Whether you’re a franchisee or franchisor, we need to recognize that when a franchisee fails, it impacts the specific franchise system and to a lesser degree the franchise industry.
When an individual decides to invest in a franchise, they need to make sure that they follow the right process and that the franchise is the right one for them. The candidate needs to have the business experience and capital to make it a successful business.
Although each franchise is different there are certain attributes or characteristics that successful franchisees share:
- Successful franchisees understand and can relate to their franchise business. They have a combination of the business skills and experience needed to operate the franchise.
- They are highly committed to their franchise and focus on the important details. They understand how the franchise operates and what’s needed to be successful.
- Successful franchisees are fully involved in their business and they have well-trained, competent and motivated staff.
- They are aware of their competitors and the conditions in their marketplace. An awareness of competition is an important trait that successful franchisees share.
- Successful franchisees are interested in and show concern for the success of the franchise network. They find the time to know how well the franchise network is doing and typically stay in touch with their fellow franchisees.
- Most will maintain a dialog with the franchisor in good times and bad. There is a reason why these franchisees are usually the ones who are contacted by their peers during troubled times.
- Successful franchisees have a strong commitment to the franchise network and can rise to the occasion when necessary. These franchisees can take a leadership role when required on behalf of their fellow franchisees.
Despite the differences among franchise systems there are certain attributes that successful franchisees share. Franchisees and franchisors should keep these points in mind when considering a franchise opportunity.