Questioning whether you have what it takes to run a franchise? Most successful franchisees have common characteristics which allow them to run lucrative and rewarding businesses. Owning a franchise in the food industry is one of the most profitable and secure industries to enter. Projected to surpass $90 billion in 2019, the Canadian food industry is thriving. Think you have what it takes to enter the franchise industry?
Take a look at these characteristics to see what makes a successful franchisee.
- Process Oriented
The beauty of acquiring a franchise is the established process and system that comes with the package. Successful franchisees launch themselves into a system of operations that has already been created. As a franchisee, it is important to follow this process instead of seeking constant change and alterations to the business system. Learning off someone else’s mistakes to avoid making your own is a key component of being process oriented.
- Strong People Skills
Running a franchise, especially in the food industry, requires you to be attentive, interactive and engaging with people. Acquiring valuable interpersonal skills will help you develop a good relationship with your franchisor and employees. Having a charismatic and communicative personality allows you to establish a trusting and loyal relationship with customers. CNBC conducted a study that based on Linkedin, strong people skills fall into the top 10 in demand skills of 2019. The study proves that having the ability to manage a team and interact with clients is a competitive advantage over your competition.
- Reliability
Franchisors are trusting their franchisees with their entire brand, reputation and operations manual, they want to be reassured that you’re dependable. As a franchisee, you are an investment to the franchisor who is expecting that you execute their brand professionally and live up to their expectations. As noted by the Canadian Franchise Association’s (CFA) an Economic Impact Study, saw the opening of approximately 520 new franchises across the country, for a total of 75,765 franchise units in 2018. With the growth of the franchise industry, franchisors are becoming more and more selective with their candidates and thus seek a motivated and reliable contestant.
- Willing to Ask for Help
Entering the franchise industry means entering a partnership with your franchisor. Seeking help at the appropriate time requires a sense of confidence and pride. Often times entrepreneurs lack the ability to ask for help and thus place their business in an insecure position. A qualified franchisee will know the moment when it is necessary to seek help from the main franchisor in order to continue the flow and success of the business.
- Networking Skills
Although obtaining a franchise comes with the benefit of a set plan, it doesn’t guarantee set customers. The ability to network and grow your clientele is crucial to the development of your business. Networking can take place in many different forms, whether it involves attending a franchise show, trade show, community fundraiser or just word of mouth, it can make or break your business. The more comfortable you are with networking the larger your list of potential customers becomes.
A good franchise owner balances out and values the importance of maintaining a brand image as well as satisfying the customers. Acquiring a franchise comes with many benefits and a sense of security, but in order to be a good franchisee you need to demonstrate certain skills and assets. If you think your personality and characteristics match the description, you’re ready to be the new owner of your favourite franchise!