So, you think you have what it takes to be a successful franchisee? Or at least you hope you do! Buying into a franchise is one thing, however, being a successful one is a whole different ball game (excuse the pun)!
Read on to discover what we believe are the top traits a successful franchise owner poses. Of course, the following traits aren’t everything you will need to be a good franchisee, but having them certainly would indicate that you have a good foundation for building your own successful business.
If you’re thinking of buying into a franchise then you may also like to read 6 Things To Do Before Buying A Franchise
Are you dependable and conscientious? Franchisors have spent countless hours and money developing a brand and business system that works well and they are able to advertise it to others. Good franchisees are ones that the franchisor can trust to carry on the brand’s name, the franchisee and franchise owner have to both be mutually reliable for the partnership to work.
2. Solid Leadership Skills
Possessing the skills of a business owner or manager will really help you in this endeavour. You will be managing your own team with little help from outside so solid leadership skills is essential. Experience in dealing with others and leading a team to be able to accomplish goals will certainly help you.
3. Hard Working
If a franchisee puts in the hard work from the beginning and maintains that work ethic, success is far more likely to happen. This work also includes the research process before choosing a franchise. To read more about this read our article Should I join a franchise? To gain further insight on if it is right for you
4. Willing to Delegate Work
Just because it is your business doesn’t mean you have to do it all by yourself. Asking for help is a great sign of a good leader and doing so leaves you with more time to focus on the parts you excel in and means you will spend less time on the parts which aren’t necessarily your strong points. Delegating work will also help to take some of the pressure off the franchisee and enable the franchisee to concentrate on other elements of the franchise business that can enable growth. It is a win-win all around.
5. Willing to Ask for Help
Similar to the point above, asking for help when you need it is a sign of a great leader. And, this means asking for it at the right moment, not leaving it until the last desperate minute. It’s okay to have pride in what you do, but don’t be so prideful that you won’t ask for help when you need it. Willingness to ask for help is a key part of maintaining successful and healthy partnerships for your franchise venture.
6. Willing to Learn
Part of business success is continuous learning. Good franchisees learn from other people to understand the ins and outs of the business, as well as ways to get better. Good franchisees are willing to learn from not only the franchisor and other franchisees but also customers, in order to make their franchise a rewarding and profitable success.
In addition to this, don’t be too worried if you don’t have specific industry experience as the franchisor will provide you with training and support to help make your franchise a success. But, only if you’re willing to learn.
A successful franchisor is dedicated to its brand. Running a franchise requires a strong drive and motivation for success. A brand’s success depends on the customer’s way of perceiving it. So, if you opt for a very relaxed approach towards how you run your franchise then you are not going to get the returns you want. Your customers will also mirror this and won’t be dedicated to the brand either.
This one is more about the franchisor than the franchisee. Hence why choosing which one to opt for can really be the difference between being successful and not. Franchisees can only be successful if they receive total support from the franchisor. Successful franchisors offer more to their franchises than just a brand name and a proven business model. Franchisors should assist with a whole range of services prior to starting and all the way through their partnership.
You can read more about our franchise model here at Baby Ballers here.