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6 Characteristics of a Successful Franchisee: How Do You Measure Up?

By FranChoice Blog | Jan 2, 2019

successful franchisee

Wondering what it takes to become a successful franchisee? Many people believe franchise ownership is for the true entrepreneur. That’s a misconception. A franchisee strives to replicate the success of the original franchise business rather than blazing a new or innovative path. The key marker of someone who will make a good franchisee may surprise you. It’s the ability and willingness to follow directions! Here are additional personality traits:

Successful Franchisee Characteristic #1: People Person

Are you skilled at dealing with customers and employees? People skills are at the top of the list! A good franchisee excels at networking and likes meeting new people. They enjoy getting established in the community, joining civic groups, and participating in organizations to give their business more visibility. They’re skilled at managing people and work to retain valuable employees.

Successful Franchisee Characteristic #2: Results Oriented

A strong franchisee knows that activity does not equal accomplishment. They keep an eye on results, continuously monitoring benchmarks and measuring progress toward goals. They are agile and willing to change course if the business is not achieving set goals.

Successful Franchisee Characteristic #3: Effective Leader

A successful franchisee is the “rock” that everyone can count on. They are the head cheerleader, skilled at motivating and encouraging the team. With a positive and forward-looking attitude, they focus on opportunities rather than hurdles or problems. They address issues by developing solutions rather than concentrating on establishing blame.

Successful Franchisee Characteristic #4: Cautious About Risks

Looking to minimize risk, a good franchisee selects a strong franchise system with a proven track record. They take advantage of all of the training offered and learn as much as they can from the franchisor and other franchisees. If you like to blaze your own trails while throwing caution to the wind, franchising is not the right environment for you.

Successful Franchisee Characteristic #5: Has Eyes on the Prize

A successful franchisee is able to keep the big picture firmly in mind while doing what it takes to keep the business growing strong. That may mean working long hours, cleaning the grease trap, and/or sweeping the sidewalk – it doesn’t matter. If you can keep your eye on the big picture while doing the mundane but necessary tasks, you’re on the right path.

Successful Franchisee Characteristic #6: Resilient 

You can’t hold a good franchisee down for long. They bounce back quickly and trust that their franchise system will work effectively over time. They’re able to keep any setbacks in perspective, knowing that adhering to the proven model will pay off.

 

Franchising is fantastic for the right person but it’s not for everyone. If you see yourself in these descriptions, you may have just the confidence, drive, and motivation needed to succeed in the franchise business!

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Don’t Make a Franchising Mistake When Considering Franchise Ownership

By FranChoice Blog | Dec 28, 2018

franchising mistake

When buying into a franchise, much depends on how you approach the process and whether you make smart decisions. While it’s natural and sometimes instructive to make a few mistakes, hare are four major ones to avoid:

Franchising Mistake #1: Limiting your options from the start

Lucrative opportunities in the franchise industry are plentiful, spanning across numerous concepts and industries. Keep an open mind when you start to investigate what’s out there. You’re only hurting yourself if you immediately narrow your focus to large, well-known brands or the trendiest new businesses.

Your best fit could be a concept you’re completely unfamiliar with at the start. Remember, food and retail businesses make up only a portion of the market. Franchise opportunities can be found in industries as diverse as fitness, senior care, education, and automotive services. And that’s just the tip of the iceberg. Many of these businesses are much less expensive than the restaurant and retail concepts, and may still enable you to meet your goals.

Franchising Mistake #2: Skimping on research

Once you narrow in on a franchise that seems right for you, you’ll need to gear up for your next phase of research. Look into the market for the company’s service and whether or not an adequate customer base exists. Is there a demand? Is the business performing well? How will location factor in? Are there upcoming changes in the market? The franchisor should be able to provide you with information backing up their claims that the business is successful and in demand.

It’s extremely important to carefully read the franchisor’s Franchise Disclosure Document (FDD), which contains a wealth of information. Some franchisors provide earnings data, and all include a list of existing franchisees, which brings us to our next common mistake.

Franchising Mistake #3: Failing to connect with current franchisees

As a prospective franchisee, you need to access a very valuable source of information: current franchisees in the system. Many people speak with everyone they know when contemplating a business opportunity, gathering information and opinions from family, friends, lawyers, etc. But they skip the most important people: those who actually own units of the franchise they’re thinking about.

Current franchisees can provide first-hand insights and information. What’s it really like running the franchise and undertaking the daily tasks involved? How effective are the franchisor’s training, support, and systems? Talk to a variety of franchisees, including top, middle, and lower performers, to get a full picture.

Franchising Mistake #4: Valuing your independence over the franchisor’s proven system

After you’ve carefully and thoroughly investigated and selected a franchise system, you need to adopt this mantra: trust the franchisor. You’re buying into a proven business. The success of the business is built upon the franchisor’s systems and procedures. Your job is not to reinvent the wheel; it’s to follow the system. Learn how to implement the operating system and adhere to the training you’ve received. Franchising is not an environment where it pays to go rogue.

 

Buying a franchise isn’t for everyone. However, if and when you make the commitment, it’s important to do your homework, follow the model, and work hard. As the saying goes, the harder you work, the “luckier” you get.

 

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