Question: I’m thinking about applying for a franchise business but I’m not really sure what it takes to succeed. What are some of the key characteristics and skills I will need to maximize my potential for success?
Answer: This is a terrific question and one of the most important things you should be focused on as you contemplate a possible move into franchising.
There are five key characteristics that will determine your success as a franchisee.
Although some people think being in business as a franchisee is a big gamble, nothing could be further from the truth. Gambling belongs in a Casino.
Successful franchisees are typically risk averse. Sure, they understand and accept there is some risk inherent to running a business. But they want that risk to be as calculated and minimal as possible.
Every new business start-up involves some element of risk. A strong franchise with proven systems and a track record of success with a strong business model, good training and on-going support will minimize that risk.
Successful franchisees do their homework with in-depth research and analysis before committing monetarily or emotionally to a deal. They understand what they are getting into.
Maybe you think success as a franchisee requires you to be a true entrepreneur. Nothing could be further from the truth.
True entrepreneurs have an almost insatiable desire to reinvent the wheel based on an unbridled confidence they can figure out how things should be done to maximize results.
Successful franchisees prefer proven systems. They don’t want to constantly try to figure out the best way to do something. Successful franchisees want a proven, easy to follow system, with training and support, that shows them the best way to operating the business. They are willing to listen and learn from others to avoid making the most common mistakes, so they can travel a quicker, easier path to profitability.
The overarching motto of franchising is, “In business for yourself, not by yourself.” Most successful franchisees adopt the philosophy of “when in doubt, ask.”
Successful people actively embrace opportunities to learn from others within their franchise system. The best opportunity to maximize success is to constantly ask for the advice of the franchisor support staff and other successful franchisees.
Be comfortable and confident in asking for help when needed.
Affinity For Hard Work
Successful people have a willingness to do whatever it takes to get the job done. They are not watching the clock. Their actions make this abundantly clear. Success in your own business means putting in the hours to get the work done.
Regardless of the franchise concept, it will take lots of hard work to be successful. The most successful franchisees understand and accept this.
Strong People Skills
Effective interaction with employees and customers is driven by strong interpersonal skills.
Strong people skills will build enduring loyalty, value and trust. Customers, suppliers and staff enjoy working with people they like. This may be the most important attribute of all!
Some successful franchisees find there are many days when life is a little lonely at the top. You will need to be self-assured enough to embrace this challenge. Those around you cannot be expected to constantly pat you on the back and tell you how great you are.
As you go through the early research and analysis, you will need to be honest with yourself. Do you truly have the characteristics necessary for success as a franchise owner.
If the answer is no, or there is some doubt, then you need to ask yourself if you can focus on applying yourself so that you can effectively show these characteristics through your actions?
If you can honestly answer yes to these questions, then you are well on your way to becoming a successful franchisee.
As always, take the time to thoroughly research and analyze franchise opportunities. Be sure to focus on the concept that matches your experience, skills, lifestyle and financial strength. Then you will be set for success.
My team will help you find the fit that best matches your skills, experience, passion, lifestyle and financial strength. We help you find the best concept for you, whatever the industry.
We work with 100s of franchisors in a variety of industries. Let’s discuss your goals.
From the beginning, my team is committed to developing a unique and thorough system of candidate qualification and franchise selection. We help you find the best franchise for you.