Being successful in a franchise environment requires something that Liam Neeson called “a particular set of skills”. Franchises are different from any other type of business in that they have the characteristics of business ownership, as franchisee owns their own business, but they also have the characteristics of being part of a larger organization. Being able to balance both of those sometimes-competing dynamics, is very important to being a successful franchisee. As we looked at what skill sets are required to be successful as a franchisee, regardless of what type of business the franchise was engaged in, we found a common set of characteristics:
Top 6 Qualities of Successful Franchisees
1.Successful franchisee have strong positive
We have yet to come across a successful franchisee, in any system, that has a negative approach to business. If someone doesn’t believe that they will be successful, it is very hard to succeed in any endeavor, but especially in an area like franchising, which requires so much self-motivation and self-reliance. Having a positive attitude especially when times are challenging, and the resilience that comes with that is absolutely critical.
2.Successful franchisees know Priorities:
Successful franchisees understand where to prioritize and organize their time. It is very easy to become reactive and solve what is in front of you. To run a successful business or a franchise, this is absolutely imperative. If a franchisee is able to manage their time effectively and prioritize what is most critical, they will significantly increase their likelihood of success
3.Successful franchisee Know how to build Relationship
This is especially important in a franchise system because a successful franchisee learns and collaborates with other franchisees. They don’t operate as a totally solo business. In addition, building strong relationships with the franchisor, with key business partners and also with centers of influence who can introduce clients to them as well as prospects and clients, is critical to building a business. Of course as a franchise grows, they will hire employees and building strong relationships with their employees, becomes absolutely critical as well.
4.Successful franchises have In-depth Customer Knowledge:
Franchisees need to understand their customers needs and wants, and where to find them. A lot of this comes back to strong business development and having an understanding of the marketing strategy. Partnering closely with your marketing team is absolutely vital to success. It’s understanding where you will find the clients that you’re looking for, how you will find them, what strategies work and what don’t. All of this together, will help ensure that you are acquiring clients at a steady pace.
5.Adaptive:
Successful franchisees learn quickly and even more importantly, they learn from their mistakes. They are able to adjust as a result of those mistakes and are stronger for the mistakes they make as well. Related to that, they also learn by jumping into uncomfortable and new situations where they don’t have all the answers and gain quickly the experience on how to handle those types of situations.
6.Technical Know-how:
Ultimately, a successful franchisee needs to have some level of technical skill in the area that they’re working in. Often, the technical skill can be acquired as they are in their franchise role and can be complimented with bringing in and partnering with key specialists. But franchisors are typically not looking for someone that is technically strong, they’re looking for someone who can build a business. And the characteristics above are the ones that are much more important.
Going forward, successful franchises will continue to come from multiple industries with multiple backgrounds but they will continue to have the common characteristics as outlined here.
