Question: I’m thinking about investing in a franchise business but I’m not sure if I have what it takes to succeed. What are some of the characteristics and skills I will need to maximize my chance of success?
Answer: This is a terrific question and one of the most important things you should be focused on as you contemplate a possible move into franchising. There are five key characteristics that will determine your success as a franchisee.
Risk Aversion. Many people think that being in business as a franchisee is a big gamble. Nothing could be further from the truth. If you want to gamble, go to a Casino.
Successful franchisees are typically risk averse. Sure, they understand and accept there is some risk, but they want that risk to be as minimal and controlled as possible. Every new business start-up involves some element of risk. A strong franchise with proven systems and a track record of success will minimize that risk for you. Successful franchisees do their homework so they understand what they are getting into.
System Orientation. You may think that in order to succeed as a franchisee you need to be a true entrepreneur. Nothing could be further from the truth. True entrepreneurs have an almost uncontrollable urge to reinvent the wheel based on an unbridled confidence in their ability to figure out how things should be done to maximize results.
On the other hand, successful franchisees are looking for proven systems. They don’t want to constantly try to figure out the best way to do something. They want a proven, easy to follow system that tells them the best way to do everything associated with operating the business. They are willing to listen and learn from others to avoid making the most common mistakes so that they can be more profitable and do it sooner.
Coachability. The overarching motto of franchising is, “In business for yourself, not by yourself.” The most successful franchisees adopt the philosophy of “when in doubt, ask.” These people look for opportunities to learn from others within their franchise system. The best opportunity to maximize success is to constantly ask for the advice of the franchisor support staff and other successful franchisees. Be comfortable and confident in asking for help when needed.
Affinity For Hard Work. Successful people have a willingness to do whatever it takes to get the job done. Their actions make this abundantly clear. Success in your own business means putting in the hours to get the work done. Regardless of the franchise concept, it is going to take work to make it successful, the most successful franchisees understand and accept this.
Strong People Skills. Effective interaction with employees and customers depends on good interpersonal skills. Strong people skills builds loyalty, value and trust. This may be the most important attribute of all!
Successful franchisees may find life lonely at the top. You need to be self-assured enough to embrace this challenge. People around you are not going to constantly pat you on the back and tell you how great you are.
You need to be honest with yourself. Do you truly have these characteristics? If the answer is no or there is some doubt, then you need to ask yourself if you can focus on applying yourself so that you effectively show these characteristics through your actions?
If you can honestly answer yes to these questions, then you are well on your way to becoming a successful franchisee. As always, take the time to thoroughly investigate each franchise opportunity to make sure it is the right concept for you and your experience, skills, lifestyle and financial strength. Then you will be set for success.
I will help you find that perfect fit; matching your skills, experience, passion, lifestyle and financial strength with the best franchise concept for you, whatever the industry.
From the beginning, I am committed to developing a unique and thorough system of candidate qualification and franchise selection, all types of entrepreneurs can find a great franchise.
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