Franchise Personality Profile: How to Choose a Business That is Right for You
Your discontent with work is growing. You feel stuck. Maybe you haven’t been able to make it home in time to help your kids with your homework. Maybe you feel like you’re being micromanaged. Or, maybe you’ve had a few lateral moves at your company and just don’t feel like you are rising, despite the work and leadership you put in day in and day out. You know you have the creative and managerial skills to run a business, and you are ready to be your own boss.
If you’ve been considering breaking out on your own as an independent franchisee, whether it’s to start a career in real estate investing or as a restaurateur, there are undoubtedly lots of different factors swimming around in your head. From initial investment costs to geographic competition and even estimated time-to-profit—the devil is in the details, as they say. Before jumping in head-first as an independent franchise business owner, you want to make sure that your choice helps you to most successfully leverage your personality strengths for your own success.
It seems intuitive that job-related stress is lower and performance higher when your work role corresponds to your personality preferences. That’s why it’s mission-critical to have a good understanding of how your unique characteristics match up to different franchise business opportunities before setting up shop. This guide takes a look at how different leadership approaches match up to different industry verticals. Exploring this information can help you determine which might appeal most to your unique strengths so that you can choose the franchise that is right for you.
Are you an Advisor Type? Check out Senior Care Franchising!
Owners of a senior care franchise come from all walks of life but have numerous personality traits in common—and you might be one of them. Always optimistic, you feel comfortable only taking measured risks. Security is a number one priority and you like the idea of having a ready-made market as it is the safest bet out there. In any endeavor, you prefer to have support, surrounding yourself with others who can provide input and guidance whenever you have questions or concerns.
But, your relationships are not just a one-way street. You give as much—or more—than you get. You prefer to show leadership by being a counselor and advocate for clients and employees alike. Both of these groups may rely on you in times of crisis and you respond by delivering the best care and resources you have available. Compassion is one of your central values and you offer it generously to the world-at-large every day. Your nurturing approach keeps you grounded and you have an uncanny ability to persist against challenges with an unwavering state of inner calm.
Are You a Natural Team Leader? You Might Be a Manager Type Who Excels in Restaurant Franchising.
While there’s always a moderate amount of risk involved in going into business for yourself, owning a restaurant franchise can reduce the uncertainties. After all, it offers a systematic business model with popular brand recognition. A strong brand also resonates with your own self-image. That’s what motivates you to follow the strict, established operational processes and procedures. While some people may feel that their creativity is being hindered, you prefer the stability of convention and routine.
You want to be in business for more than just serving a known product, however. You desire a leadership role that lets you engage with a diverse range of people, from customers to employees and vendors. You are a natural-born communicator and intuitively sense other people’s needs. This helps you effectively resolve customer service issues and achieve a positive business reputation—both in terms of the franchise’s performance targets and on online review websites.
Are You a Skilled Delegator? Executive Types are Drawn to Retail Franchising.
Executives do exactly that—they execute tasks. They ensure that things get done when they need to get done, and in the most efficient way possible. In this same way, you love the nitty gritty of day-to-day operations. You never miss a beat when it comes to any step of your project. You know where every moving piece is at any given time. You can see things on both a macro and micro level, and can decisively choose a course of action that will benefit both your individual employees and your business-at-large.
A natural-born evangelist, you pick a winning retail brand and never stop singing its praises until you’ve been heard around the world. You like the security of riding on the heels of successful plans outlined by leaders before you. You also like moving the ball forward by motivating your team to ever-higher sales accomplishments. As a task delegator, you find vitality in leveraging the strengths of others to achieve common goals. Quality standards, performance metrics, return-on-investment— these words are an integral part of your daily lingo and core values.
Not financially fickle, you always make research-based decisions while keeping a safe financial bottom-line at the forefront of your mind. More often than not, you prefer to consult with others before making a move and always have an exit strategy in place in case things don’t go as planned. While you know the roles and responsibilities of everyone on your team— and can pinch-hit when necessary— you prefer to leave work at the office.
True Entrepreneur Types and Real Estate Investment Franchising are an Ideal Match
Do you find yourself daydreaming about being your own boss during your commute to the office? Perhaps you already have a plan in the works and are ready to make the jump. An independent spirit, you are driven by passion and thrilled by opportunity. You already know that real, long-term success rests on building a solid reputation and have spent the time and energy to build a network of support—the kind of people who can contribute to your growth and achievement. These people are drawn to you because of your integrity and ability to negotiate positive business outcomes.
It takes adaptability—a willingness to adjust strategies on the fly—to be an entrepreneur, but you love meeting unforeseen challenges head on. Regardless of which direction a project takes, you trust your gut and readily put everything you’ve got on the line. Win or lose, you naturally take ownership. That said, you are not the type to completely fly off the handle and make business decisions willy-nilly. You are analytical, looking at all angles and even reaching out for guidance from more seasoned investors. You love collaborating with colleagues to share in successes as well as to learn from challenges. However, you don’t tend to overthink things until you suffer from decision-paralysis.
You are a whirlwind of ambition and create your own sense of urgency. That’s what makes the standard 9-5 routine just as uncomfortable as that darn suit and tie. You just want to hit the ground running. You want to help others get out of tough situations, and you love nothing more than the feeling of transforming something with inherent challenges into a success for everyone involved. This why a career in real estate investing probably appeals to you and why the benefits of a real estate investing franchise might be right up your alley.
Which Franchise Persona Best Suits You?
Managing a successful business that gives you professional satisfaction must complement your individual characteristics. Certain types require more of particular characteristics than others. Thinking about what qualities are most important to you and which you feel most confident in can help you identify your specific Type, and which franchise industry your strengths would be best suited to.
The Advisor Type
The Executive Type
The Manager Type
The Entrepreneur Type
The Nitty-Gritty of Franchising: Which Fits Your Lifestyle and Goals?
Personality characteristics are a major driving factor in pursuing different franchise opportunities, but there are also a number of practical considerations to take into account. Do you prefer a regular schedule, or are you willing to work nights and weekends? Will you be juggling family commitments? What are your current financial resources and future goals?
|Senior Care||Restaurant||Retail||Real Estate|
|Daily Schedule||9-5 days, but you will be on-call for staff and clients 24/7||Pinch-hitting shifts, day or night||Somewhat flexible within an extended business day.||Great news—you make your own schedule!|
|Financial Commitment||Mid-range, depending on the location and brand||Even a fast food franchise can cost upwards of half a million.||Varies widely according to product types and business models, as well as factors like payroll, number of employees, and how many shifts you are willing to work yourself.||Relatively inexpensive upfront costs, with possibility for a more budget-friendly part-time option to start.|
|Work/Family Balance||Can be a tricky schedule to manage with small kids.||Kids will miss you when you have to work nights.||Long store hours can keep you away from home.||You own your time and can be at your kids’ events!|
|Earning Potential||Steady target market but constrained within your region.||Hopefully the franchise doesn’t allow too many restaurants in one area.||You’ll need to do a lot of marketing to maximize your bottom line.||The sky’s the limit! You can push your business and earnings as far as you want.|
|Franchise Support||Some support but you will be creating your business workflows from scratch.||Extensive training provided but you will be held up to strict performance standards and penalized for not meeting the mark.||Ranges from classes and seminars to networking conferences.||Solid training program, mentors, networking opportunities, and proprietary software—all included.|
Getting Started in Real Estate Investing If You Are an Entrepreneur
Of the four types, entrepreneurs tend to be outliers—personalities with innate vision and drive to single-handedly take the bull by the horns in real estate investing. As flexible self-starters, entrepreneurs revel in unchartered challenges, but have taken the time to develop a network of support. The HomeVestors® franchise model can provide that support for entrepreneurial personalities who are new to investing, or who already have real estate experience and want to do even more with it. Each new franchisee is provided with training in proven investment strategies and is paired with a Development Agent—a local expert consultant and sounding board for optimal business decision-making. This mentorship and support, combined with the unique HomeVestors’ “We Buy Ugly Houses®” branding—as well as accessible tools like the proprietary ValueChek® software—ensure that Entrepreneurs have everything they need to become independent business owners while also being a part of a community and network of like-minded individuals.
If this sounds like the right combination of independence and support for you, get in touch with HomeVestors today and find out more about franchise opportunities that could be ideal for your personality. And, if you are ready to take the first step toward finally becoming your own boss, you can request franchise consideration today.