A scary proposition

The most prestigious of all American universities, Harvard, recently researched the success of its past graduates. True success had come to fewer than 15% of them. They had one big thing in common: they had taken time to plan and quantify their careers from the outset. Indications were that those who bothered to plan their future career path achieved an eventual income some 50% higher than those who did not.

Many of you will be new to franchising and are at that awkward and scary planning stage. If so, it may be redundancy has concentrated your thoughts, or dissatisfaction with your career has turned your ambitions to franchising. Take time out to consider your options, but whatever you do, firmly reject the option of doing nothing.

You can be sure that any franchise is a risk, but life is a far bigger risk. Franchising, like flying, is a nerve-racking adventure, but it is less scary than letting the world pass you by.

Begin by listing your worries about beginning your franchising career. Make a list of your concerns and allocate to each a value from one to 10. If money, or lack of it, figures largest in your mind, then score this in first place. You may score your worries over your lack of franchise experience, the risk factor in a franchise, or the possibility of franchise failure. Keep writing until you have listed all your worries. Now add the scores together and multiply the result by a hundred, then by a thousand.

Take a good look at the grand total and ask yourself if those numbers manage to make the slightest difference to your frame of mind. Instead, I suggest you simply tear up the list and get down to deciding something.

Decide now to risk all with your franchise venture. If you should fail, will your family desert you? Will your true friends regard you with affection and respect?

Operating a franchise is mostly about communication. Each customer sales call is a conversation. You may lack that hidden something called charisma, but you are able to listen with the best. Poor franchisees are known to waste time in conversations about topics which make no difference, with people who bring no benefit to the business. Take the opportunity to communicate openly with your new prospective franchisor. Avoid 'beating around the bush' and 'covering up'.

 Instead of making the coward's promise, "I'll get back to you in the next few days", and then disappearing, have the strength to explain why you do not feel up to taking on their franchise. It could well be that you have missed out or failed to understand a particular point. The franchisor would probably welcome the opportunity to put the record straight. The ability to talk openly will prove equally beneficial whenever you eventually decide to invest. 

Let us now turn around to your thoughts. You must learn to think like a successful franchisee. Franchisors will offer you the skills to speak and operate successfully. You now need to add your thoughts of success into the equation.

Get yourself alongside the most successful franchisee in the network. If you are unsure who this may be, then ask the franchisor - they will be only too pleased to point them out. Ask if you can spend a day in their company before deciding to invest, and then ask what they think about their customers, sales, products or staff. Learning the secrets of a winner makes you a winner.

Only 2% of those who enquire about a franchise will eventually take the plunge. With such a high drop out rate, some franchise recruiters will weigh your wallet, rather than your character. Better franchisors will be very much aware of exactly what is needed to fit their success profile. They will know what you need to win in their network, and will check during the initial interview to ensure you fully understand. They will assess your strengths and weaknesses, and identify any skill gaps when compared against their ideal candidate.

Be prepared to answer their most searching questions openly and honestly, even though they may drift into personal areas. You are being interviewed to determine if you are the correct candidate to take over a major section of the franchisor's sales, business and brand at a senior management level, with an unlimited income potential. The franchisor is interested only in success. Failure brings down the network, upsets customers and damages the morale of those who remain. Franchisees who fail can equally lose their investment, and their homes. 

An experienced franchisor knows if you match the type of franchisee they seek. Take it as a compliment if they ask you to join. Feel no disappointment if they refuse. Ask the reason for their rejection, and then consider how to overcome the shortfall before applying again.

Now more than ever you need determination to begin your franchise. Forget the economy: forget the credit crisis, the downturns and the problems. Think back to the moment you decided to make a new life with the love of your life. Were your savings really sufficient? Was your job secure? Could you afford that first property? How often do you reflect on why you waited before taking the plunge? Only by taking a chance can you look back and wonder why you were so concerned about failure.