7 Character Traits Of Winning Franchisees
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Read More Great Business Opportunity Articles
7 Character Traits Of Winning Franchisees
I recently consulted with a client who asked me if he would be a good candidate for franchising. He had performed some due diligence on a specific franchise that I had shown him and had a keen interest in the opportunity.
By: Cory Barber
I recently consulted with a client who asked me if he would be a good candidate for franchising. He had performed some due diligence on a specific franchise that I had shown him and had a keen interest in the opportunity.
By: Cory Barber
His exact question was "Cory, what character traits do I need to bring to the table to ensure my success as a franchisee?" What a great question. True, a franchise offers potential business owners a chance to follow a proven, successful business model, or "blueprint", and allows someone to be in business for themselves, but not by themselves. However, it is mandatory that the franchisee have certain skills and character traits. Lacking these can sabotage even the best franchise model.
I answered him by discussing 7 key components that I believe any successful franchisee should possess.
1. Ability to follow and execute a proven system. Let's face it, the major reason someone chooses a franchise rather than an independent start-up, is to shorten the success path. The trial and error component is virtually eliminated, which is a huge plus for the franchisee. They don't want to have to figure out the best way to do run a profitable franchise. They want a system of operation that spells out exact, successful processes associated with doing business and have the desire to learn from others to avoid making mistakes, so they can be successful more quickly.
2. Excellent People Skills. This should be obvious, as, for any successful franchisee or any business owner, for that matter, it is imperative and necessary for building positive interaction, trust, and loyalty with employees as well as customers.
3. Strong Work Ethic. A must for any potential franchisee. If you don't possess strong, disciplined work habits and have burning desire, you might as well work for someone else and punch a time clock. Any successful franchisee will tell you that they work until the job is done. They don't quit when the whistle blows. They'll do anything it takes to get the job done. Having true passion to work for yourself will tend bring out this work ethic automatically.
4. Willingness To Ask, Ask, Ask. Asking great questions is a true sign of strength. A successful franchisee will ask the franchisor's support team or another franchisee for advice when he/she is stuck or unclear. You must be coachable and be prepared to implement the advice you receive.
5. Somewhat Risk Averse. While it's true that there is no guarantee that you will be a successful franchisee and there is some risk involved, your chances of failing are substantially reduced with a franchise, as opposed to starting your own business from scratch. Statistically speaking, U.S. Department of Commerce states that franchise businesses are exponentially more likely to succeed than individual new start-ups.
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I answered him by discussing 7 key components that I believe any successful franchisee should possess.
1. Ability to follow and execute a proven system. Let's face it, the major reason someone chooses a franchise rather than an independent start-up, is to shorten the success path. The trial and error component is virtually eliminated, which is a huge plus for the franchisee. They don't want to have to figure out the best way to do run a profitable franchise. They want a system of operation that spells out exact, successful processes associated with doing business and have the desire to learn from others to avoid making mistakes, so they can be successful more quickly.
2. Excellent People Skills. This should be obvious, as, for any successful franchisee or any business owner, for that matter, it is imperative and necessary for building positive interaction, trust, and loyalty with employees as well as customers.
3. Strong Work Ethic. A must for any potential franchisee. If you don't possess strong, disciplined work habits and have burning desire, you might as well work for someone else and punch a time clock. Any successful franchisee will tell you that they work until the job is done. They don't quit when the whistle blows. They'll do anything it takes to get the job done. Having true passion to work for yourself will tend bring out this work ethic automatically.
4. Willingness To Ask, Ask, Ask. Asking great questions is a true sign of strength. A successful franchisee will ask the franchisor's support team or another franchisee for advice when he/she is stuck or unclear. You must be coachable and be prepared to implement the advice you receive.
5. Somewhat Risk Averse. While it's true that there is no guarantee that you will be a successful franchisee and there is some risk involved, your chances of failing are substantially reduced with a franchise, as opposed to starting your own business from scratch. Statistically speaking, U.S. Department of Commerce states that franchise businesses are exponentially more likely to succeed than individual new start-ups.
Page 2
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Cory Barber is a professional franchise consultant affiliated with the world's top franchise broker network. His free, confidential consulting services help guide you through the entire process of purchasing a franchise based on your background, skillset, lifestyle, and financial goals. For more information about his free Franchise Consulting Service, please visit: www.thefranchisingauthority.com or contact Cory at his office: 877-271-4305.
