What does it take to succeed in the franchise world? Since there are numerous types of franchises, it’s impossible to give a definitive answer.
While most people think of a successful franchise as fast food restaurants or mail box rentals, there is probably a franchise related to your interests. Fascinated by interior design? Research the Budget Blinds Franchise, which helps homeowners make perfect selections to improve the look and feel of their homes. Interested in cars? Google for a car parts franchise. There is likely to be a franchise focused around your interests.
The people who succeed at franchises are those who are willing to follow a proven business system. People who constantly come up with ideas on how things could be done better won’t do well with a franchise.
10 Qualities of Successful Franchisees
Besides a willingness to follow an established system, here are some leadership quality traits required to be a successful franchisee.
- You are motivated by results.
If you are motivated by results, you will focus on how to improve production, how to use benchmarks to measure progress and meet goals, and how to evaluate things.
- You see the big picture.
If you like to imagine the future, you’re a big picture thinker. Once you see the big picture, you can break it all down into schedules and tasks. You are not distressed by the inherent chaos of starting something new because you clearly see where all your hard work is going.
- You are a people person.
If you get along with people, you know how to motivate employees and how to deal with all kinds of customers. You make things happen by helping your employees succeed at their jobs while also creating repeat business and word-of-mouth referrals from delighted customers.
- You see the world through rose-colored glasses.
If you are a natural optimist, you have a high chance of success as a franchisee because you look forward to your work and you create solutions when business problems arise. You’re not preoccupied with the volatility of the weather or the economy and don’t panic on slow business days.
- You are honest.
If you are an honest Joe or Jane, people instinctively like working for you or buying from you. In a world full of schemers who like to cut corners to turn a quick profit or save on expenses, it’s become increasingly difficult to find someone who can be trusted. You build great relationships without even working at it because people are drawn to your authenticity.
- You are observant.
If you are an observant person, you are quick to capture what needs attention, clarify what situations mean, and organize things. You also tend to reflect on how things went and are always fully engaged with all aspects of your business.
- You are vigilant.
If you are vigilant, you are safety-minded. Consequently, you avoid a lot of grief. In any business, all sorts of accidents can happen. Your employees might not switch off machines after use or a customer might slip on the wet floor despite the warning sign. Vigilance also helps you spot dishonest employees and customers who are there to case the joint.
- You are methodical.
If you are methodical, then you spend more time creating systems then in fighting chaos. Methodical people are neat, clean, and organized. They don’t let things get out of place or fall too far behind schedule. You tend to believe that everything can be done more efficiently by following best practices
- You are resourceful.
If you are resourceful, you are able to think on your feet when things go wrong. You have an ingenious knack for compensating for setbacks. For instance, you can creative enough to arrange alternative options when inventory is low or when an employee calls in sick on a frantically busy day.
- You are reliable
If you are reliable, then people can count on you to do what you said you would do. Over time, you have built up a reputation for staying consistent and keeping your composure when most people would either lose their temper or fly into a panic.
What about Business Skills?
What if you have found a franchise that you would like and if you also have the right personality for the job—but have little to no business skills?
While it would be terrific to have a knack for accounting and management theory, you can still learn these things on the job. The franchise will have a training system, and if this is over your head, you can supplement this training by taking online classes at a community college to get up to speed.
Can You Be A Successful Franchisee?
You should never decide on a franchise for the money alone. Instead, you should have a strong interest in the products or service. For instance, it would be disastrous opening up a fast food store if you are a health conscious person. You would be appalled by how much salt people like in their food and if you tried to scale back, customers would complain about your bland food.
You also have to have the right personality for the work. Franchising is not for everyone even if the work itself does not require extraordinary talent or skill. However, if you find it fascinating, you could make a fortune without having to create a business from scratch.