All too often, people are overly concerned with what a franchisor can offer them. While this is a very valid and real concern, few people stop to consider whether they are suited to being a franchisee. At Infinity Brands, we have very specific traits we look for when evaluating prospective franchisees. We would like to share some of the qualities we’ve found contribute to owning a successful franchise.
Reliability and willingness to adhere to restrictions
When you buy a franchise, you often have restrictions imposed by the franchisor, and some might baulk at the idea of having their creative freedom limited. All franchises have certain guidelines in terms of the brand’s identity and the way the brand is represented in the public domain. A good franchisee is ready and willing to reliably execute the franchise’s agenda.
Financial acumen
It goes without saying that you need the necessary startup capital in order to open your business, but do you know where your budgetary limits are? A good business owner knows not to stretch finances too thin, especially in the first few months after the doors have opened. This means having enough cash or savings stored up to use until the business starts turning a profit.
Being careful
Some of the abovementioned leadership skills involve taking a careful and considered approach to matters. Business ventures generally involve a certain element of risk, but that doesn’t mean that careless disregard should govern thought processes. Franchisors exist to facilitate and provide assistance when necessary, but the decision to make use of that guidance remains the onus of the franchisee.
Drive to improve
Stagnation and apathy spell the death of any business. In order to succeed, you need to be willing to constantly learn. Successful business owners learn from others within the franchise, but people often forget that customers can provide valuable learning opportunities as well. Even if you don’t have experience owning a business, the franchisor will often provide training (e.g. the writing of monthly store performance reports, or customer reports).
Hard-working
It’s no good relying on a franchisor to do all the heavy lifting if you aren’t prepared to sweat alongside them. If you establish a strong work ethic from the get-go, it will be that much easier to rely on this to pull you through when the going gets tough!
These are just a few of the qualities required to be a good franchisee and make the best of the franchise model. For more, read the second part of this series.