Think you have what it takes to be a successful franchisee? How do you stack up with the following 10 traits? Of course these 10 traits aren't everything you need to be a good franchisee, but it will certainly help you figure out if you have a good foundation.
A good franchisee...
1. Is Reliabile
Are you reliable and conscientious? Franchisors have spent countless hours and dollars developing a brand and business system. Good franchisees are ones that the franchisor can trust to execute that brand without being there all the time, and not sully it in the minds of customers.
2. Has Leadership Skills
You might not have ever held the title of "manager" but do you possess those types of skills? Franchisors tend to look for franchisees that have developed certain life and business skills. Experience in effectively dealing with people and leading a team to accomplish goals will count in your favor.
3. Displays Good Judgment
As explained above, franchisees must be reliable individuals who are careful. But that doesn't necessarily mean risk adverse because owning a business is inherently risky. With franchising, franchisees have the franchisor to help guide them towards franchise success. However, the franchisee can only be as successful as their decisions on what to do with that guidance.
4. Is Willing to Learn
Part of business success is continuous learning. Good franchisees learn from other people to understand the ins and outs of the business, as well as ways to get better. Good franchisees are willing to learn from not only the franchisor and other franchisees, but also customers, in order to make their franchise a rewarding and profitable success. To this point, don’t be too worried if you don’t have specific industry experience as the franchisor will provide you with training and support to help make your franchise a success.
5. Is Hard Working
All good franchisees do the work to make the franchise a success from the start. If a franchisee puts in the hard work from the beginning and maintains that work ethic, success is more likely to happen. This work also includes the research process before choosing a franchise. Actions like reading articles like this one and giving serious thought to whether franchising is right for them, show the kind of initiative needed to be a successful franchisee.
6. Has Good Communication Skills
Excellent communication skills are a necessary element of a successful franchise operation -- and not just in a business setting. Before making any decisions about entering into a franchise opportunity, good franchisees should make sure they talk everything over with their family and loved ones to ensure they understand how the franchise will effect them. Good communication also helps forge loyalty and trust with staff and customers, which are important characteristics and need to be maintained in order for the franchise business to succeed.
7. Can Be Good at Networking
Are you good with people? All businesses have customers, even if you don't have a storefront. If you can’t handle dealing with people, then franchising might not be the best option for you. The ability to network and to effectively grow and maintain customer and business relationships is a big part of being a good franchisee.
8. Shows Financial Awareness
Do you have the necessary finances to set up a franchise? Good franchisees don't stretch themselves beyond what they can afford, if they can help it. Typically, they will have the money necessary for start up prior to the signing of a franchise agreement. They will also typically have some cash liquidity, or savings, for living expenses until the franchise is turning a profit. After the franchise agreement has been signed and the franchise is set up, a good franchisee will always be vigilant about income and expenditures as the company progresses.
9. Is Willing to Delegate Work
Just because it is your business doesn't mean you can do it by yourself. A good franchisee is aware of his/her staffing hierarchy and is willing to delegate work as appropriate. Delegating work will also help to take some of the pressure off the franchisee and enable the franchisee to concentrate on other elements of the franchise business that can enable growth.
10. Is Willing to Ask for Help
When you need help do you ask for it in a timely fashion? It's okay to have pride in what you do, but don't be so prideful that you won't ask for help when you need it. When they run into stumbling blocks, good franchisees ask for help from the franchisor, staff and/or family. Willingness to ask for help is a key part of maintaining successful and healthy partnerships for your franchise venture.