What’s Your Franchising Aptitude? Learn what it takes to be a successful franchisee
What’s Your Franchising Aptitude? Learn what it takes to be a successful franchisee
But if you’ve never been a business owner, you will probably wonder if you really have the skills to be successful as a franchisee. After more than a decade in the industry, I’ve learned that great franchisees come from a large variety of backgrounds and possess an endless variety of skills and personality traits. However, there are a few key characteristics that most successful franchisees have in common.
If you are considering the purchase of your own franchise business, I’d suggest you first take a look at the following attributes and determine if you have what it takes to be successful as a business owner.
Leadership
It can take an enormous amount of work to get a new business off the ground – not that you need to do everything yourself. That’s why leadership is an important attribute to a successful franchisee.
Are you comfortable delegating responsibilities, making decisions and dealing with the results of those decisions? Can you motivate your employees to work hard for you without constant supervision? Most importantly, do you lead by example, inspiring confidence in your employees?
If you can answer these questions affirmatively, you probably have the leadership qualities necessary to be a successful franchisee.
Coach-ability
“Whoa,” you may be thinking. “First I need to lead and then I need to follow?” As we say in Minnesota, “You betcha!”
While you may need to lead your employees, it is just as important in franchising that you understand you are not only buying a business but an entire system. Your success as a franchisee depends on you ability to learn and follow the system provided for you. If you think your time is better spent making your own rules and revising the system than in learning how to do it the franchisor’s way, you’ll be a failure in your business.
The whole advantage of franchising is that the customer gets the same great service and/or product from franchise to franchise and all the franchisees reap the benefit of that expectation. If you are unable, unwilling or uncomfortable executing someone else’s system, then you’d be better off starting your own business and leaving franchising to others.
If, however, you can understand the advantage of following a franchisor’s system, you are now one attribute closer to franchisee success!
Networking
As you choose your franchise company and the location to open it, you are also choosing to become part of the community. This is where someone with great networking skills will shine. By getting to know your neighbors and fellow business owners, you will be able to publicize your business more easily while also building good-will and loyalty with your customers.
For the business-to-business franchisee, joining civic organizations such as the local chamber of commerce will be critical to success by allowing you to network with the leaders of the business community.
If you are truly a people person and enjoy social interaction, you have one of the most important features of any successful business person.
Determination
The last attribute of most successful franchisees is that they are willing to do whatever it takes to make their business successful. Many people think that being a business owner means you take a lot of time off and are free to play golf three days a week. This may be true of some franchisees but it does not happen overnight! A lot of hard work is needed the first couple of years you are in business as you build your customer base, train employees and go through your own learning-curve.
If you are someone who is likely to quit when the going gets tough, this isn’t the career for you. However, if you have the determination to make it happen and will work whatever hours are necessary to establish your business, you have a good chance of success as a franchisee.
One of the statistics sited over and over in franchising is that franchise businesses are exponentially more likely to succeed than individual new start-ups. According to Department of Commerce figures, after seven years 91% of new franchises are still in business, as compared to only 20% of individual new start-up businesses. Perhaps one of the reasons for this success is that franchisors can hand-pick their franchisees and choose only those they feel have a good chance of making it as a business owner.
Do you have what it takes to be successful as a franchisee? If you have leadership qualities, have the willingness to follow a tried and proven system, are skilled at networking and have the determination to follow through, then you, too, may achieve your career goals through franchising.
Whats Your Franchising Aptitude Learn what it takes to be a successful franchisee - To learn more about this author, visit Kim Ellis's Website.
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The thought of being your own boss can sound pretty wonderful to someone tired of working 50 to 60 hours a week to make money for some impersonal corporation. And there is probably no better way to be self-employed than by buying a franchise and taking advantage of all that franchising has to offer: a tried and proven business model, initial and continuing training, an operations manual, a recognizable brand identity, corporate buying power, a national marketing program and often much more.
But if you’ve never been a business owner, you will probably wonder if you really have the skills to be successful as a franchisee. After more than a decade in the industry, I’ve learned that great franchisees come from a large variety of backgrounds and possess an endless variety of skills and personality traits. However, there are a few key characteristics that most successful franchisees have in common.
If you are considering the purchase of your own franchise business, I’d suggest you first take a look at the following attributes and determine if you have what it takes to be successful as a business owner.
Leadership
It can take an enormous amount of work to get a new business off the ground – not that you need to do everything yourself. That’s why leadership is an important attribute to a successful franchisee.
Are you comfortable delegating responsibilities, making decisions and dealing with the results of those decisions? Can you motivate your employees to work hard for you without constant supervision? Most importantly, do you lead by example, inspiring confidence in your employees?
If you can answer these questions affirmatively, you probably have the leadership qualities necessary to be a successful franchisee.
Coach-ability
“Whoa,” you may be thinking. “First I need to lead and then I need to follow?” As we say in Minnesota, “You betcha!”
While you may need to lead your employees, it is just as important in franchising that you understand you are not only buying a business but an entire system. Your success as a franchisee depends on you ability to learn and follow the system provided for you. If you think your time is better spent making your own rules and revising the system than in learning how to do it the franchisor’s way, you’ll be a failure in your business.
The whole advantage of franchising is that the customer gets the same great service and/or product from franchise to franchise and all the franchisees reap the benefit of that expectation. If you are unable, unwilling or uncomfortable executing someone else’s system, then you’d be better off starting your own business and leaving franchising to others.
If, however, you can understand the advantage of following a franchisor’s system, you are now one attribute closer to franchisee success!
Networking
As you choose your franchise company and the location to open it, you are also choosing to become part of the community. This is where someone with great networking skills will shine. By getting to know your neighbors and fellow business owners, you will be able to publicize your business more easily while also building good-will and loyalty with your customers.
For the business-to-business franchisee, joining civic organizations such as the local chamber of commerce will be critical to success by allowing you to network with the leaders of the business community.
If you are truly a people person and enjoy social interaction, you have one of the most important features of any successful business person.
Determination
The last attribute of most successful franchisees is that they are willing to do whatever it takes to make their business successful. Many people think that being a business owner means you take a lot of time off and are free to play golf three days a week. This may be true of some franchisees but it does not happen overnight! A lot of hard work is needed the first couple of years you are in business as you build your customer base, train employees and go through your own learning-curve.
If you are someone who is likely to quit when the going gets tough, this isn’t the career for you. However, if you have the determination to make it happen and will work whatever hours are necessary to establish your business, you have a good chance of success as a franchisee.
One of the statistics sited over and over in franchising is that franchise businesses are exponentially more likely to succeed than individual new start-ups. According to Department of Commerce figures, after seven years 91% of new franchises are still in business, as compared to only 20% of individual new start-up businesses. Perhaps one of the reasons for this success is that franchisors can hand-pick their franchisees and choose only those they feel have a good chance of making it as a business owner.
Do you have what it takes to be successful as a franchisee? If you have leadership qualities, have the willingness to follow a tried and proven system, are skilled at networking and have the determination to follow through, then you, too, may achieve your career goals through franchising.
Whats Your Franchising Aptitude Learn what it takes to be a successful franchisee - To learn more about this author, visit Kim Ellis's Website.
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Joe DagerJoe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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