Do You Have the Right Stuff to be a Franchise Owner
Do You Have the Right Stuff to be a Franchise Owner
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.
Like this article? Share it with your friends
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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 Do You Have the Right Stuff to be a Franchise Owner
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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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