Understand Your Leadership Style
There are dozens of leadership styles. Here are some questions I often see new franchise owners ask as they explore what kind of leader they will become when they own a new business.
Is a franchisor supposed to be the leader of its franchisees?
Are franchisees supposed to govern themselves?
How does leadership play a role in your business?
How does an entrepreneur lead?
The successful leadership of an entity requires using the appropriate leadership style for the particular situation at hand. The key leadership styles worth examining are visionary leadership, coaching leadership, democratic leadership, and authoritative leadership. Each of these styles have their strengths and weaknesses, and finding the right style for a variety of situations will allow you to succeed in almost any venture, franchise or otherwise. Similarly, different franchise systems have different types of leaders. You will want to understand what kind of leader you are and what kind of leadership you are most comfortable working with. Additionally, where the franchise system is in its growth curve is going to play a role in what kind of leader is most appropriate for that particular stage of growth. Many entrepreneurs bring in more seasoned leaders once their company takes off to handle administrative functions that they are not familiar with. Think of the early stage growth of Google when Larry Page and Sergey Brin brought in Eric Schmidt to oversee Google's growth from a start-up company to a more mature endeavor.
What kind of leader are you, and how will that impact your search for a franchise?
We want to make sure the type of leader you are and the type of leadership you are comfortable working with are a good match with the franchise system you will be entering.
Whenever you decide to pursue a venture like owning a business, it always seems like your neighbors and friends come out from the fences to give you advice. It never hurts to listen to the variety of thoughts others have, but take time to fully analyze the business model and industry from people who live with the consequences of their decisions daily, the franchisees. Business ownership is not a decision to make lightly, but for the majority of individuals who have only been employees, they may not fully understand the venture you may embark on. You will find it more valuable to talk with current and former owners of the business. These individuals have built the model you are looking to replicate, and they will have a better grasp of what the challenges are of the business and how to overcome them successfully.
If you would like to speak further on your interest level in business ownership please reach out:
Where does a business fit into your plan?