Many of my acquaintances and clients are asking a valuable question. What are the traits required to become a successful franchisee?
Not everyone is suitable to become a successful franchisee and here are some of the key traits or characteristics of a successful franchisee.
- Passion: The passion is a key driver for the success, passion for your brand will be very evident to your customers and will be contagious as well. A franchise with a passion for success and for the product or services they are selling will go above and beyond to make sure their business is successful.
- Risk aversion: Business owners will have to take risks; however, it is important this is not gambling. You are willing to take small and controlled risks. Any business start-up involves some risk of failure, but a strong franchise with a proven track record of success will minimize this risk.
- Willingness to Learn: The motto of franchising is “In business for yourself, not by yourself.” Successful franchisees look for opportunities to learn from others in their franchise system. It’s important to understand that you will need to accept training and guidance from the franchisor. Every circumstance – positive or negative -should be viewed as a learning experience that can help you get to the next level and become even more profitable and successful.
- Stick to the Plan: This is critical when opening your franchise business. In the beginning, marketing seems to be last on most owners’ lists of things to get done, but this should be on the top of the to-do list. Study the franchisor’s build-out specifications to answer the questions you have during build-out and opening. This will give you more time and headspace to focus on marketing early on.
- TeamPlayer: Your employees are going to be looking to you for inspiration and leadership. Be the leader and team player you would want to have.
Franchisingis notan independent enterprise. Franchise agreements require you to follow set of business practices established by the franchisor and used aspecific withsuccessby other franchisees. Uniformity is necessary so that customers knowwhatto expect at any franchise location. The ability to follow a system andplayby the “rules” is not only expected of a franchisee, it isrequired.
: Don’tget overwhelmed withthe amount of information that comes your way .Channelit, summarize it, and communicate it to your team to help them. Inreturn, they will help you be successful.
: Anybusiness including franchise won’t be built in a day, a month, or possiblyevena year. It can take time to see success; meanwhile, long hours and a lotofsweat equity will be the norm. A franchisee who can keep expectationsrealisticwill have an advantage over others who may not be patient enough tokeepmaking the effort long enough to see profits and success. Networkingand Community focused: To really accelerate sale, serve the community ,helpothers and develop networkwith other business owners. It’s a long- termplan, so be patient but will definitely bring you success.
workaffinity: Successful franchisees have a willingness to do whatever ittakesto get the job done. This attitude shows in their every action– puttinginlong hours, handling multiple tasks. No matter what franchise you’reinterested in, you can be sure it’s going to take work to make it successful .Thebest franchisees know and accept that fact. FinancialAptitude: Running a franchise requires financial knowledge, includinghowto figure out profit and loss, labor and materials costs, and do accountingforthe business. Financial stability often needs to be demonstrated before youcanpurchase a franchise. Successful franchisees have a propensity for handlingfinancesboth personally and business-wise.
If you have all or most of these qualities, and have a desire to be business owner, running a successful proven franchise business then, we want to talk to you. Let’s get in touch.