No Control Freaks, Please: 3 Traits of Ideal Franchise Owners

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In my years working in franchising I have seen many well-intentioned and hard-working people fail in their franchise business, and have also seen many people come in and create a multi-million dollar business that they are able to sell and accomplish their dreams. The result of my observations and experience is that I can spot the qualities in someone who will be a successful operator and the qualities of those who might belong in a different career pretty quickly.

Before you decide to invest in a franchise business—particularly in the healthcare field—consider the following:

1. Passion and compassion. Your compassion will come across in all areas of your business and when you are caring for a vulnerable population this really matters. Lead with your heart and know that you need to have a passion for what you do, not just for turning a profit.
2. No control freaks. You cannot be afraid to give up some control of your business. Successful franchisees are really looking for a structured system that they can engage with and build their business quickly so that it generates income. Understand that your main responsibility as an owner is to build a good team and delegate to the team around you. If you try to handle everything yourself you will burn out, so hire the right people to help you succeed.
3. Have a strategy. This is related to giving up control. You should come into the business with a strategy on how to grow the business successfully, which may include selling it at some point for its ultimate value. This includes creating a strategic plan that incorporates the franchising system’s operational processes and best practices that don’t rely on you as the business owner being in the midst of the day-to-day operations. If you’re not around, the business should run itself based on the strategies you have put in place.

Ultimately, if you are someone who works in your business and not on your business, that can be a fail because an owner who is deep in the day-to-day details may not be able to look at the big picture and plan strategically. A successful franchisee is able to follow a system, knowing and respecting that the franchisor has the experience and knowledge to support them.

During an exploration process, ask yourself–not just the franchisors—questions to find out if this franchise model is the best choice for you to achieve your dreams.