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Key Takeaways Learn how to evaluate whether your professional experience and mindset align with what franchisors actually look for in successful owners.
Discover the key personal qualities that matter far more than specific degrees or backgrounds when deciding if franchise ownership is right for you.
When it comes to entrepreneurship, there’s a reason there’s not a single “how to” guide or a single story that maps success — there simply isn’t one. Why? It could be easy to say it’s because every new business requires energized originality and careful navigation on a unique path, but then what about franchising?
Let’s bust a myth right off the bat: entrepreneurship is not reserved for geniuses in a rarified space. Entrepreneurship is accessible and possible, even if — in fact, especially if – you’re not Bill Gates, Jeff Bezos or Steve Jobs.
As a franchise consultant who is often asked by prospective franchise owners whether they have the “right” education and background to become a franchise owner, I tell them, “You can’t major in franchising.” And it’s true. My degree is in finance, and I was a CPA for years before I wound up owning and running a fitness franchise.
All this to say, a lot of backgrounds can thrive in franchising. The whole point of franchising is that the franchisor (or parent company) is giving you a business in a box. So, anyone can do it, right? Wrong.
What they can’t roll out is strong leadership, management skills and cross-functional professional know-how, among other things. What franchisors need is top-level management skills applied in a smaller market. This is where the partnership comes in. They bring the industry, operations and playbook — you bring the strategic thinking, problem solving, communication, delegation and other professional leadership skills you’ve honed.
So rather than focusing on a specific path or education, take a moment to investigate the skills you’ve earned throughout your career. Ask yourself the five questions outlined in the following list. If you find yourself answering with conviction, it may be time to seriously consider franchising.
Related: Why You Should Buy a Franchise Instead of Starting Your Own
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