Summary: “Provides a brief explanation of some of the top characteristics or traits to become a successful franchise business owner”
Owning a franchise lets you own a business without the pitfalls normally associated with a new company as you have access to all the resources from an already successful business to help you. The business model has already been tested, any necessary training and advice is supplied to get you started and your supplier can be trusted. The likelihood of failing is minimal, as long as you fit the type of qualifications the franchisor is looking for you are ready to go.
So what are the essential characteristics that will make you a successful franchisee?
One of the most important aspects of running your own business is good people skills. Your customers and staff are who make your business a success and how you treat people will reflect on your relationships with them and your business reputation. Treat your staff and customers with trust and respect and they are likely to return the favor and remain loyal to you. Your staff will be more motivated if you show them you value their opinion and take time to listen to their point of view.
Showing good people skills is all about understanding people’s needs by taking the time to listen. A good franchisee should not be locked away in the office but out there on floor making contact with customers and employees. If you are an impatient person who likes to spend a lot of time alone then a franchise business might not be for you. Your main role as the owner is to provide management and supervision and guidance and motivation to everyone involved. A wide range of skills are essential, from the ability to negotiate good terms with your suppliers to getting to know your customers and motivating your staff.
Running a franchise is not easy, it takes a hard worker and a great deal of drive to make it successful and reap the rewards. Those franchisees who achieve the most are not afraid of hard work and happy to put in the hours required to get the job done.
When you buy a franchise you have to be willing to follow the franchise system, it is there for a very good reason as it has been tried and tested before by many others and has been proven to work. Thinking you know better and fighting against the system will likely lead to failure. Trusting in the system by following it carefully can make your business accomplish much more, follow the marketing techniques and strategies that are proven to work and you can’t go wrong. Look over the system carefully to see if you think you can agree to the conditions before making any final decision.
It is essential to be highly motivated if you are considering owning a franchise business. If you want to succeed it is important to ask all the right questions of the franchisor, effectively you need to pick their brains to get a good understanding of the business and how it can be run effectively. You need to have a good attitude towards work and show that you can work alongside your employees, whether it is in the office on the store floor or out in the field. If your employees see that you are not afraid to get your hands dirty it will motivate them to work harder and you will earn their respect.
The ability to delay gratification is also a key to a successful franchise business. Generally you should not expect to make much profit the first year, so if you are serious about owning a franchise business you will have to tighten your belt, don’t book any expensive trips and delay buying that new car for a year or two. You will also need to ensure you have sufficient working capital to tide you over in the first year and cover costs until you start to see a profit.
When a franchise is run correctly and has a motivated and energetic owner who listens to advice, then there is nothing to stop it from being successful. It takes a creative thinker and a determined character to achieve in this business, but you must also realize that there are people to help who have been through it all before and learn to call them for assistance. Owning a franchise is a full-time role and you have to be committed to joining in every task that needs doing. If you are interested in franchises for sale then look online to see what is available.