Characteristics of a Franchisee
Characteristics of a Franchisee
Guts:
Guts means you must have an entrepreneurial instinct, which is an overwhelming desire to have your own business. You must have the guts and dedication to be completely devoted to your goal. Incidentally, devotion to your goal is much more likely if you have a love for your intended business. Life is too short to start a business that doesn't give you satisfaction and joy. And, through good times and bad times, you will stick with something you love. As Solomon said, "There is nothing better for men (and women!) than they should be happy in their work-so let them enjoy it now."
Brains:
While appropriate educational credentials are important, entrepreneurial "brains" means more than scholastic achievements. To become a successful entrepreneur, you must have a working knowledge about the business you plan to start before you start it. Common sense combined with appropriate experience is the necessary brainpower. Prudence, follow through and attention to detail are very important.
Capital:
You will need seed money of your own plus sufficient cash to maintain a positive cash flow for at least the first year. In a future session you will learn how to forecast future cash requirements through cash flow control. Many businesses can be started on a very small scale with a small investment. Then, as the business grows and you gain experience, cash flow from your business can be used for growth. In some cases you don't need starting capital to hire other people because you might start by doing everything yourself. The "do it yourself" start is a good way to learn everything about your business and also makes you better qualified to delegate work to others later on. You can control your risk by placing a limit on how much you invest in your business.
Characteristics of a Franchisee - To learn more about this author, visit Ken Hollowell's Website.
Like this article? Share it with your friends
Characteristics of a Franchisee
Guts:
Guts means you must have an entrepreneurial instinct, which is an overwhelming desire to have your own business. You must have the guts and dedication to be completely devoted to your goal. Incidentally, devotion to your goal is much more likely if you have a love for your intended business. Life is too short to start a business that doesn't give you satisfaction and joy. And, through good times and bad times, you will stick with something you love. As Solomon said, "There is nothing better for men (and women!) than they should be happy in their work-so let them enjoy it now."
Brains:
While appropriate educational credentials are important, entrepreneurial "brains" means more than scholastic achievements. To become a successful entrepreneur, you must have a working knowledge about the business you plan to start before you start it. Common sense combined with appropriate experience is the necessary brainpower. Prudence, follow through and attention to detail are very important.
Capital:
You will need seed money of your own plus sufficient cash to maintain a positive cash flow for at least the first year. In a future session you will learn how to forecast future cash requirements through cash flow control. Many businesses can be started on a very small scale with a small investment. Then, as the business grows and you gain experience, cash flow from your business can be used for growth. In some cases you don't need starting capital to hire other people because you might start by doing everything yourself. The "do it yourself" start is a good way to learn everything about your business and also makes you better qualified to delegate work to others later on. You can control your risk by placing a limit on how much you invest in your business.
Characteristics of a Franchisee - To learn more about this author, visit Ken Hollowell's Website.
Like this article? Share it with your friends
| |||
 |
No article feedback found. | ||
|
Leave Your Feedback | ||
|
|||
 Franchisee/Franchisor Relationship Requires Mutual Trust, Respect
| |||
| Trust is the foundation of any good franchisor/franchisee relationship. The franchisee is entrusting his livelihood to the franchisor. The franchisor, in turn, is trusting the franchisee to protect the reputation of... |
|||
|
The franchise sale
| |||
| Example of the steps involved in the sale of the franchise. |
|||
|
Ten Most Admired Characteristics of Successful Business Coaches, According To Your Strategic Thinking Business Coach
| |||
| Do you know what some of the most admired characteristics are of successful business coaches? Recently I was interviewed for an article on business coaching and was asked what I believed to be the most admired char... |
|||
|
Make the Most of the Franchisee/Franchisor Relationship
| |||
| A healthy relationship between the franchisor and franchisee is essential in running a franchising business successfully and the relationship rests on mutual trust and good communication.
|
|||
|
Franchisee checklist - the franchise agreement
| |||
| What factors to consider before signing the franchise agreement |
|||
| |||
|
Protecting IP | ||
|
Re: True Characteristics of an Entrepreneur | ||
| |||
Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
 | |
 Ken Hollowell (Visit Ken's Website) – Ken M. Hollowell, founder of both National Franchise Services, Inc. and Profran Consultants, Inc. and is a leader in the field of franchise development since 1980. Mr. Hollowell has lectured before many business organizations, Universities and Colleges on the subject of franchising and hosted a radio talk show of radio for years. He conducts numerous seminars annually on franchise development and investing in a franchise business throughout the United States. He is regularly requested by the Small Business Administration in Washington, D.C., S.C.O.R.E., Learning Annex and the International Franchise Association to speak on franchising. Mr. Hollowell's well-rounded experience and practical knowledge in both development and marketing have led him to be one of the most sought after franchise consultants in America. Mr. Hollowell has written many articles on both developing a franchise network and buying a franchise. Mr. Hollowell sits on no less than a dozen boards of directors.
|  |
 |
|
|
 |
|
|
|
 |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
 |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
 |
 | ||
 |
||
 |
||
 |
||
|
| ||
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
|
|
 |
 Entrepreneur Flight Manual Getting Past Your Past Make Attitude Your Ally Strategic Alliance Capture More Clients |
|
 | ||
 |
Top 50 Social Media Blogs
Top 50 Social Media Blogs | |
 |
The Top 10 ProBlogger Posts
Best Posts for Bloggers | |
| ||
 |
|
|
|
|
|||||||||||||||||||||||||||
 |
|
|
||||||||||||
