Any business start-up involves some risk of failure, but a strong franchise with a proven track record of success will minimize this risk.
A successful franchisee business has to be built and needs certain qualities in the franchise owner itself. For one, the owner has to be optimistic and open to taking risks but calculated ones.
They will be able to follow protocols and rules set down by the franchise company and move alongside changes, as prescribed.
“If you are looking to invest in a franchise the best thing you can do is research. And as part of the research you need to look at yourself, your characteristics and your skills,” advices Pip Wilkins, head of operations, British Franchise Association.
Here are factors that define a successful franchise business:
Calculated small risk factor:
A successful franchisee should actually be risk-averse. He or she should be willing to take some risk but should (at most times) keep risk-taking small and controlled as possible. Any business start-up involves some risk of failure, but a strong franchise with a proven track record of success will minimize this risk. Successful franchisees should do their homework, so they know what they are getting into.
Avoiding reinventing the wheel:
Entrepreneurs have it in their nature to do things on their own and most of the times, reinvent the wheel. But the trick to a successful franchise business, on the other hand, is to go for proven systems. Save yourself from figuring out the best way to do something. Instead, go for a system of operation that already has instructions in place. Franchisees should be open to learn from other and avoid making expensive mistakes. This will help you to become more successful quickly.
Asking questions, avoiding to experiment:
It is a good idea to follow a motto of running a business for you and not by you. Collaboration and a desire to learn from other franchisee models is a good way to grow and create your own space. It is more advisable to ask than go by your own instincts. Here, there is no room for experimentation and a successful franchisee should constantly ask advice of the franchisor support staff and other successful franchisees and follow the advice they get. Let us accept that we don’t have all the answers and those we have to be willing to ask for help when you need it.
It is important to have the attitude and willingness to do whatever it takes to get the job done. This attitude will be a motivation to all those who work for you as well. Whether it is putting in long hours, handling multiple tasks or taking responsibility for your actions, everything counts. No matter what franchise you are interested in, you can be sure it's going to take work to make it successful. The best franchisees know and accept that fact.
Good interpersonal skills:
To run a successful franchise business, the franchise should have excellent interpersonal skills and can effectively interact with their employees and customers. He or she should be able to use these skills to create loyalty, value, and trust. Though this characteristic is listed last, it's probably the most important of all.