Not everyone is franchise material, and that’s ok!
Supporting Strategies carefully considers prospective franchisees, and we proceed only with those we believe have the best opportunity to succeed within our franchise model.
While every franchisor has its own perception of the “ideal” franchisee, we seek entrepreneurial individuals experienced in leading a professional services company or business services division, with a solid understanding of finance and back-office operations. Proficiency in developing and retaining high-performance teams and effectively establishing and leveraging business relationships through networking are vital to success within our model.
- Entrepreneurial skills necessary to launch, develop and manage a viable business from the ground up.
- Self-motivated with the drive and determination to meet and exceed revenue goals.
- Experienced in developing new business through referrals and client satisfaction.
- Eager to learn and improve and able to train, lead and inspire others.
- Proven leadership experience and P&L responsibility within a mid to large size company.
- You do not have to be an Accountant or have worked directly in accounting or bookkeeping but must clearly understand business operations and financials and be able to manage a team of financial experts.
Here are some things to consider:
Do I like the idea of being the boss? Have I considered what this really means?
You must be involved with the daily operation of your business, so it’s critical to be honest with yourself. You are responsible for the daily grind that is running business: bookkeeping, marketing, business development, client issues, employment issues etc. Though you may delegate duties to your employees, ultimately it is your job to ensure that it is all done in the manner that the franchisor requires. Are you prepared for the responsibility of the ‘buck stopping’ with you?
Am I prepared for the significant time investment needed to start and build a new business?
It is true that franchising gives you a greater chance to succeed in business. As is true in most things in life, the franchisee who works the hardest profits the most from a franchise business. Be prepared to put in long hours of hard work. Everyone in the business will look to you to effectively manage operations and provide the leadership necessary to run the day-to-day operations. You will be responsible for marketing your services and developing new business – lots of networking.
Am I prepared for a ten (10) year commitment?
Business cycle ups and downs, so you need to be financially and mentally prepared for setbacks. Every business that has ever existed has had to overcome difficulties. The challenges of developing new accounts, pleasing finicky clients, and finding quality employees are innate to any business. Having a franchisor behind you for support will help, but ultimately, it is you that must resolve issues.
Will I be comfortable working under the direction and operational model of a franchisor?
Believe it or not, entrepreneurial folks do not always make the best franchisees. If you are someone who prefers to strategize and execute on your own methodology, you will likely not fit well into a franchise model. At Supporting Strategies, It is undeniable that franchisees who follow and stay true to the model are most successful. Deviating from our proven practices is not only counterproductive but will likely put you in violation of your franchise agreement.
Am I willing to invest in hiring and retaining quality employees?
The talent shortage throughout the United States is quite real and retaining great employees is as challenging as ever. Although Supporting Strategies provides full-service talent acquisition (all U.S.-based candidates), the responsibility to select, hire, develop and retain sits squarely with you. Being able to lead and nurture your team is every bit as important as your ability to do the same for your clients. If hiring, inspiring, and firing employees is not your thing, then perhaps a sole proprietor style franchise would be a better fit.
Do I have the capital necessary to start and sustain the business?
You’ll need to consider how you will finance your franchise purchase (maybe you could leverage your 401(K)) and your personal motivation. You must be willing and able to make an investment in not only acquiring a franchise but also in hiring employees at competitive rates as needed to grow your business. Be honest with yourself regarding a plan to support yourself – and your family – while you develop accounts and grow revenue. Are you willing to make sacrifices if/when needed?
Do I have the support and commitment of my family in this endeavor?
If you have not discussed your franchise investment plan with your family, it is a good idea to do so during the consideration process. Growing a new business venture requires dedication, commitment, hard work and long hours. Having the support of those closest to you will set you up for success.