The Attributes of a Successful FranchiseePosted on: Thursday, 4 June 2015 10:45 am
For some people, it's the lasting desire to be their own boss that drives them into franchising; for others it's the chance to tackle a new challenge, one that can be professionally rewarding while also being flexible enough to fit around the important things in life. For some it's about becoming economically dependent and stable, or changing their life to something more under their control - but whatever the reason, many people from different backgrounds find themselves becoming franchisees, allowing for a huge level of diversity in skills, personalities and private passions.
There is no set of traits that works well in all franchising sectors; its very diversity is what brings such fantastic people into the mix, all of whom have something to offer, and every single franchise will have different requirements. However, there are some general attributes which bode well for those looking to get into the franchise game. Here are just a few of them.
Feeling passionate about the product or service is absolutely required. Why would you choose to invest in, and work in, a company you feel nothing for? It might be that you feel zealous about making a difference, or pushing a product you believe in - whatever it is, without passion and drive you will be wasting your own time and money.
Along with zeal, you need to be determined to make this endeavour a success. While most franchisors will be happy to help out and provide all of the support you need, it's still necessary to put in the hard work and dedication that results in a successful franchise. You aren't just an employee but a part owner in many respects, so the businesses' success is also your success.
For this reason, franchisees often get far better results than employed managers, mostly because of this determination and passion. Being willing to go the extra mile to please your customers and inspire your staff is your responsibility, but may make the difference between success and failure.
Although the main franchisor ought to be supportive and provide you with all the knowledge you need, it never hurts to take things into your own hands and build up your own network of other franchisees with whom you can share knowledge and ideas.
The great thing is that there are other franchisees who have been in the exact same situation as you, and others who one day will be - these people are a valuable source of knowledge and experience. As most franchises are set up in different jurisdictions, there is no direct competition between franchisees, so they can freely share information and skills.
Being able to see the big picture of what you're doing is very important - a normal manager might be able to focus on the everyday but not the franchisee. You need to see your business not on its own but as a network of businesses all striving for the same end. You should also be able to grow your business, instead of being content with how things are now, while remaining calm and patient - these things take time.
Set goals and when they're completed, set more. And perhaps most importantly, don't become too stressed when things don't go according to plan. If you want a job where you can pass off responsibility then don't invest in a franchise; if you are willing to take on the lows with the highs, this is great for you.
When you buy into a franchise, you're not just buying the right to use a name or product but also the system model itself. You can choose to ignore these, but why disregard a system that's been proven to work multiple times and which has benefited from a lot of experience?
There is room for innovation within a franchise, but you shouldn't try to overhaul the basics of the business model. If the business isn't run as you would like it, you should start your own instead.
With these particular personality traits and a successful franchise model to follow, the chances of failure are far slimmer than they would be if you were to start your own business. If you can give yourself to the business, keep focussed and have the drive to keep going through harder times, you're sure to be a success.