According to Statista, the online Statistics Portal, it is estimated that there are approximately 750,000 franchise establishments in the U.S. in 2017. And while many of these establishments fall under corporate or multi-unit ownership, that’s still a lot of franchise owners. It got us at FranNet thinking about a central question that we could pass along to our budding entrepreneurs. What traits do successful franchise owners have in common with one another?
According to franchise experts across the spectrum, ideal franchisee candidates…
Believe in Processes
In order to be a successful franchisee, you have to buy into the concept of following a strict system of business operations designed to produce success through replication. Without these protocols, franchises would be called something completely different—independent small businesses. Anyone can open a small business and run it however they like, come what may. But to be a successful franchisee, you have to have an innate understanding of following the rules. It’s one of the reasons military veterans make such good franchisee candidates.
Manage People Well
If you’re going to survive in the world of franchising, you better have a solid grip on the fundamentals of managing people—and managing them well. Your establishment will only be as good as the team representing it. The ability to hire the right employees, manage their individual skill sets and conduct a personal orchestra of your own is tantamount to a thriving franchise operation.
Take a Risk or Two
No person unwilling to take a true risk in life can be confused with an entrepreneur. Taking a risk on opening a business of your own is by nature the definition of franchising. Those satisfied with working for others without a thought of changing their own outcome in life simply aren’t good candidates for franchising. To survive, you have to be committed to your new future. And willing to go out on a proverbial limb to get it.
Are Still Willing to Learn
No successful franchise owner can function properly as a know-it-all. Franchisees have to be willing to make mistakes sometimes—and correct them when they occur. A big part of franchising is understanding the processes behind the business procedures. They must be followed to the letter. Along the way, opportunities to streamline and become more efficient will present themselves…to those willing to still learn a thing or two.
Aren’t Too Proud
In your previous life before franchising, you may have been a Captain of Industry, with dozens of employees under you management. Once you become a franchise owner, you’ll still have to be humble enough to ask for help when you need it. Because franchises pride themselves on systems of layered support. One of the greatest aspects of franchising is knowing that you’re truly never going it alone with your business.
These are but just a few traits that make up a successful franchise owner. Perhaps you see yourself in several of the aforementioned examples. If not, try to introspective exercises in contemplating whether franchising will end up being a good fit for you, personally. This is part of what we do every day at FranNet. We help individuals decide if franchising is the right decision for their life, their family, their goals and their happiness.
If you’d like to discuss these traits and any others you feel should be on this list, drop us a line or make an appointment with a qualified franchise representative. We’ll help you find the answers you need.
Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!