updated - June 22, 2021 Tuesday EDT
If you would love to start your own business but don't have any business experience, then consider investing in a franchise, which is taking a paint-by-numbers approach to business.
When you get your own franchise, you will have the independence of a small business owner-but you won't have to build your business alone. You will have the support of a big business network.
In fact, you won't need business experience to start a franchise because you'll be taught the fundamentals of how to run the business and get clear guidelines on everything, from how to advertise to how to manage day-to-day operations.
Here are two important tips to build a successful franchise.
One key factor in running a successful franchise is hiring the best people, people whose skills match the position. If you get this part of the business right, then everything else will probably fall into place.
The hiring process is fairly straightforward: advertise, review resumes, set up an interview, and follow up on the candidate's references and background by calling up all the references and doing a background check for job performance.
Keep the position you are hiring for in mind when looking for employees for your franchise. This will help you decide when you need to focus on hard skills and when you need to focus on soft skills to decide between candidates.
In a technical position, say a network admin, a candidate might have many excellent soft skills that will make them a great employee, but they may not have the exact set of hard skills that you need for the position. In this situation, hard skills are essential.
In a more general role, say an administrative assistant, the opposite applies. You will require more soft skills than hard skills. It might, for example, be better to hire an administrative assistant who has excellent people skills and only types 30 wpm over someone who is less outgoing but who can whip out 63 words per minute.
Before interviewing candidates for a position, make a list of unusual characteristics that you're looking for in a candidate-skills that might not be mentioned in the resume but that you will be able to identify during the interview.
So during the interview, ask open-ended thought-provoking questions that will help you identify if the candidate has the qualities you need for the position. It might also be possible to identify the characteristics you are looking for by administering work sample tests.
When buying a franchise, choose one that brings out the best in you, a franchise that will help you make a difference. Don't just focus on a franchise because it appears to be more profitable.
When you get a franchise that fulfills you and serves the community, you will have a completely different attitude, a proactive attitude because you know you're making a difference, improving the world in your own small way.
Conversely, if you're only focusing on how much money you can make, each day will be a struggle because you won't always be able to put your heart into it.
For example, you might find it far more fulfilling to run a home care franchise than a fast-food one.
Securing financing for a franchise will be far easier than applying for a loan to start a business when you have no business experience. Additionally, since a franchise will give you the support you need as you build your business, your chances of success are far higher than if you start your own business from scratch.
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