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Traits of Successful Franchisees

Traits of a successful franchise owner

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 not an independent enterprise. Franchise agreements require you to follow aspecific set of business practices established by the franchisor and used withsuccess by other franchisees. Uniformity is necessary so that customers knowwhat to expect at any franchise location. The ability to follow a system andplay by the “rules” is not only expected of a franchisee, it isrequired.
  • Communicate:Don’t get overwhelmed with the amount of information that comes your way.Channel it, summarize it, and communicate it to your team to help them. Inreturn, they will help you be successful.
  • Patience:Any business including franchise won’t be built in a day, a month, or possiblyeven a year. It can take time to see success; meanwhile, long hours and a lotof sweat equity will be the norm. A franchisee who can keep expectationsrealistic will have an advantage over others who may not be patient enough tokeep making the effort long enough to see profits and success.
  • Networkingand Community focused: To really accelerate sale, serve the community,help others and develop network with other business owners. It’s a long-termplan, so be patient but will definitely bring you success.
  • Hard-workaffinity: Successful franchisees have a willingness to do whatever ittakes to get the job done. This attitude shows in their every action–puttingin long 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.The best franchisees know and accept that fact.
  • FinancialAptitude: Running a franchise requires financial knowledge, includinghow to figure out profit and loss, labor and materials costs, and do accountingfor the business. Financial stability often needs to be demonstrated before youcan purchase a franchise. Successful franchisees have a propensity for handlingfinances both 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.