Franchise Owner: Qualifications, Responsibilities, and What to Expect

Franchising offers a turnkey business with strong growth potential—more than 15,000 franchise locations were slated to open in 2024. To determine if becoming a franchise owner is a good fit, we’ve got the rundown on qualifications, responsibilities, and what to expect on your journey.

Owning a business can be risky. At least 20% of businesses fail within the first year. Franchising helps minimize risk by enabling entrepreneurs to be their own boss with a brand that already has a track record of success. As a franchisee, you get training, ongoing support, and group buying power. Your franchise system offers insights and strategies to conquer any hurdles. This safety net requires you to pay royalty and advertising fees, but for many entrepreneurs, the benefits of franchising outweigh the cost.

Do I Have What It Takes to Own a Franchise?

Successful franchisees come from all walks of life. You don’t need experience in the franchise industry you choose to achieve your business goals. Franchisors provide comprehensive training on business ownership, including onboarding and ongoing guidance. But there are specific qualifications you’ll need for your business to thrive.

If franchising sounds like the right path for you, here’s what you need to qualify:

Financial Requirements

To be a franchisee, you’ll need to meet certain financial requirements, depending on the brand you choose. Most have a net worth and cash requirement threshold. While Taco Bell requires franchisees to have a net worth of up to $5 million and a cash requirement of $2 million, a home services franchise like AdvantaClean only requires personal wealth of $300,000 and liquid capital close to $84,000.*

Personal Skills

To be successful in franchising, you’ll need to be a strong leader and follow a proven system. You don’t necessarily need industry-specific experience, but a passion for customer service and business operations is essential.

Business Acumen

When it comes to franchising, numbers matter. You’ll need to be able to read financial reports and maintain a budget.

A Day in the Life of a Franchise Owner

Even if you have the skills to own a franchise, it’s crucial to take a beat to determine if you’re ready to chart a new course. A franchise owner is tasked with managing the business, overseeing operations, ensuring adherence to franchise standards, hiring and training staff, and maintaining customer satisfaction. Part of your role will be to think strategically about your business to ensure it stays nimble as customer needs evolve.

Even though you’ll have to handle the many responsibilities of a franchise owner, you can set their own schedule. This can be a perk if you’re tired of the 9-to-5 grind of a corporate job. You can carve out time in your day for family commitments, enabling you to achieve work-life balance.

Owning a franchise can be challenging, but the rewards associated with controlling your destiny can outweigh the demanding pace it requires. And having a franchise network acting as a sounding board ensures you’re not alone.

Is Becoming an AdvantaClean Franchisee Right for You?

AdvantaClean is a leading mold remediation franchise with low initial investment and high-profit potential. We’re looking for people with business acumen, natural leadership, and a passion for improving their communities.

“The right fit is not just someone who’s looking for AdvantaClean as the right business model. It’s someone who will also feel like they’ve found themselves in a place of purpose because they’re dealing with a way to genuinely serve people,” said Pete Jarvis, an AdvantaClean franchisee in Indiana.

In addition to offering strategic vendor partnerships and a centralized call center to generate leads, AdvantaClean is backed by the strength of Home Franchise Concepts. The home services giant has 10 brands, including Aussie Pet Mobile, Bath Tune Up, Budget Blinds, Kitchen Tune Up, Light Speed Restoration, and Two Maids.

If you’re ready to learn more about franchising, fill out and submit our franchise inquiry form to connect with an expert from our team.

*See FDD for details.