Top 5 Characteristics of Franchisees
By Steve Hockett
So, you’re thinking about obtaining a franchise business but are not sure what
it takes to succeed as a franchisee. What are some of the characteristics or
skills I need to have in order to have the best chance of success if I pursue
this route for my future?
This is a marvelous question and one of the most important things you could be
focused on as you contemplate your possible move into franchising. There are
five key characteristics that, more than anything else determine success in a
franchisee. They are:
Risk Aversion. Many people think that in order to succeed as a
franchisee you need to be a gambler. Nothing could be further from the truth.
If you want to gamble, go to Las Vegas.
Successful franchisees are typically risk averse. They are willing to take some
risk but they want that risk to be as small and controlled as possible. Any new
business startup involves some risk of failure, but a strong franchise with a
proven track record of success will minimize this risk for you. Successful
franchisees do their homework so they know what they are getting into.
System Orientation. Many people think that in order to succeed
as a franchisee you need to be a true entrepreneur. Nothing could be further
from the truth. Entrepreneurs have an almost uncontrollable urge to reinvent
the wheel based on their incredible confidence in their own ability to figure
out how things should be done to maximize results.
Successful franchisees want proven systems. They don’t want to have to figure
out the best way to do something. They want a proven system of operation that
tells them the best way to do anything associated with the business. They are
willing to listen and learn from others to avoid making mistakes so that they
can be more successful and do it sooner.
Coachability. The motto of franchising is, “In business for
yourself, not by yourself.” Successful franchisees look for opportunities to
learn from others in their franchise system. Their philosophy is, “when in
doubt, ask.” They constantly ask advice of the franchisor support staff and
other successful franchisees and they follow the advice they get so that they
can maximize their success. They are very comfortable understanding that they
don’t know all the answers and with asking for help when needed.
Hard Work Affinity. Successful franchisees have a willingness
to do whatever it takes to get the job done. This attitude shows in their every
action. They put in the hours and get the tasks done to succeed in business. No
matter what the franchise is, it’s going to take work to make it successful and
the best franchisees know and accept that fact.
Strong People Skills. Successful franchisees always have good
interpersonal skills to interact effectively with their employees and
customers. They create loyalty, value and trust with their skills. Though this
factor is listed last, it is probably the most important of all!
There’s another old saying, “It’s lonely at the top.” That’s certainly true with
successful franchisees since they are the boss of their business. You need to
have high enough self-esteem to accept this challenge for yourself. You won’t
have others around to reassure you constantly about how good you are or how
good you are doing.
As you review this list, be honest with yourself. Do you already have each of
these characteristics? If not, can you focus on applying yourself so that you
effectively show these characteristics through your actions?
If the answer to these questions is yes, you’re well on your way to becoming a
successful franchisee in your own right. As always, take the time to thoroughly
investigate any franchise opportunity to make sure the track record is strong
and dependable and then you’ll be set.