There are many traits that successful leaders and entrepreneurs possess, traits like being attentive and highly motivated. But what traits should every franchisee have? Should you be a hard worker or maybe a good listener? There are dozens of traits that successful franchisees should have but for time's sake, we've shortened the list below to 4 essential traits.
Successful franchisees have to be successful leaders. A great leader is someone who is influential, with good decision-making and communication skills. Not everyone is born a leader but with patience, anyone can learn the traits of being a good leader. It's important (although it's not required) when starting a franchise that you have some experience leading a group or team, or holding a position in management.
Franchisees have to be risk takers, there's no way around that. When going into business, whether there's a proven business model in place or not, there is an implied amount of risk that's going to be taken. When starting a franchise, that implied risk is reduced compared to a start-up company. A great franchisee will take calculated risks; risks that will help make their business grow its revenues. It's essential to take these risks and make important decisions to create a thriving business.
When starting a franchise, being/becoming a good communicator is imperative. Franchisees must maintain clear and effective communication with their management team and employees. Franchisees will also need to stay in constant contact with the franchisor, customers, and suppliers. Ineffective communication could cause a hiccup in any part of the business cycle and serious issues down the road. Similar to being a great communicator, franchisees should also be able to network and manage business relationships effectively.
Willing to Learn
The business world is continually changing and to help combat this, many franchisors are constantly updating their training and support materials. Franchisees should be able to take any advice and training by the franchisor and effectively apply it to their business. Those willing to learn the ins and outs of the business are more likely to succeed.
All the traits listed above can be learned and perfected with hard work and determination. All successful franchisees don't fit into the same mold; there are all kinds of personalities and management styles. Finding your management style is part of the process but it's imperative that you're able to lead and communicate effectively with your employees.