So you’re doing your due diligence and looking for a business with the best return on investment (ROI) potential. But passion is a key piece of the puzzle.
Most franchise buyers select franchising and look for a sector that can provide them with a strong market presence, stability, and high ROI. Not to mention a well-equipped and focused franchisor to partner with.
But does that mean you should buy a burger franchise for instance if you have no interest in the quick service restaurant market?
Should you buy a property business simply because the housing market is booming?
Is tapping into a growing or even a booming market the only marker of success?
And is it enough to succeed as a franchisee?
Starting a business is never easy as there will almost certainly be long hours and hard work, especially at the start. Without a passion for a business, the prospect of succeeding may not be enough so franchisees need to be driven by something intrinsic.
Success comes from within, so you need to be driven by a clear sense of purpose and passion in order to achieve it. A belief in a franchisor’s brand mission is the vital first step to a franchise succeeding. The second step is to then have the drive to build the business and profit.
Ask franchisors what they are looking for in a franchise buyer, and they will always mention passion. Of course. It makes sense. Franchisors, employees and your potential customers want to have franchisees who believe in the brand, in the model, who are passionate about delivering great customer service, who have a real love for building their business.
Interest and passion for a sector and your selected brand will increase your chances of committing. When you sign up to a franchise agreement, could be signing a contract for a three or five year term. So you’ll need to love the business you’re committing to, particularly if the model requires you to be a hands-on owner/operator.
Three to five years may not seem like very long, but it will be if you are stuck in a business you’re not passionate about.
Also, not enjoying the business is considered a reason to sell a franchise, passion is a significant part of making a selection. Passion and motivation are important pieces of the puzzle. Selecting a franchise in line with your interests and skills can play a big part in leveraging success as a franchisee.