Have you ever worked at a franchise? Whether it was just a high school job, a part-time side hustle or a managerial position, being a former franchise employee puts someone in the perfect position to become a franchise owner.
Whether they’ve worked there for one year or decades, their position within that franchise means they have unique knowledge should they wish to transition to business ownership.
They’ve got the insider perspective.
Former employees know the inner workings of a business that the public just doesn’t get to see. This could be anything from what the opening procedures look like to an example of really great (or really bad) management for that particular business. They’ve also had exposure to the franchise’s business model. This means they’re more familiar with their branding, marketing, etc. than the average Joe. Essentially, they have a good idea of what they’re dealing with before they even have to do any discovery work.
They’ve seen the rewards.
Those who were former franchise employees have also seen the rewards that franchisees have gained by investing in the company. While others can understand in theory that their chosen franchise is a good bet, former employees know it for sure. After all, they have first-hand knowledge/proof.
This is a great motivator for someone who is determined to make the same happen for themselves as well.
They know what they’re getting (and so does the franchisor).
Thanks to first-hand knowledge, former employees are typically more prepared in some aspects than others to run their business. On the other side, franchisors have an easier onboarding process to face. They will only need to spend a fraction of the time they would spend on a non-employee. Because former employees know the product/service and the types of people involved, they have a great head start on the practical operations.
Additionally, things like a company’s values, mission, points of differentiation, etc. can take time to truly understand and witness in action. Not so for a former employee, as they typically already know all this information (and know how to utilize it). While there’s plenty of other things to learn, this gives them a boost over other franchisees.
Even if you’re not a former franchise employee, just having experience in the industry can help. At the very least, you should strive to choose a franchise that matches your skills and/or interests.