Where do you think you land? Try to rank yourself from 1-5 for each of these things.
6 Characteristics of Successful Franchisees
After giving yourself a rating, determine a score from 6-30. If you score highly, you would probably be a great fit for franchising, but be honest. It is important that you are honest with yourself above all else. You have nothing to prove and nobody to impress! What is your score going to be!
Goal Orientated
Successful franchise owners are pretty much always highly goal-oriented people. They have a crystal-clear idea of what they are setting out to accomplish and all the financial goals that they want to hit for themselves. Goal oriented people can usually be found writing their goals down to help visualize them and refer to them regularly when they need some motivation.
Don’t think of goals as just financial, either. Money is important but isn’t everything. Other common goals are happiness goals, community service goals, and more. Make sure you are in business for other reasons than just making money. Loving what you do and gaining a sense of fulfillment will keep you (and your staff) motivated, happy, and productive.
Does this sound like you? Are you doodling out your dreams and pasting them to your ceiling to see every morning? Are you a vision board connoisseur? Then this probably describes you!
Decisive
Successful franchise owners are generally highly decisive individuals, too. Smart decisions are not always made quickly, but they are always made timely and well thought out beforehand. Successful franchisees are not procrastinators. They know what needs to be done, they get it done, and they move forward onto their next task.
The life of a franchisee is one of constant decisions. From whether you are going to Dunkin or Starbucks in the morning to who you will keep on staff and who you might need to let go. You shouldn’t be one to dwell on decisions. You need to get them made and get moving onto the next!
A Good Leader
Leadership is not something that can be granted to you. It is something that is taken. Do you feel that you are the type of person who is able to take charge at work? Are you able to keep a level head when some of your co-workers are freaking out?
A good leader should be able to teach effectively and be good first at what they expect others to be able to do (within reason).
If you are the type of person that is happy accepting the responsibilities that come along with making big decisions and dealing with the repercussions that come from them, there is a good chance you have leadership qualities to offer.
Honest
Are you the kind of person that is honest with others? Are you the kind of person who is honest with yourself? There is no attribute more important to a healthy franchise (or a healthy life) than honesty. This will apply to the relationships you cultivate with employees, vendors, your franchisor, and your customers/clients.
You are going to need to be the kind of person whose personal values and morals are never something that needs to be questioned. Your heart needs to be in the right place and you need to be honest with yourself and your staff even when the truth is not pretty.
Do you feel that this is an area you are strong in? It takes a lot of guts but will pay off for you in the end in more ways than one.
Risk Taker
In business in general as well as franchising, there is inherent risk involved. You don’t have to be a daredevil, but you should not be a person dominated by fear and concerns. You need to be able to calculate risk and take those calculated risks without regret or looking back.
The best franchisors want to work with people who are willing to accept a moderate level of risk in a business setting after gathering info and determining how they can minimize the risk and feel ok about what they are taking on. Do you feel like that fits your personality?
Coachable
One of the great strengths of franchising is that a good franchise network has a system that can show you how to operate your business exactly. Franchisors are not generally looking for people who think they know it all. They need business owners who are mailable and ones who can take direction.
You don’t need to reinvent the wheel when you become a franchise owner. The wheel has been made for you. You just need to drive it along the way it was intended to be used.
Great franchisees are comfortable following and executing a proven system. This could mean giving up some of the control! If you feel like you are the kind of person who can not only lead but also takes orders when necessary and admits to not knowing it all, then franchising could be for you.
Summary
So, how did you do?! Do you feel like you are the next greatest franchisee? Do you feel like you might be better off exploring other options or looking for employment? Either way, we are happy to have been able to provide some insight and help. We know it is a hard process deciding what kind of business model you want to get started with.
Our job is to make it a little bit easier for those who decide to explore franchise opportunities.
Until next time!
Business in a Box Franchising
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