Franchising isn’t relegated to a specific portion of the population. It doesn’t matter who you are, or what your background is – being a franchise owner is an attainable goal. Naturally, this involves having your ducks in a row with the right business plan, a solid financial situation and a go-getter’s attitude, but there are other qualities that can help, as well.
The business-minded possess skills that can transfer directly over to the franchise field with little or no issues. Some can be learned at a business school, while others can be learned simply by rolling up one’s sleeves and entering the workforce. Here are ten qualities that every franchise owner can draw upon to make their location a smash success.
1) ORGANIZATION
Those used to performing singular tasks may have trouble with the franchising world, unless they can develop organizational skills. This includes the ability to multitask employees, deadlines, projects and meetings, among other things. This doesn’t involve being in two places at once, but it does require one to set a calendar and stick to it. In the absence of a pre-planned day, chaos can erupt which directly affects the performance of your franchise. Stay tidy and organized at all times.
2) INTERPERSONAL SKILLS
The fine balance between diplomacy and authority is one many people have trouble figuring out, but it’s vital to run a successful franchise. Both employees, customers and third party personnel may require a talking to from time to time, and that means having a cool temperament and a level head. Unhappy customers require the temperature to be taken down, while unruly employees may require disciplinary action that doesn’t spill out into a screaming match. If one can strike the right balance, everything will run smoothly.
3) SUPERVISOR SKILLS
Organization is one thing, but supervising is quite another. One is the practice of keeping tabs on scheduling, while the other is a hands-on job that requires eyes on all facets of the business. This is important when it comes to maintaining quality of products and services, not to mention cost-saving measures. If your eye is not on the ball, you could be wasting money without realizing it. This also involves making hard decisions when required, such as firing an employee or reducing their hours.
4) ENTREPRENEURSHIP
One can’t own a franchise without having the entrepreneurial spirit, and it would be unwise for others to venture into this territory. Owning a franchise location is the same as owning any other business. It requires commitment, passion and a hunger to succeed. This comes with a caveat, however. Franchising is all about playing by a rulebook with demonstrable success to back up its methods. Entrepreneurs may feel the itch to venture outside of pre-established guidelines, but this is folly that should be avoided.
5) LEADERSHIP
Being a leader means more than simply being in charge. One must exercise a degree of charisma to inspire and motivate employees to work together for the betterment of the business. This includes leading by example when standards drop, or taking the reins when new directives come down from head office. Good leaders also know how to delegate tasks to specific people, and that includes promoting key players to management positions who can make the business run better.
6) RESPECTING THE MODEL
Franchise owners invest because of the success already demonstrated by the franchisor. There’s no two ways about it. In order to pay this success forward (and reap the benefits), one must work within the guidelines by respecting the model. Deviating outside of established guidelines isn’t just foolhardy – it’s a violation of your contract. Playing by the rules and following the chain of command guarantees that the machine keeps running at tip-top efficiency.
7) ALWAYS LEARNING
The wise business person knows that the learning curve never stops. It’s a never-ending journey that yields new fruit, every single day. There’s always something new to learn, a new procedure to optimize, or a better way of delivering service. Listening to head office’s suggestions (and following guidelines) is one part of it. The other comes from running your own franchise in your particular corner of the globe. Your customers might want the same thing, but they’re all different people, and it’s important not to take them for granted.
8) CHARITY
Great franchise owners know the value of paying it forward, and it’s one of the best things about the business. Yes, owning a franchise can be a lucrative and rewarding business pursuit, but it’s also an opportunity to make your community a better one. Some franchise locations serve the homeless, invest in great causes, and try to make their community a better place. This goes far beyond establishing goodwill and a great brand image. It’s a personal reward that pays emotional dividends far greater than the money in your bank account.
9) FAMILY/LIFE BALANCE
Many franchise owners get caught up in their franchise location, to the detriment of their personal lives. This can be disastrous, especially if you have a family with children. You may think you got into the franchising field to make their lives better, but that can quickly turn into a delusion that keeps you working longer hours than you need to, while obsessing about its success. Franchise owners know how important it is to strike a good family and life balance in relation to their business. Opening a franchise location is not easy, and it’s not a 9-5 job, but the quicker you can get a handle on operations and streamline the day-to-day routine, the faster the money will roll in, allowing you to hire a general manager to take the pressure off.
10) TAKING RESPONSIBILITY
Ultimately, the successes and failures of a franchise location rest largely on the franchise owner. Sure, the brand image can take a hit due to bad publicity, but this is extremely rare (and in most cases, isolated), and it’s no excuse for stumbling. Hiring, service and quality of food all rest on the franchise owner’s shoulders, as it should be. By following the previous points, you can minimize this risk and enjoy stress-free growth of your franchising portfolio.
Heeding these tips is a great way to succeed as a franchise owner, and every single one will contribute to happiness, health and prosperity as you venture forth. If you think you’ve got what it takes to become a franchisee, contact us today! We’d love to hear from you!