Franchising, which was once thought to be a sphere for men only, has been seeing rapid changes in the status quo over the past decade. If numbers are to be looked at, then according to a review published in the 2021 article of Franchise Business Review, every 1 in 3 franchises is now owned or co-owned by a woman franchisee. And this changing dynamic is owed to every lady boss out there who chooses to challenge the status quo and make a mark in the otherwise male-dominated industry.
So, what is it that sets a lady boss apart from the rest of the crowd? And how can you enter the arena of franchising and make your own mark as a lady boss? Read along, because this just might be the final push that you need to finally take the plunge and get into franchising as a business owner.
Do Your Homework – Research About The Ins And Outs Of The Industry
Whenever we think of getting started with any new project, we often find that the first step is the hardest. It is always a little too confusing, overwhelming, and sometimes, even downright frustrating to figure out what your first move should be, and in which direction you should place your first step. Well, franchising is no different.
When you first think of becoming a franchise owner, you may be overwhelmed with all these questions about how franchising works, which business will suit you, which business will give you the greatest growth potential, etc. – the list of doubts is endless. It is okay to be overwhelmed at first – almost every successful lady boss that you see out there in the market has been where you are right now. The first step is heavy for all.
What you need to do to ease this feeling of being overwhelmed is to first relax, and then open up your favorite browser on the internet, and start researching. Read up about franchising – the different franchising models, different industries to venture into, and even case studies of different franchise owners in the industries of your choice. Learn as much as you can about these 3 things:
What exactly is franchising, and how does it work?
How does franchising work in the industry of your choice?
What did the franchise owners of the industry of your choice do right, and where did they go wrong?
Ask The Right Questions
Once you’re thorough with your research, the next step is to take some time and introspect. Ask yourself questions like:
+ As a business owner, what will be my vision and mission?
+ Which industry aligns the best with my vision and mission?
+ What are the skills I have that will act as my strengths as a franchise owner?
+ What are the skills I need to build myself as a successful business owner?
+ What are the resources I have to aid me in venturing into franchising?
+ What are the resources I need to gather to start out as a franchise owner?
+ Where can I find a community of franchise owners to tap into for knowledge?
This list of questions is not exhaustive – it is just to nudge you in the right direction for your introspection. The goal here is to become completely aware of your needs, skills, resources, and vision that will help you build a business that aligns with your values. This introspection will act as the groundwork for laying your foundation as a business owner.
The Golden Rule Of Succeeding In Any Business: Networking
Once you have clarity on what business you expect to own and build, the next step is to start networking with the franchise and business owners in the industry and tapping into their experiences and knowledge to gain insights. Networking is often the part where a lot of the new franchise owners do not pay much attention. This is a very common beginner’s mistake.
When you step into the arena of businesses, networking is going to be your holy grail. You need to know how to find the right people and how to ask the right questions – and that only comes with practice. So, stop shying away behind your screen, and step out into the arena.
Talk to the people in the business – ask them about their journey, ask about the hardships they faced, and the thing that kept them motivated through the lows. Ask about their highs and the experiences that taught them invaluable lessons. Ask them what makes them the businesspersons they are today. And then let them know about your strengths. Tell them what makes you unique, what is your USP as a business owner, and what are your values and motivating factors that made you venture into this industry.
Find A Strong Pool Of Mentors
After all that research, introspection, and networking, you will be crystal clear about the business you want to invest in. The key, now, is to find strong mentors in that business. When you invest in a franchise, you are not only becoming a business owner – you are also joining an existing pool of business owners; and, in a franchising model, the success of the brand is tied to the success of every one of its franchises. So, in essence, your success as a franchise owner will, at least in part, be tied to the success of the entire network of franchise owners.
The key to success, then, is to be able to make strong ties with the existing pool of business owners. Find people who have been in this business for a long time and have maintained a consistent level of success and growth. Find strong mentors who will be able to guide you through the lows of the business and teach you how to maintain consistent growth during the highs. Tap into the resources of the system to build your franchise.
Always Have A Learner’s Mindset And A Leader’s Outlook
Business is dynamic – and so, as a business owner, you too need to be dynamic. Be open to changes. Let the learner’s mindset keep you driven towards learning more and more about the ins and outs of the industry. Every industry sees new opportunities, new technologies, new people, and new phases – and as the owner of a franchise in the said industry, it becomes important for you to keep yourself up to date with what’s happening in the industry.
Having a leader’s outlook comes with a broad spectrum of skills and capabilities that you need to develop in order to succeed as a franchise owner.
Team Building: as a leader, you need to be able to create a strong team of your own that delivers the quality that your vision demands.
Leading By Example: this is where the key to successful leadership lies. Your team will only be as skilled, as up-to-date, and as open to changes as you are.
Steady Through The Lows: having highs is the goal, but having lows every now and then is the reality of every business. What matters here is how you navigate your team and business through the lows.
When you own a franchise, you are the captain of the ship. Your team will sink and sail with you. So, buckle up and hone the leader in you – take over the wheel.
If the beauty industry seems like where you can see yourself growing as a franchise owner, and if you’re confused about how to take the first step to venture into it, reach out to us through the franchise section of our website www.lashandcompany.com – we are a med-spa with an ever-growing family of franchise owners with the right tools to help even new business owners with no experience take their first steps into owning a business in the beauty industry.