Question: I'm thinking about obtaining a
franchise business but I'm 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?
Answer: 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. |
