because you know that information technology is a thriving industry. The following are general qualifications for nearly any franchise opportunity. 

Experience

Every franchise opportunity is different, and they all require skills specific to their own industries. In the case of an IT franchise opportunity, you will probably be in a good position to be qualified if you have experience in IT support and IT training. 

There are also general skills that apply to most franchise opportunities, including: 

• Sales
• Marketing
• Business management
• Business operations
• Franchising
• Business ownership

Personal Qualities

Franchisors want their franchise owners to be personable, outgoing, and hard-working. In the IT franchise example, a person who has decades of experience in IT, but is not prepared to work hard to get a business off the ground, will be a bad candidate for franchising. 

Ambition, determination, and willingness to work hard toward your goals go a long way in franchising. The most successful franchise owners are self-starting and comfortable in leadership positions, while simultaneously being willing to join a team and learn a proven system. 

It is important to note that starting a franchise means that you are joining a system that has been in place long enough to prove successful, so you will not have free reign to operate the business however you wish. Those who want to do everything their own way are better off starting a business on their own.  

Leadership

As the owner of a franchise, your employees will look to you to lead the charge in every way. Strong leadership skills are important in a franchise owner, as you will be managing your people, showing examples of following the company's directives, and making tough decisions. 

Most franchisors look for someone who can handle conflict respectfully and solve problems on their own. In our IT franchise example, a candidate who has less IT experience but is willing to troubleshoot problems and make decisions without calling on corporate is much more appealing than a candidate with an IT background but is unable to handle conflict. 

Finances

Each franchise opportunity has different financial requirements. It is nearly impossible to be general here, because franchise fees range from as little as $10K to as much as $200K. The best thing to do is find a franchise opportunity you are interested in and then find out what their financial requirements are. Alternatively, you can determine your net worth and liquidity, then find a franchise that fits your profile. 

Ultimately, the best way to know if you qualify for a franchise opportunity is to do research and apply. Each different opportunity has different requirements, and there are so many franchise opportunities on the market now that there is something for nearly everyone.