Entrepreneurs are those who create or develop something from the scratch. However, the franchise model on the other hand adds together the business and system approach to help entrepreneurs own and run their business. Since there are all kinds of leverages to build their business here, we could call them as systempreneur instead of entrepreneur.
Do you want to own or start your own business?
The difference is crucial. Franchising probably isn’t for you if your entrepreneurial ambitions involve creating every system and item from scratch. However, if your ideal scenario involves running and owning a company where your day-to-day priorities are maximizing profitability, growth, scalability, and impact, being a franchisee may be a great fit for you.
The systempreneur, a sort of entrepreneur that is focused on operations and sales, was specifically considered when developing the franchise model. Strong franchisees often excel at people management, collaboration, learning, listening, and sharing. They think in an open way. They are optimistic and look for opportunities. It is imperative that you are ready to follow someone else’s system since you will be doing that.
Are you willing to adhere to a system?
The franchise model was designed with exactly this type of operations- and sales-focused entrepreneur in mind: the systempreneur. Strong franchisees are also typically good at managing people, listening, sharing, learning and collaborating. They have an open mindset. They see opportunity and have a can-do approach. You will be following someone else’s system, so it’s critically important to make sure you are prepared to do just that.
Franchisees are always working with the team and are required to share their financial statements with the corporate office to ensure timely assistance is provided if needed. This idea of sharing your every move and tax reports are not welcome by all. But it is mandatory in the franchising model as the overall health of the brand is important.
Additionally, franchises have guidelines and requirements that must be fulfilled. When you sign the Franchise Agreement, you pledge to uphold the system’s standards. Many, including health and safety regulations, are essential to the success of the enterprise. However, some are connected to brand guidelines, such as the fixtures and colors you might employ in your advertising and business location.
To keep up with shifting client needs and competitive pressures, the operational model will also develop and adapt. You’ll be required to follow along. Sometimes that entails making additional purchases or introducing brand-new products or systems that weren’t planned when you signed your franchise agreement. The flexibility of a franchise system to change with the times is crucial, and it depends on how ready all of the franchisees are to adopt the new system.
Self-assessment
The questions and exercises that follow are all about you and the goals that you have for starting a business. A crucial stage in your franchising journey is determining this. Without this reflection, you risk subsequently losing track of your goals. Spend some time on yourself by thoroughly considering these questions first. With your support network and people who are most familiar with you both personally and professionally, go over your completed responses. Do you have any blind spots when evaluating yourself?
- Do I have more dreams about establishing a business or about running one?
- Do I prefer to try to change things, or can I follow a system and playbook?
- Am I able to seek out and heed advise from others?
- Am I at ease expressing my findings and being open and honest about my performance?
- Am I okay with the idea that the corporate team will have the last word on whether or not to enforce brand standards, and that I might have to accept judgments I disagree with?
- Am I ready to adapt to changes in the needed operating model while my franchise agreement is in effect?
Make sure your family supports your decision to establish a franchise firm as you finish this thought exercise. They are more likely to support you if they are aware of your goals, which will prevent any unpleasant shocks.
Get to the heart of what you’re attempting to do. How can you create a plan to get somewhere if you don’t know where you want to go? Although franchising is a fantastic business concept, it must match your objectives and preferred working style. A systempreneur or an entrepreneur, which are you?
Source: Entrepreneur
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