Franchise Owners

Any prior business experience—especially in management—will be useful for aspiring franchise owners.

As with any small business, you need self-motivation and discipline in order to make your franchise unit successful. Though you'll have some help from your franchiser, the responsibilities of ownership are your own. You'll also need a good credit rating to be eligible for a bank loan, or you'll need enough money of your own for the initial investment. You should be fairly cautious—many people are taken every year in fraudulent franchise schemes. But at the same time, you should feel comfortable taking some risks. Other important traits include strong leadership skills, top-notch organizational and time-management skills, and a willingness to continue to learn throughout one's career.