Becoming a franchisee is not for everyone, but franchisees who find success have many characteristics in common that help them along the way. Think you have what it takes to be successful in franchising? Here are the top 10 traits that successful franchise owners possess:
1. Leader / Communicator.
Successful franchisees are typically successful leaders. A great leader is someone who is influential, with good decision-making and, most importantly, excellent communication skills which are necessary for leading and motivating staff as well as ensuring that the franchise provides top-notch customer service.
Though the implied risks of starting a business are reduced with a franchise versus a startup, there are some inherent risks that come with investing in a franchise. A great franchisee should be comfortable with taking the chance on a franchise being successful as well as be able to take calculated risks that will help make their business grow.
3. Willingness to Learn.
There's not much room for ego in franchising - you need to be willing to learn and grow. 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.
Being adaptable is key as a franchisee. Possessing the ability to be flexible and adapt to changing circumstances is a must as well as being resilient and able to bounce back from missteps as you establish your new business.
Like all kinds of business leaders, franchisees face a steady stream of advice and criticism on a daily basis. The ability to roll with the punches, persevere and take advice from others is critical. Being thick-skinned means not being easily offended by feedback from the franchisor, customers and employees alike.
6. Team Player.
Franchising is not an independent enterprise. Franchise agreements require you to follow a specific set of business practices established by the franchisor and used with success by other franchisees. Uniformity is necessary so that customers know what to expect at any franchise location. The ability to follow a system and play by the "rules" is not only expected of a franchisee, it is required.
7. Financial Aptitude.
Running a franchise requires financial knowledge, including how to figure out profit and loss, labor and materials costs, and do accounting for the business. Financial stability often needs to be demonstrated before you can purchase a franchise. Successful franchisees have a propensity for handling finances both personally and business-wise.
Rome wasn't built in a day, and your franchise won't be built in a day, a month, or possibly even a year. It can take time to see success; meanwhile, long hours and a lot of sweat equity will be the norm. A franchisee who can keep expectations realistic will have an advantage over others who may not be patient enough to keep making the effort long enough to see profits and success.
9. Results Driven.
Although you receive help from the franchisor, your success as a franchisee is ultimately up to you. Successful franchisees are driven by setting and obtaining measurable goals to stay focused and on track towards making the franchise a success.
Without the passion and drive for success, it is unlikely that you will be successful. Likewise, a passion for your brand will be very evident to your customers and will be contagious as well. A franchisee 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.
Do these traits describe you? If so, you may be well-suited to franchising. Browse our list of Top 100 franchise picks to find your franchise today.