- Email: info@mbsedu.co.uk
Being a good franchisee takes about the same qualities as being a good business owner of any type. The difference between a completely independent owner and a franchisee is very small and only comes into play when dealing with the franchisor’s rules and ability to drive the direction of your business based on their vision rather than your own.
Ability to be Consistent – Franchises come with standard operating procedures and processes. If you can consistently follow them, you will be successful. You’ll need to follow them and ensure your employees do the same.
Flexibility – When you own any type of business, you must be ready and willing to jump through all sorts of hopes even when you are tired. One example is that you’ll likely have an alarm on your store if it’s a bricks-and-mortar franchise that might go off because the wind blows wrong. You’ll have to get up at 3 am and go turn it off and talk to the police about it.
Good Communication skills – Not only will you need to be able to talk to your franchisor, but also your staff, and your customers. Not to mention the myriad of vendors that will service your location. But remember, communication is a two-way street and you’ve been given two ears and one mouth for a reason.
Have Passion for the Industry – If you don’t like fast food, do not buy a fast food franchise. The only exception is if you have the type of funds to be an absentee owner and you’ll be hiring managers to oversee everything. But even then, why would you invest in things that don’t bring you joy?
Honesty and Ethics – It’s imperative that you are very honest and have the utmost ethical center to be a franchisee. You’re going to have to be on your honor to follow a lot of the rules and regulations and systems that the franchisor sets out for you. You will be representing the business across the country and maybe the world. If someone comes into your place and has a bad experience, it rubs off on everyone.
Leadership Ability – Even if the idea of leadership bothers you, remember that there are different types of leadership. Take the time to do the work to discover what type of leader you are. Once you understand your leadership style, you’ll be able to be who you are while you lead your staff and business to success.
Organizational Skills – It can be hard to be organized, so don’t despair if you’re not naturally organized. You can hire people to come in and organize according to the franchisor’s rules, and sometimes they will help with that. Your job will be to maintain that organization. Anyone can learn organization if they make it a priority.
Perseverance – You also need to be able to stick to it through the hard times (which could be one to three years from the date you sign the contract) before you see any money for your hard work. It may be frustrating; you’ll hit roadblocks, but if you stick to the plan you’ll see success.
Even though you as a franchisee must follow the lead of the home office to drive profits, you’re still a business owner with all the risks and rewards that come with the privilege. Make no mistake; even though you’ve laid down your hard-earned money to become a franchisee, your ability to be successful will depend on your ability to understand the overall vision of the franchisor and go on to translate that into success for you and your community.
