Top Traits Of Successful Franchise Owners
Franchisees can come from any walk of life. That’s why the role is so exciting – you bring yourself to an established business model. However, there are things that a franchisor can gauge in advance to filter the best candidates.
So, what are the key traits of successful franchise owners? Knowing will make your own application more confident, and clarify whether a franchise business is what you really want in the first place.
1. Excellent financial control
Dealing with money comes naturally to you. It’s never a struggle to save and organise your business funds. This may stem from having been in a role within a company where you were in charge of a budget, but in any case, it’s key that you can evidence a fantastic level of commercial awareness.
Reportedly, 82% of small businesses fail because of poor cash flow management. Successful franchisees have more resources and security to play with, but things can still turn downhill pretty quickly if you don’t watch what you earn, spend and save.
A franchisor will want to know how you’ll be running a franchise in the long term. Your business plan should have achievable goals mapped out until at least the first year, with income and expenditure tracked.
2. An eagerness to learn
To get your business off the ground, you should take every source of guidance available to you. After all, it’s one of the core draws of a franchise investment – having people by your side who know what the brand does well, how to apply it to a niche market, and ways of maximising profitability.
The top traits of a successful franchise owner include being willing to learn as much as you can.
Ideally, you will show an eagerness to keep abreast of market trends and expand your skillset. But above all else, you’ll want to ask questions. So find previous franchisees, uncover how they achieved high levels of success, and determine how your own abilities can improve for similar results.
3. A thick skin for setbacks
Franchise ownership can enable you to earn more freely and work more flexibly, but you will come across your fair share of challenges. A good franchisor should be there to offer their help, but it’s still ultimately down to you to overcome them.
Here are some common challenges you may face:
- Clients or customers may dwindle in number over certain periods, causing stress that can be mitigated with more forward planning.
- Competitors can enter the local market and take your business. You must be on guard for this.
- Great customer service requires a lot of patience and (sometimes) swallowing your pride.
- Team members may have their own crises, which you need to be prepared to deal with.
Franchising success relies on being able to manage them effectively. Rainbow has a handy guide for how to manage a franchise.
4. Being people person
You won’t get far in franchising without an ability to explain to people what you do, ask them what they need, and ensure you deliver on your promises by liaising with team members and external parties. Communication isn’t easy for everyone. But it’s a trait of a successful franchise owner that can’t be denied.
We’ve written a guide about communication. It covers three areas:
- The customer – You will take and give information about when a job will be done or what it’ll achieve. Talking and listening well also means you can follow up for overdue payments without much trouble.
- The workforce – Successful franchisees know how to mix and match skills since they really get to know their team, often being on-site for long hours together.
- The franchisor – Remember that you need to adhere to their guidelines when it comes to the brand and its service standards. It’s also easier to ask for advice if you have a strong relationship with the franchise support team.
When you buy a franchise, remember to continuously hone your methods of communication. They will assist your duties and help you more easily reach your goals in the years to come.
So what’s the perfect franchising personality?
To recap, our four personality traits of successful franchise owners are:
- A strong head for finances – so you can ensure your franchise’s long-term success
- A passion for learning and a great work ethic
- Resilience in the face of long hours and challenging customer service situations
- An ability to articulate yourself effectively – one of the key things that makes you a great people person
If you have all four, you’re set to make the most of those franchise opportunities.
But where to apply? You may want to weigh up a specialist cleaning and restoration branch – one that takes you outdoors and into the heart of communities, providing a service that people really need.
Rainbow is one of the world’s most recognised, BFA award-winning brands in this sector. We’ve turned hundreds of budding entrepreneurs into business owners, helping further develop their skillset and leadership abilities.
Discover our franchises for sale and enquire with our recruitment team today if you would be interested in joining our ranks.