According to Entrepreneur, “Franchising is all about following a proven system in order to replicate the success of the original business.”
If you have an entrepreneurial spirit and are looking to jump headfirst into owning your own business, you may find yourself wondering if franchising is the right choice for you. While there is no ‘one-size-fits-all’ when it comes to the perfect business owner, most franchise owners have characteristics and traits that set them apart from others in the entrepreneurial business.
While franchise owners have a wide variety of exceptional traits, you may be a good fit for the world of franchising if you fit a few of the following:
You’re a people person.
Franchising is a unique business venture because you are essentially joining a community of like-minded people that took the same leap of faith you did. When you join this community, you are giving yourself the ability to network and connect with a wide variety of people. Whether it is through networking events or by attending an induction or training, you are going to be in contact with people. A great franchise owner is a person who can connect with his or her clients or customers and step in to fulfill the customer service duties when needed.
You are results-driven and motivated.
One of the most important aspects of being a part of a franchise network is that there will likely be some sort of support available to you from the company's head office. Some of the greatest franchises give their franchisees the tools they need in order to perform and meet certain goals.
Successful franchise owners will appreciate the support given to them, while using it to fuel their fire to achieve their goals. Franchisees should not be complacent or wait for results to just happen to them—they should go out and get it.
You are able to pivot at any point in time, and you welcome change.
As most recently seen during the COVID-19 pandemic, business models sometimes have to shift. Industries change their business model to fit the needs of their customers and clients, which can be uncomfortable at times for franchisees.
The most poignant and nimble franchise owners will understand that change can be good and productive. A decent franchisee will be resistant to the change, but eventually will give in, whereas a more buoyant franchisee will see the opportunity to grow and evolve alongside their network. It is important to not only welcome change, but to understand that sometimes it is necessary in order to remain efficient and profitable.
You know hard work when you see it, and you honor it accordingly.
As a business owner, one of the most important aspects of a successful business is in the art of hiring and retaining a team to support you. What sets the mediocre franchise owners apart from the great ones is the recognition of great talent and the appreciation that you can show your employees for their hard work.
Step one is to hire the right people. You have an eye for people who share the same passion for your business as you do, and will work equally as hard as you. However, step two is arguably one of the most important steps: retain those people. Successful business owners make their employees feel valued and respected, while recognizing their hard work when appropriate.
You are passionate about your business and want to put in hard work.
As the owner of your business, it is your duty to keep the machine running. Whatever industry you are in, you have to truly love what you are doing and enjoy doing it. There will be days when you feel exhausted and as though the work day will never end, but what keeps you going is the drive you have for what you do. Your employees will look to you for that intensity and enthusiasm, ultimately feeding off of your energy.
You should love your business so much that you are willing to put in the hours to make sure that things get accomplished and your business is in tip-top shape. Whether that means getting up before the sun rises to fill in for an employee or simply going out of your way at the end of a long day to check the books, you should always feel ready to jump in and get your hands dirty at any point in time.
Speaking of your energy, yours should radiate positivity.
Owning a franchise is not all rainbows and sunshine - it takes hard work and dedication to be successful. But what sets lucrative business owners apart from the pack is simple: their energy.
Things can be hectic on any given day when you are a business owner. While you will have the support of your franchise network, some days may seem a little more chaotic than others. The way you choose to react to all situations is what will set you up for success in the long run. Even on the longest days, your positivity will be infectious and people will start to notice. Before long, your employees and clients/customers will long for more of your positive energy, and thus return to your business.
Great entrepreneurs and business owners know that a great business starts from the top down, and you look to lead by example.
Looking ahead at your business.
If you find yourself resonating with any of these characteristics, you may be ready to explore the world of franchising. This is an exciting and opportunistic time to jump headfirst into a new business venture! Now, it is time to find what type of franchise is a good fit for you. Remember: you have all of these great qualities, so you want to make sure that you find a company that lines up with your morals, standards and values.
We can’t wait to see all you accomplish.