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If this is the blog that caught your eye, then you are wondering if you can hack being a franchisee. I’m assuming, then, that you have not run your own business before, and you are looking for some infrastructure and support that franchising offers to entrepreneurs.
Deciding to enter any kind of business has risks, and it is wise to question if you are cut out for branching out on your own. However, a franchise means you won’t have to go it alone, so all you have to figure out now is if you have the traits of other successful franchisees.
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#1. Resilient.
As a business owner, you will be tested in ways you never imagined. It’s just part of the job description for owners. Your resiliency will be tested when you receive criticism that doesn’t always seem constructive, when your patience is running thin with employees and customers, and when goals seem to be forever out of reach. Being resilient means you can surf through the crazy things that happen (and things some people say) without ever taking your eyes off those goals. There will be missteps, but you know you will keep moving forward.
#2. Financially Knowledgeable.
To intelligently run a franchise, you need some acumen with credit, capital management, accounting, financial statements, and reporting. The better you understand finances, the more quickly you will catch errors, reduce expenses, or alter payroll. When you understand how every aspect of finance affects your profit, you will become more profitable sooner. If this is not an area of strength, then find a partner or trusted consultant who has strong financial knowledge.
#3. Humble.
A franchise is successful because it has developed a brand and method that works. As a franchisee, you are humble enough to take direction and follow the prescribed plan. The person teaching you might be decades younger or without your own experience, but the ego cannot be a part of the learning process. You will be learning some things at an elementary level, and sometimes it will feel as though you are starting at the bottom. But a franchise system demands adherence to the brand, and ego has no place when there is much to learn.
#4. Bold.
Bold is not the opposite of humble. Bold franchisees see opportunities and then take calculated risks to create momentum. There are always inherent risks in a business, but a bold franchisee is willing to take some chances, especially with the support of a proven franchise operation.
#5. Perspective.
Perspective creates a realistic vision of your franchise situation. It is difficult to remain objective about a business that you funded with your savings—it may seem there is no room for error. But perspective helps franchisees succeed because it helps them step back just enough to see how your decisions affect your whole franchise. Having perspective does not mean that you are not involved—but it does mean you know when you are responding emotionally rather than rationally and can shift your views accordingly. It creates patience when needed and bold action when demanded.
If you have never run a business yourself, you will question your ability to succeed. Successful franchisees often have these five traits, and you are likely one of them already because you are pursuing a new path. With support, knowledge, and training from your chosen franchise, you will hone your skills and discover your strong traits guiding you to success.
Anne Daniells is a co-owner of Enterprising Solutions, a professional services firm specializing in corporate communication and financial improvement for businesses where she shares decades of corporate and entrepreneurial experience—including franchise ownership—in her writings on business culture. She has authored hundreds of articles for publications including AllBusiness.com, TweakYourBiz.com, and MSN.com. Reach out via her website for more on where corporate culture, communication, and human architecture collide.