Is Starting A Franchise Right For You?

There are over 32 million small businesses in the USA and starting a franchise is one of the most effective ways to join that number. According to Guidant Financial, across the industry sectors, the number one industry for franchise growth in 2023 is expected to be in Personal Services. “The Personal Services sector includes home and health care, fitness centers, and beauty-related services — all driven by strong demand, such as more need for in-home health care. This year, this sector is expected to grow by 2.5 percent (from 117,348 businesses to 120,302). Employment in this sector is expected to rise 14 percent during the next few years just because of this demand.”

At KTA Financial Services, we specialize in working with clients in the health and wellness industry. We take seriously our role in helping small business owners reach and maintain profitability.

So how do you know starting a franchise is right for you? What are the key personality traits that make a good entrepreneur?

Top personality traits that franchise owners

 

Key Personality Traits to Start a Franchise

  1. Strong Work Ethic. First, running a franchise requires dedication, discipline, and a willingness to put in the effort required to build and grow a successful business. Franchisees need to be proactive and committed to achieving their specifically identified goals.
  2. Effective Communication and People Skills. Successful franchise owners must be able to clearly communicate and interact with employees, customers, and the franchisor regularly. This requires excellent communication abilities to maintain smooth operations and foster positive relationships.
  3. Financial Responsibility. Starting a franchise requires an investment, and successful franchisees manage their finances wisely. To navigate the financial aspects of running a franchise, a solid understanding of budgeting, cash flow, and financial planning is vital.
  4. Determination. In any small business, challenges will arrive. Even if you have chosen the right people, managed your finances, and grown your customer base effectively you will still face choppy waters. Employing your strong determination to navigate the storms that will come will separate those who are successful franchisees.
  5. Implementing a Defined Strategy. Finally, a willingness to follow proven systems and guidelines is crucial for franchise success. Franchising relies on replicating a successful business model. So, franchisees must be open to following the established protocols and best practices laid out by the franchisor.