5 Traits Of A Successful Franchisee
Look in the mirror for a second. What do you see? Is it a calm, happy, confident face, there to solve problems and drive a business as far as it can go? Or is it someone who’s a little nervous, doubting their strength and creative potential?
The latter can become the former if you work on those inner traits – the kind that makes a franchisee stand out from the competition.
So, before you dive into a deal, cross-check our five attributes of a successful franchisee:
1. A large reserve of patience
Issues are going to crop up; there’s no escaping them. Whether it’s an internal hiccup, or something customer-related, you’ll have to be ready for swift action. And if the problem drags on, it’s crucial to hear both sides out before you make a decision you’re comfortable with. Patience is most certainly a virtue in business.
2. Commercial awareness
Nothing should drift away from your business plan. It must have a tight hold on revenue, outgoings and the staff payroll. There are bills to pay, taxes to meet, invoices to track and much more. That’s a lot on your plate – are you ready for it? Experience in a commercial environment is beneficial for anyone purchasing a franchise.
3. Valuing those you rely on
Workers have to feel like you’re a general directing his or her troops to the next big campaign. If they don’t, your bond (and the incentive that stems from it) will suffer. Be loyal and respectful of your team, granting them leeway when it’s required, and trusting their judgement as often as you can. And never go back on a promise: that’s a one-way ticket to ‘us and them’ territory!
4. A willing helper
You’ll be responsible for hiring people, bringing them into the franchise’s values, procedures and code of conduct. Yet they might need help getting to grips with how this or that works, or what the standard procedure is on the job. Put yourself in their shoes – it’s daunting coming into a new business. Help them get better, and demonstrate what you’ve learned in your tenure.
5. Genuine interest in what you do
Okay, so it’s true that franchising can make you a lot of money. Yet, do you see your work as a passion, instead of a bare-bones grind from Monday to Friday? Business owners have to stay abreast of any chatter in their sector, both locally and nationwide. Those with a real interest will set a few hours aside each week to network with their peers, and read up on what others are saying about industry developments.
Now that the king-making traits are yours to mull over, it’s time to consider your suitability for the investment. There’s always scope for change, though, if you want to build on your natural skillset. Take a trip to one of Rainbow International’s Discovery Days to learn, question and assess the realities of heading a franchise. Your talents may blossom like never before…