David Graham, CEO at Code Ninjas offers advice on how to decide what type of entrepreneur you are…
What do Bill Gates, Henry Ford and Oprah Winfrey have in common” Aside from the fact that they?ve all built considerable and profitable empires, there isn’t a lot else that links these three entrepreneurs. They all have differing qualities, attributes, strengths and connections. But what they do share – aside from the drive to make a change in their respective communities – is an understanding of their niche skillset and how to outsource support where needed.
Before investing in a franchise, it’s critical that you have a comprehensive understanding of the sort of entrepreneur you are. This will help you to recognise the particular attributes you will bring to your new venture, as well as highlighting any potential gaps in knowledge.
To help you decide which category you fall into, here are the six key entrepreneur profiles.
1. The strategist
First and foremost, the strategist is a detail person. They constantly keep an eye on the bottom line and tend to feel more at ease with an Excel spreadsheet than the average business owner. They thrive on structure, routine and have an ability to recognise patterns, trends and, therefore, inconsistencies.
Although an understanding of financials is a fundamental component of running a profitable franchise, running a business isn’t just about keeping an eye on the numbers.
Managing a team and appealing to consumers also takes a great deal of personability and communication. If you’re looking at potential franchise investments, opt for a brand that equips you with the necessary onboarding tools to train staff and liaise with clients, as this could be difficult to navigate if you tend to busy yourself with the details.
2. The innovator
The innovator has visionary ideas. They?re often able to think outside of the box because they?ve lived and breathed their industry for a considerable amount of time. Their goal is to make processes quicker, more profitable and seamless.
When it comes to franchising, the franchisor requires you to follow their tried-and-tested model. This will sometimes limit the level of creativity you can inject into your new business. However, many franchisors encourage an atmosphere of innovation, asking franchisees to suggest new ideas and ways of doing business. Find out from brands how regularly they host franchisee forum events or conferences – these usually offer franchisees an opportunity to air their views.
3. The imitator
The imitator likes to do things by the book. They perform well when replicating a known method and don’t often deviate from the model. The imitator, in theory, is the perfect franchisee, because operating a franchise is essentially running a business by systems.
The most successful franchisees aren?t afraid to take calculated risks to improve the functionality of their business. Although any alternations to operations will need to be discussed with the franchisor, don’t assume that on the day you sign your franchise agreement, you?ll be equipped with a start to finish business handbook and be sent on your merry way. Businesses thrive when leaders innovate
4. The controller
Also known as the technician, the workhorse or the gofer. The controller isn’t afraid to roll their sleeves up and get on with the hard work, but this also means they can struggle to delegate.
When you invest in a franchise, even if you’re taking on a single owner-operator franchise, you’re not buying a job – in most cases, you’re creating employment and career development opportunities for the talent in your community.
Rather than busying yourself with the operations of your business, you should be leading your team to success and implementing a strategy that can be maintained in your absence. A quality franchisor will help you find the right balance between simply working hard for a living and working hard for your future.
5. The activist
Many of us can recognise the activist in ourselves. The activist wants to make a positive change for others. They?re invested in the positive impact they can have on their community, whether that’s in terms of employment opportunities, charitable efforts or the quality of service they provide.
The activist can often be found enquiring about children’s services or care franchises, as they see the value in fulfilling a demand that directly improves people’s lives. However, there are many franchise brands that invest significant resources into making a positive change for others, so do your research and look for brands that are community and environmentally conscious.
6. The go-getter
Often incorporating all of the entrepreneur profiles above, the go-getter’s motivation for starting a franchise can come from wanting to shun the 9-5, daily commute and tedious office politics. They dream of starting a business in their own right, finally reaping the rewards of their hard work and establishing long-term goals. There’s a go-getter in all of us; in Bill, Henry and Oprah too.
Motivation is what drives any entrepreneur to take the first steps on their journey to business ownership. But by relying on the quality and unrivalled support of a franchisor, you have the potential to take your business to new heights. Understanding your own motivations for success is the key to finding your own momentum and will help you determine which franchise opportunity is the right one for you.