In the early 1980’s, there was an outpouring of magazine and newspaper articles that were titled “Do you have the right stuff to be a franchise owner?” The articles described the most important personality traits of entrepreneurs and franchise owners and offered a self-evaluation exercise to enable readers to determine if they had the right stuff.
Today, more than 20 years later and after extensive research, we know there is no unique set of behavioral attributes that is distinctive to all successful franchise owners. It does appear, however, that successful franchise owners have a higher desire to be in control of their own fate. This has been confirmed by many surveys that indicate that franchise owners say that INDEPENDENCE is their main reason for becoming franchise owners.
What are the characteristics found in most successful franchise owners?
Franchise Owners, from the outset, have a very clear picture of their industry, their customer and their competitors.
Industry: How fast is the market growing? How big is the market and what’s the market potential? Do franchise owners enjoy high gross margins? (revenues minus cost of goods sold)
Customer: Who is my customer? When you understand who your customer is, you can assess what compels them to buy, how your franchise can sell to them, and how much it’s going to cost to acquire and retain that customer.
Competitor Analysis: Successful franchise owners know their market segment; know what their customer looks like and, what the customer wants. Knowing that is the key factor to knowing their competitive advantages and the basis for their franchise strategy.
Once franchise owners have this picture, they know what it’s going to take to look like that.
What’s the target market strategy? Why is the customer going to switch to your product or your service?
Advertising promotion and sales strategy.
How to maintain excellent customer service.
Hiring employees and retaining employees. Setting the standards for success. How does my franchise look to the customer?
Once they decide on a course of action, successful franchisees focus on achieving the desired result.
Successful franchisees learn the franchisors system. They trust in the franchise model and implement the strategies.
They are totally dedicated to their franchise. Franchisees work tirelessly.
Twelve hour days and seven day weeks are not uncommon when a franchise is getting off the ground.
Franchisees have a passion for succeeding in their work.
Successful franchisees pay close attention to detail. The franchisee must be on top of the critical details.
Franchise owners want to be in charge of their own destiny.
Do You Have the Right Stuff to be a Franchise Owner - To learn more about this author, visit William Bradley's Website.
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