The Key Traits of Successful Franchisors and Franchisees
🕒: Three minutes
When you consider the traits that are generally associated with successful business people, a number of words spring instantly to mind, including; ambitious, risk-taking and creative. Each of these adjectives could comfortably be used to describe the individuals who are involved in franchising. However, there are a number of specific character traits which manage to specifically embody those who are successful in franchising.
Despite the variance between the role of the franchisor and the franchisee, these characteristics tend to be the same for both these forms of entrepreneur. These are the key skills and characteristics which enable a franchisor to successfully franchise their business concept, or a franchisee to successfully start a franchise in a specific location.
If you are questioning whether or not you have the right temperament to become a franchisor or a franchisee, it is essential that you objectively evaluate your unique skillset and your key strengths as an entrepreneur. If your capabilities are a good match for the following characteristics then it is likely that you have the potential to make a great success of your franchising endeavour.
Communication skills are perhaps the most essential requirement of any individual looking to become involved in franchising. These skills are the fundamental foundation to your success as they help you build a coherent and structured franchise. These skills ensure that your business will not lose time and resources to problems which could be solved by simply paying attention.
As a franchisor, the ability to listen to your franchisees is invaluable. Being able to have an honest discussion with your franchisees and to communicate the nature of your brand ensures that there is an open line of dialogue between you which will become very necessary, especially as your franchise branches out over time.
For franchisees, there will be numerous times when you will need to request help, advice or simply information from the franchisor and being able to communicate your requirements is the key to acquiring this assistance.
Patience and Perseverance
Patience cannot be over-rated as a key attribute of a successful entrepreneur. As with any business, franchising is not aimed at over-night success. There are cases of franchising which have quickly developed into highly profitable, internationally-developed businesses but for your most franchises, success is a two-to-four-year strategy.
Patience and perseverance are required as you develop your franchise, whether as a franchisor or a franchisee. There are peaks and troughs in any business year and perseverance is about having genuine confidence in your concept and your ability to successfully navigate the opportunities and challenges of running your own business.
Adaptability is a key trait of successful people, regardless of whether their success is personal or professional. Particularly in franchising is the capacity to evolve and to roll with the changes an essential component of success. Whether you are a franchisee or a franchisor, franchising means taking an established business model and attempting to successfully implement this model in another location and for a new market.
As a franchisor, it is important to pay heed to any alterations suggested by your franchisees. Their suggestions for how to customise the business are made in accordance with their close-up and personal insight into their local environment. As a franchisee, it is important to be flexible enough to make changes suggested by the franchisor and other franchisees who have already successfully developed their businesses.
Drive and Passion
Being highly motivated for success is a crucial trait of successful franchisors and franchisees. In order to make a success of any business, it is vital that you are driven and willing to put in the time and the effort required for this achievement. This is particularly relevant to franchising where, as a franchisor, you require a successful business model to attract franchisees and, as a franchisee, you have invested money in the business.
However, being driven is not simply about desiring success but is also about having a genuine passion for the business itself. It is within your passion for the industry in which you are operating that you will find the motivation to continue with your business, even in tougher times. Without this passion, you may find yourself losing interest in the franchise but if you are emotionally as well as financially invested in the opportunity, this drive will aid your development as a successful franchisor/franchisee.