Franchise Investments – Do I Need Previous Industry Experience?
Most franchise opportunities don’t require that you have industry experience in order to qualify as a new franchisee, and in a few cases it is actually preferred that you don’t have any previous industry experience. Like all conversations of this sort there are exceptions, and we will note a few below.
In many ways one of the most important characteristics of that franchise systems look for in a prospective franchisee, is a willingness and an ability to follow a system. After all, much of the value that a good franchise brings to the table is a system that helps new business owners avoid common mistakes. Franchise owners who aren’t willing to follow the system are much more likely to make common mistakes, and be dissatisfied in the long run. Potential new owners with extensive industry experience are often less likely to fully engage in the franchise’s training program, and are much more likely to want to do things that don’t support the system.
Conversely new owners, with less industry experience are often anxious to learn and grow. New owners who are willing to trust their franchise system, follow the well-documented procedures, and go out of their way to follow established procedures, will often find themselves receiving a high level of support from the franchise organization, which has the potential to shorten the path to financial success.
Training varies among franchise systems, but most systems include intense up-front training. Some systems also include extensive on-site training, shared sales calls etc., and almost every system has some sort of ongoing training that is delivered via conference calls or the Internet.
There is one notable industry segment that often looks at this differently. The food-services, or restaurant industry often seeks out new owners who have had industry experience. There are several potential reasons for this, but in general running a restaurant is hard work, it often involves long hours and an ability to deal with an employees effectively, and presumably food-services franchisors want individuals who know what they are getting into.
In short, if you are looking to buy a franchise, don’t worry too much about previous industry experience, and emphasize any experience you might have in management, sales, and team work. Most great franchise systems love new owners with these characteristics.