What it takes to be a franchise success
And do you have what it takes to be a successful franchisee?
According to SUBWAY®, the No. 1 global franchise success for 2015 voted by Franchise Direct, these are the ingredients you need to be a successful franchisee:
- You’re down to earth, practical and hungry for success.
- You’re sociable, friendly and approachable.
- You do whatever it takes to get the job done.
- You’ve demonstrated excellence in any area of your life, from running a family to sporting prowess.
- You exude diplomacy and leadership skills.
This may be true for SUBWAY®, but we’ve put together our own list of the top five traits for successful franchisees that transcends that satisfying submarine sammie and can be applied to franchises across all industries.
1. People skills: As a franchisee you will need to build loyalty, value and trust with staff, clients, suppliers and anyone else who comes in contact with your business, so interpersonal skills are non-negotiable.
2. Coachability: More important than entrepreneurial spirit, is coachability. Franchisees need to understand they are working with a proven model and be willing to follow a system.
3. Balanced approach to risk: Franchisors generally don’t want daredevils, but they also don’t want to work with people who can’t take calculated risks. Somewhere in the middle is ideal.
4. Passion: Like all small business owners, to be successful you have to be passionate – passionate about your business, the people in it and the product or service you provide.
5. Leadership, the appropriate skills, a good work ethic and business acumen: Needless to say, you must have the ability to run a business, which includes everything from finances to marketing and resourcing. Like SUBWAY®, you’ll also need a willingness to do whatever it takes to get the job done.
Use this list to determine whether you have what it takes to be a successful franchisee, and be honest with yourself. Chances are, franchisors will have a similar list against which they rank applicants for their suitability with their business. An open and professional relationship between franchisor and franchisee based on common understanding and alignment to goals is the foundation for franchise success.
Looking to be a franchise success? Check out our large selection of franchises for sale throughout New Zealand, or view more articles that can help you be a franchise success in our franchise resources.
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