Top 7 Traits for Successful Franchise Owners
Updated: Mar 30
Are you ready to own your own business? Let's face it, not everyone is cut out to own a business. Many successful owner share traits.
Coachable Franchised companies have a system and rules in place for a reason. The company has years of experience working with both successful and not so successful franchise operators. They are there to help operators be profitable. Successful franchise owners are willing to follow the system in place, and listen to feedback from the company.
Employee Development - There is a difference between a boss and a leader. Successful franchisees are great at leading and motivating their employees. They recognize and good work ethic , and care about success.
Risk aversion - Successful franchisees are risk averse. They are willing to take some risk but want that risk to be as small and controlled as possible. Any business start-up involves some risk of failure, but a strong franchise with a proven track record of success will minimize this risk. Successful franchisees do their homework, so they know what they're getting into.
The ability to handle rejection and feedback - The ability to put your customer needs before your own. Being customer focused and keeping them happy.
Business Acumen - Being confident and decisive, organized, and focused and the ability to take charge in work settings. Being a born leader. Those are leadership basics, but great leaders go even further. Empathy is important. Genuinely caring about your team.
Communication skills As in people skills: salesmanship, an affinity for schmoozing, managerial finesse, and the like. Even if a franchise product or service requires little or no interaction between owner and customer, franchisees will still need to sell themselves
Measuring results - Another thin line to tread is exactly where accountability falls. Successful franchisees always take accountability. They believe that they are the sole reason for their success or failure. They take pride in their successes. They look for solutions to problems. They understand that success is dependent upon their actions. This proactive approach leaves no room for blaming and denial, but it leaves plenty of room for improvement and growth.
Are you ready to take the next steps towards business ownership? Schedule your initial consultation today! SSBConsulting.us