Owning A Franchise – Is It For You? Part 2

In part one of ‘Owning A Franchise – Is It For You?’ we introduced some key qualities we look for in our prospective franchisees. These focussed on individual traits and personal work ethic. Here, we’d like to talk some more about how successful franchisees view and treat others with whom they interact.

Effective and clear communication skills

Your family will be affected by you owning a business. Make sure that you’ve communicated this clearly and that they’re aware of any possible changes. Effective communication not only means asking the right questions but also getting the right answers. You need to be able to engage with your staff and customers as well in order to foster loyalty. Strongly-developed people skills are a vital trait for anyone considering opening their own business.

Growing the business through networking

No business can avoid customers, even if yours isn’t a brick-and-mortar shop. You need to be willing to deal with people and people underestimate the impact word of mouth has on a business. As people rely on internet searches to find businesses more and more frequently, your networking skills come into play. Your daily interactions with existing customers will – in all likelihood – determine future patronage from new customers.

Strong leadership skills

Being a manager isn’t all there is to franchising. You need to have developed and honed certain business and life skills to really stand out from the crowd when it comes to a flourishing business. The ability to lead a team is a skill that forms an integral part of being a business owner.

Knowing when to delegate

One of the most important skills you will need is knowing how and when to delegate work. While going it alone may seem preferable, it simply isn’t viable. Relying on your staff promotes good working relationships and fosters trust and loyalty. It also frees you up to focus on other aspects of the franchise.

Willingness to ask for help

Knowing when it’s time to ask for help is always a good quality to have in any scenario. In business, it not only shows receptiveness to learning opportunities but also strengthens the relationship between you and your franchisor.

If you find that you’ve ticked all these boxes, then owning a franchise business could well be the route for you. If you’ve identified some areas for improvement, then you are actually on the right track – you’ve already identified new personal development opportunities!