- About Franchising
- Find a Franchise
- Franchise Tools
- Franchising Blog
- Contact Us
Characteristics of Franchisees
So, you’re thinking about obtaining a franchise business but are not sure what it takes to succeed as a franchisee. What are some of the characteristics or skills I need to have in order to have the best chance of success if I pursue this route for my future?
This is a marvelous question and one of the most important things you could be focused on as you contemplate your possible move into franchising.
- An ideal franchise candidate needs to be a self-starter
- An ideal franchise candidate must be able to strictly follow a proven system. Many people think that in order to succeed as a franchisee you need to be a true entrepreneur. Nothing could be further from the truth. Entrepreneurs have an almost uncontrollable urge to reinvent the wheel based on their incredible confidence in their own ability to figure out how things should be done to maximize results.Successful franchisees want proven systems. They don’t want to have to figure out the best way to do something. They want a proven system of operation that tells them the best way to do anything associated with the business. They are willing to listen and learn from others to avoid making mistakes so that they can be more successful and do it sooner.
- Are willing to accept risk and are confident in your ability to succeed. Many people think that in order to succeed as a franchisee you need to be a gambler. Nothing could be further from the truth. If you want to gamble, go to Las Vegas.Successful franchisees are typically risk averse. They are willing to take some risk but they want that risk to be as small and controlled as possible. Any new business startup involves some risk of failure, but a strong franchise with a proven track record of success will minimize this risk for you. Successful franchisees do their homework so they know what they are getting into.
- Are you highly motivated and drive yourself to do well? There’s another old saying, “It’s lonely at the top.” That’s certainly true with successful franchisees since they are the boss of their business. You need to have high enough self-esteem to accept this challenge for yourself. You won’t have others around to reassure you constantly about how good you are or how good you are doing.
- Do you have strong people skills? Successful franchisees always have good interpersonal skills to interact effectively with their employees and customers. They create loyalty, value and trust with their skills. Though this factor is listed last, it is probably the most important of all!
- Are you a hard worker, but always have the future in mind. . Successful franchisees have a willingness to do whatever it takes to get the job done. This attitude shows in their every action. They put in the hours and get the tasks done to succeed in business. When things are not going well, you never hesitate to jump in and get your hands dirty. No matter what the franchise is, it’s going to take work to make it successful and the best franchisees know and accept that fact.
- Are you coachable? The motto of franchising is, “In business for yourself, not by yourself.” Successful franchisees look for opportunities to learn from others in their franchise system. Their philosophy is, “when in doubt, ask.” They constantly ask advice of the franchisor support staff and other successful franchisees and they follow the advice they get so that they can maximize their success. They are very comfortable understanding that they don’t know all the answers and with asking for help when needed.
As you review this list, be honest with yourself. Do you already have each of these characteristics? If not, can you focus on applying yourself so that you effectively show these characteristics through your actions?
If the answer to these questions is yes, you’re well on your way to becoming a successful franchisee in your own right. As always, take the time to thoroughly investigate any franchise opportunity to make sure the track record is strong and dependable and then you’ll be set.
Questions to determine whether franchising is right for you:
- Good management and people skills
- A minimum of $50,000 and in Liquid Assets
- The ability to cover your living expenses for six to 12 months
- The support of your family