The UK franchising experts believe that one of the most important factors of running a successful franchise is choosing a franchise business according to your personality. The right match would allow you to transform your enthusiasm, passion, and interest in profits and a successful business. Every year, hundreds of corporate workers say goodbye to their 9 to 5 grinds to start their own franchise business. In the year 2017, the franchises UK sector contributed £15 billion pounds to the UK economy.
Today aspiring franchisees have a lot of franchise business options to choose from. From food franchises UK to part-time franchises and mobile van based franchises, there is something to suit different personalities, lifestyles and status goals. So how do you match the right franchise with your personality? Here is some expert advice on the matter:
Learn About Yourself
To find the right franchise fit you first need to find out more about yourself by learning about your personality and your likes and dislikes. You can do this by either writing down all your personality traits that relate to a business or take an online personality quiz such as the Myers-Briggs Type Indicator (MBTI) and the Keirsey Temperament Sorter (KTS), which are the psychology industry standards.
It is essential to be completely honest and transparent when trying to figure this information out so you can find the best match for your personality.
Hopefully, through this step, you will be able to identify key personality traits that will help you or your Franchise UK expert to determine the right type of franchise business.
Are You A Risk Taker?
Are you someone who is willing to take more significant risks for more substantial returns, then you would be okay choosing a new, more cutting-edge franchising opportunity in the hopes of getting more return for your investment. The franchise that deals with new technology or trendy food will be your best match. However, if you like to play it safe and sensible then opt for an established business with a track record of success.
Are You An Introvert Or An Extrovert?
Generally, more extroverted people are considered as better entrepreneurs since they get their energy from being surrounded by people; they have bigger social circles and can easily assume sales and marketing responsibilities. If you are an extrovert then congratulations, you will have an easier time finding the right new franchise UK for your needs, and there will be plenty to choose from. However, introverts should be discouraged as there as many franchising opportunities that will appeal to your sensitive nature such as consultation or senior care franchise.
Are You The Hands-on or Hands-off Type?
Do you like to get involved and have no problems dedicating a lot of time and effort during the day to your franchise business, then you will be in luck because most of the franchising opportunities are designed for the hands-on entrepreneur? However, fewer franchises are looking for part-time franchisees.
What Is Your Lifestyle?
Think about your lifestyle and how the franchise business will fit into it? Are you a student or you have a full-time job that is the primary source of your income and looking for some part-time franchises that will become your supplementary income? Consider if you are ok with working long hours or are you looking for something with flexible hours? Can you drive to your jobs with your mobile franchise catering to the needs of your client at the place of their choosing? Following questions are essential for you to answers of before you settle on the type of franchise you go for.
What are your Strengths?
It makes sense for you to play to your strengths and choose a franchise in which you have prior experience in, maybe from your old job or career. However, some experts encourage aspiring franchisees to take the venture as an opportunity to branch out and explore other passions or strengths.
For example, an individual that has worked as a professional accountant all his life can use his passion for coffee as an opportunity to start a coffee franchise. Doing what you love and have an existing passion for will motivate you and possibly even increase the pleasure that you get from running your own franchise.