Franchising can be an excellent way to leverage the support of a larger business while operating at what feels like a small business level. But is it for everybody and, what are the qualities you need to own a franchise and operate it successfully?
Adaptability & Willingness to Learn
Being a franchisee means you’ll need to adapt to the philosophy of the franchise into which you have bought. You’ll also be required to undertake training as well as accept advice and support from your franchisor. Many circumstances will need to be viewed as a learning experience helping you grow as both an individual and business owner.
Driven & Motivated
You’ll need to have clear goals in mind and a passion for what you do, rather than just choosing to invest in a franchise because you think it’ll be easy money. Like most things in life, you’ll need to put in effort to see results!
A strong sense of ambition is essential to ensuring your investment in franchising grows. For the first few months, you may need to put in extra hours and pour plenty of energy into your work, and you’ll need the drive to get through any initial hurdles.
A Team Player
Franchising is not something that can be done alone – after all, you’ll be entering a key alliance not only with the franchisor, but also with other franchisees. The success of your business will be based on the franchisor’s established business practices (as well as your efforts), so you’ll need to use these practices and follow consistent procedures. Being a team player and following the rules are essential parts of being a franchisee and, having an open mind in relation to the opinions of others will be greatly beneficial.
Communicator with People Skills
As the owner of a franchise, people skills and excellent verbal and written abilities are essential qualities. In order to lead and motivate staff, you’ll need strong decision-making skills with a positive presence around the workplace. People skills will also help you better relate and speak to customers resulting in the best possible customer service.
Patience is a virtue when it comes to owning a franchise. Very few businesses boom overnight, and you may not be making a profit from day one. Patience, when combined with many of the other qualities already mentioned, helps to make a business successful over time. It may be reassuring to know that most franchises do very well, with a low failure rate compared to smaller start-ups and independent businesses.
For further information regarding what you need to know about franchising, the ACCC has an informative guide available for download. You can also read more on the Sleepy’s blog, or get in touch with Guy Elliott on 0434 254 154 to discuss franchising opportunities.