You might be asking yourself, “How do I know if I’m ready for franchise ownership?” Well, that’s an important question, and the truth is, I don’t even know the answer for you right now. Why? Because this is a journey. It takes a few months to really figure out where you land.
Let’s walk through a few key questions that will help you assess your readiness.
What Personality Traits Are You Bringing to the Table?
Start with who you are. What kind of personality traits do you bring to the equation?
Are you resilient? How have you managed disruption and transition in the past? Do you bounce back quickly, or does it take time to recover? Are you more risk-averse and conservative, or do you thrive in the unknown? These answers aren’t just theoretical; they’ll shape your franchise path.
Think about how tenacious you are. Persistent? Maybe even a little competitive? Those qualities aren’t just nice to have; they deeply influence how you’ll show up as an owner.
And while personality traits are important, they’re just part of the picture.
Are You Willing to Learn and Invest the Time?
Next up: skills and learning. What are the core skills you bring with you? I talk more about this in another video, but let me ask you: what are you really good at? What’s in your wheelhouse that energizes you?
Just as important, what do you not want to do? What do you dread? Knowing both sides of that equation helps us align your skills with a franchise model that makes sense. Ultimately, the level of your success will be determined by how well you execute the core drivers of the business you buy, and this is why skills alignment is so important.
Then there’s time. This might be one of the most significant indicators of readiness. Are you willing and able to invest at least 10 to 15 hours per week into researching your franchise options? If you’re not ready to do that level of work upfront, it’s a strong signal that you may not be ready to run a franchise, especially if you plan to be a semi-absentee owner. If it’s full-time, that time commitment is substantially larger.
And let me ask you something big: Is your spouse involved in this decision? Are they supportive? I’ve had clients go through the entire process without involving their spouse, only to reach the finish line and hear, “Wait a minute, you‘re not buying a franchise with our retirement money.” So please, involve your spouse or key partner from day one. This needs to be a shared vision.
Let the Journey Help You Decide
Ultimately, this isn’t about rushing to a decision. This is about asking the right questions at the right time, and letting the answers unfold as you move through the process.
Are you ready to become a beginner again and go through a new learning curve as you take on the challenge of buying a franchise, one that could reshape your future?
Do you have compelling reasons to make this change?
Because when you give yourself the space to explore, when you lean into the research, when you ask yourself the hard questions, that’s when clarity comes.
At the end of the learning and discovery journey, if it makes sense to move forward, you’ll know. And if it doesn’t, that’s clarity too.
I’m here to guide you through all of it. Let’s have a discussion. Book a call now.
Originally posted on LinkedIn
