Sometimes it’s not a person’s strengths or capabilities that makes them a great entrepreneur, but the pitfalls they know how to avoid falling into. Several months ago I crossed paths with Cameron Herold – an internationally recognized consultant, speaker, author, entrepreneur, etc. Because he happens to have a background in franchising as well, my podcast co-host Brian Holmes and I asked him to come on The Franchise Story Podcast. That interview ended up being one of our absolute my favorites to date, largely in part because of how many times he blew our tiny little minds with his wisdom-bombs. One of the things Cameron talked about is what he calls “the 5 core traits of a good franchisee.” Whether you’re a franchisee trying to improve yourself, or if you’re not sure yet if franchising is for you then you should definitely check the episode out.
But I digress. Ever since our conversation with Cameron, I’ve been stewing on what I’ve observed to be the elements that all successful franchisees have in common. What background do they have? What are their strengths? Their weaknesses? What qualities and characteristics do they embody? What snares are they wise enough to avoid?
My right-hand guy, Michael, recently talked with my network about the role of fear and skepticism in buying a franchise. And that got me thinking about something else – INDECISION.
If you’ve researched franchises before, my guess is that you started on Google. You probably searched for “best franchise opportunities” or something similar to it. And what did Google do? It spit out a million ranked lists in the search results, each list with a hundred different options. And just like a kid in an ice cream shop who has permission to get whatever he wants, you can’t settle on just one option. The combinations of flavors, colors, toppings, and sizes are unlimited!
That’s where a consultant comes in. I use my knowledge and experience to filter through the endless amount of bad, good, and great options, to present my candidates with a select few opportunities that would work well for their goals, management style, investment level, market, etc.
But even after I do all of that, there are people who still can’t pick between 2 or 3 options. Now THAT is a problem. The easiest decision you’ll make in your franchise is the one to buy. Every financial, personnel, real estate, strategic, and tactical issue that arises after you buy will be way more difficult to navigate. One of the things that separates successful franchisees/entrepreneurs from unsuccessful ones is decisiveness.
Obviously the analysis and indecision is coming from a good place. Everyone is just trying to make good decisions and avoid bad ones. I know I am! However, if you are indecisive then you need to evaluate whether or not entrepreneurship is for you.