Written by
Matt Frentheway

Choosing a Franchise for Your Leadership Style

When diving into the franchise world, it's easy to feel swamped by the sheer number of options. So, how do you sift through to find your perfect match? Believe it or not, a key factor in this decision should be your leadership style. The way you run a business, engage with customers, and manage employees can significantly influence which franchise is the right fit for you.

Today, I'll walk you through how to align your leadership style with the right franchise opportunity. We'll explore three crucial aspects: operational focus, risk tolerance, and level of involvement. Let's dive in.

Operational Focus: Are You a Builder or a Maintainer?

Builders: The Growth-Seekers

Builders thrive on launching new ventures and sparking growth. Their energy is infectious, driving their teams toward new opportunities. However, they might find the day-to-day operations of a mature business less thrilling. If this sounds like you, aim for a franchise with untapped growth potential. Think new concepts, broad customer bases, or the possibility of expanding into multiple units. Just remember, you'll need a strong maintainer to keep the ship steady while you chart the course.

Maintainers: The Stability Masters

Maintainers find their rhythm in the routine. They're the rock for their team, capable of sustaining long-term engagement and ensuring the business remains on an even keel. If you identify as a maintainer, consider franchises that are more about maintenance than rapid growth. Home-based or single-unit franchises could be your best bet, providing you with the stability to leverage your strengths effectively.

Risk Tolerance: Are You a Risk-Taker or a Researcher?

Risk-Takers: The Bold Investors

For risk-takers, the allure of potential big wins outweighs the fear of failure. They're the pioneers, ready to invest heavily or be the first to bring a franchise to a new market. If you're comfortable with high stakes, look for franchises that offer significant rewards for significant risks, such as market exclusivity or first-mover advantages.

Researchers: The Careful Planners

Researchers move cautiously, preferring to learn from others' experiences and avoid unnecessary risks. They're suited for franchises with a proven track record in similar markets. If you're a researcher, prioritize franchises that offer strong support systems and avoid being a test case for unproven models.

Level of Involvement: Are You Hands-On or Hands-Off?

Hands-On Leaders: The Heart of the Team

If you know every detail of your business and team, you're likely a hands-on leader. You're best suited to franchises where your daily presence is crucial, such as owner-operated or single-unit businesses. Be wary of micromanaging, though, and consider smaller franchises if teamwork isn't your forte.

Hands-Off Leaders: The Visionaries

Hands-off leaders trust their team to manage the day-to-day, focusing instead on the bigger picture. If this resonates with you, executive ownership or multi-unit franchises could be your calling. Just ensure you maintain regular check-ins to keep your business on track.

Tips to Become a Successful Executive Franchise Owner

Becoming an executive franchise owner is both exhilarating and daunting. If you're stepping into this role, you're likely fueled by a vision of success. But here's a reality check: achieving that success requires stepping out of your own shadow. This is especially true for seasoned executives who are wired to take the helm in every situation.

Let's dive into the strategies that can set you apart as a successful executive franchise owner.

Know Thyself

The first misstep potential franchisees often make is choosing a franchise based on personal hobbies or interests. A love for golf doesn't automatically translate to success in a golf-related franchise. The key lies in aligning your franchise choice with your interpersonal skills, business interests, and core competencies.

Consider these contrasting preferences:

  • (A) Business strategy vs. (B) Day-to-day operations
  • (A) Big-picture financial oversight vs. (B) Hands-on sales and account management
  • (A) Team building and mentorship vs. (B) Direct customer engagement
  • (A) Delegating details vs. (B) Tackling tasks personally

If you gravitate towards the "A" options, you're primed for executive franchise ownership. Otherwise, a more hands-on franchise owner-operator role might suit you better.

Learn, Then Lead

As an entrepreneur, understanding your business inside and out is non-negotiable. This means diving deep into the franchise business system, poring over the operational manual, and soaking up all available training.

But learning is only the precursor to leadership. Begin by assembling your dream team, prioritizing the recruitment of an accountant and a manager to oversee daily operations. While initially, you might work closely with them, aim to lead from a distance, empowering them to take over the operational reins. This approach not only allows you the freedom to step back but also aligns with the executive franchising goal of earning without being entrenched in day-to-day management.

Delegate, Don't Do

A true executive franchise owner understands the power of delegation. The goal is to empower your team to make decisions and execute tasks without your constant oversight. If you find yourself thinking, "If I don't do it, it won't get done right," you need to shift your mindset towards training your team to perform at their best. This transition from doing to delegating is crucial for scalability, enabling your business to exceed the limitations of your personal work capacity.

Know Where the Knowledge Is

Here lies the toughest pill for many executives to swallow: admitting that they might not hold all the answers. Success requires humility and the recognition that, once operational, the bulk of practical business knowledge resides within your team, not with you. Embrace this reality. Engage with your employees, solicit their insights, and invite them to contribute solutions. This not only leverages collective intelligence for problem-solving but also fosters a culture of ownership and accountability.

Becoming a successful executive franchise owner is an attainable dream with the right approach. If this resonates with you and you're eager to learn more, I am here to guide you at no cost. Connect with us today to explore how you can take the first step towards this rewarding endeavor.

Finding Your Fit

Remember, leadership styles aren't black and white. You might find yourself somewhere in the middle. Balancing your leadership style with the right franchise choice can be tricky, but it's crucial for long-term success.

If you're unsure where to start, I am here to help. I've guided many through this very process. Schedule a call, and let's unlock the perfect franchise opportunity for your leadership style.

Matt Frentheway

As a successful franchisee and entrepreneur, I can help you find the best opportunity to realize your dream of being a profitable franchise owner. Using my proven process as a franchise consultant, we’ll define your goals, narrow the field, and select the best franchisor for you to achieve financial freedom.