This month we’re taking a closer look at one of the easiest ways to become a successful small business owner; franchising. Many choose to purchase a franchise so they can focus on operations and quickly turn a profit, instead of investing time and resources building a brand, marketing and reach. But franchising isn’t right for everyone.
So let’s look at a few traits of successful franchise owners to help you determine if franchising is right for you. To learn more, be sure to join us on 7 June for our free webinar where we’ll go over all you need to know about franchising.
You Are System-Oriented
Unlike other entrepreneurship opportunities, franchising involves executing someone else’s strategies and implementing their systems, rather than innovating them yourself. Since a franchisee is expected to create a consistent experience for the parent brand, you must be the type of person to trust a proven system. So if you like to focus on execution of a strategy rather than creating it, franchising could be the right opportunity for you. If you have a strong independent streak and like to innovate processes, you might want to consider other opportunities.
You Have A Can-Do Attitude
Like all successful small business owners, a successful franchise owner is one who is willing to do whatever it takes to get the job done. They’re happy to put in long hours and handle multiple tasks because they’re optimistic about the future. For this reason, many successful franchisees often have strong family support systems that free them up to work hard at being successful. Without a positive outlook, a strong work ethic and family support, you’ll find it difficult to be a successful entrepreneur in general.
You Trust the Wisdom of the Crowds
One of the most important traits for a successful franchise owner to possess is their ability to be coached. They check their ego at the door. They are comfortable not knowing everything and they constantly seek out new learning opportunities and mentors within their franchise system. Their natural risk-aversion leads successful franchise owners to seek the wisdom of the crowd rather than trying to reinvent the wheel, or solve a problem on their own. They turn to their community for help and reduce their exposure to risk while shortening the learning curve so they can be successful faster.
You Are Driven By Results
Results drive all businesses, but a successful franchise owner is also driven by results. So if you excel at setting the benchmarks needed to help meet your goals and are one to constantly evaluate results in order to determine if a specific action is leading to success, keep exploring franchise opportunities.
While this list is far from exhaustive, it should give you a good idea if you should pursue franchising opportunities further. If you’re ready to learn more, be sure to join us on 7 June for our free webinar, Franchising: What You Need to Know.