Are you looking to buy a franchise? Maybe you have done your research on the top franchises to own, and you’re excited to get started. Before you begin scouting, you need to know who makes a good franchise owner. What qualities do you need to run a successful franchise business? There are 9 qualities that you should possess in order to even be considered by a franchise owner. Let’s take a look at those.
9 Qualities A Franchise Is Looking for In A Franchisee
You will likely receive help from the franchisor, but your successes is ultimately up to you. You should be driven by setting and achieving measurable goals. A results-driven franchisee is always evaluating the processes they are following and making necessary adjustments with the end goal in mind. You need to be dedicated and driven by the success of the business.
Passion for your brand is easily recognizable by customers and might even be considered contagious. When you have a passion for the success of the business, you will always go above and beyond to make sure your endeavors are successful. You won’t throw in the towel when things inevitably become challenging.
Franchisors want to know that their potential franchisee cares enough to put in the work to make the franchise fruitful.
Are you able to take criticism well? Are you willing to learn and grow? Owning a franchise means throwing ego out the door, especially if you are new to franchising. Franchisors want to know that they will be able to train and give you any guidance necessary for you to become successful.
If you’re looking to open a franchise, it can be a little intimidating. Having your franchisor in your corner who is invested in your success will be rewarding for you. Just be sure to accept this investment with open arms.
Successful franchise owners will always take accountability for their mistakes. They won’t let their employees bear the brunt of the consequences. They will acknowledge that mistakes are just a part of the job. But they will always make sure to examine what went wrong to make sure it doesn’t happen again.
It can take months, if not years, to become a profitable franchise. Franchisors want to make sure their potential franchisees are aware of this and reasonable. They want to make sure the franchisee understands that putting your trust in the long haul is one of the proven ways to be successful.
For example, a retail storefront may not become profitable until a minimum of 6 months from signing the necessary documents to opening the doors. Sometimes it may even take as long as 12 months to even get the doors open.
This period without any monetary gain, requires patience and passion. Without these two qualities, the franchisee will surely be discouraged.
6. Team Player
Franchising is not an independent sport where you can make your own rules. The agreements you sign will require you to follow specific practices that are established by the franchisor. These business practices have been proven successful by other franchisees or by the franchisor themselves.
Franchises do have some reign over the things they can change, like menu items, for example. But for the most part, uniformity is necessary. Customers should generally now what to expect at any location they visit.
Being a team player is not an expectation of a franchisee but a requirement.
7. Community Oriented
Your franchise will exist within your community. It is essential you are aware of how it operates. Being community-oriented means knowing the culture that your franchise is located in. Do the community members focus on being eco-friendly?
This is an example of the crucial information you would need to know if you owned a restaurant franchise. This might dictate straw and plastic utensil limitations or even the packaging type you put to-go orders into.
Sometimes franchises will participate in community events like giveaways or charity events. You should be aware of these gatherings to give back to the community and promote your franchise.
Of course, it is important to be practical, but the more positive of an outlook you have on life, the easier it is to find solutions to difficult problems. This comes into play in business almost daily. There will always be problems, but will you be eager to find the answer, or will you succumb to the disappointment? Will you spend your time solving them or will you waste all your time trying to figure out how they happened?
Franchisors look for potential franchisees who will keep their business afloat by promptly tending to any difficulties that will arise.
9. Financially Responsible
To be a successful franchise owner, you must know how much you can invest and how much risk you are willing to take. You need to account for living expenses until the franchise is profitable and make sure you have enough money to provide everything your franchise needs.
Financially stability is demonstrated before you can even purchase a franchise for this reason. The franchisor will run a credit check on the potential franchisee to ensure they can trust them to financially uphold the franchise.
A good franchise owner has qualities that will get them through inevitable hardships and help them make wise financial decisions. The patience they possess will allow them to enter the franchising business with realistic expectations.
They are team players who understand they are part of a larger picture. Most importantly, they are passionate about their business, and the driving force is providing excellent service to the community.
Do you have the qualities a franchise is looking for in a franchisee? There are many great franchising opportunities available in all industries. In the restaurant industry, Chaps Pit Beef has grown to have 6 BBQ franchise locations since 2017 and is still expanding. This is just one of many examples.
There is no shortage of franchise opportunities. You just need to make sure you have all the qualifications to succeed.