Starting a franchise is not for the faint of heart. It is for the courageous, the determined, and those who are willing to make a name for themselves. It's for those who aren't afraid to roll up their sleeves and do hard work. But to succeed, you'll need these inner qualities when beginning a franchise.
The 8 Inner Qualities You Need When Starting a Franchise
1. Determination
If you're going to get discouraged every time there's a bump in the road, and there will be bumps along the way, then maybe starting a franchise isn't for you. But if you're looking for something beyond the rat race and want to stake a new claim, ask yourself:
- Am I willing to continue even when things aren't going smoothly?
- Do I have a clear vision for where I'd like to be in one/three/five years?
- Am I willing to work not only harder, but smarter, in order to get the job done?
If your answers to these questions are yes, then you have one of the inner qualities needed for beginning a franchise.
2. Coachability
We have helped thousands of business professionals on their franchise journey. But do you know what the most successful ones had in common? They were willing to be coached. Even more important, they took the principles they learned and immediately applied it to their business franchises. The ultimate success of the franchisee depends upon having this willingness to learn.
The franchisor also has a particular set of guidelines for how the franchises are to operate. The instructions can include everything from marketing philosophy to interior decor. Realize that these principles exist because they have demonstrated success. Therefore, when your franchisor offers tips, suggestions, or coaching points, take them seriously. After all, your coachability can have a direct impact on your bottom line!
3. People Skills
Franchisees will be dealing with a lot more than customers. This multifaceted role requires you to meet with suppliers, inspectors, employees, and others. Are you able to work well with people? Equally important, can you remain calm and polite when you're working with difficult people?
If you don't feel comfortable working closely with people, then take some time to brush up on your people skills before beginning a franchise. (Don't worry, we can help you learn!)
4. Patience
This skill is vital to so many areas. Not only do you need to be patient with others--particularly the public and your employees--but you also need to be patient when seeking results. Rarely are stellar expectations met overnight.
Utilize patience before deciding to jump on board a franchise deal as well. Conduct due diligence and take your time to make sure when you're beginning your franchise.
5. Leadership
Leadership is not sitting in a back office, expecting everyone else to do the work for you. Leadership means, on some level, inspiring others to do their best and demonstrating that, by example. Do you have any lessons you've learned from your own experiences that you can share with members of your team? Do you have any strategies that will help them perform their roles?
Few things can damage loyalty as much as a supervisor who barks commands and calls the shots without working closely with employees who have "boots on the ground."
6. Financial Skills
Do you understand the ins and outs of a balance sheet? You'll need to be able to accurately figure out profit and loss along with the expenses of operations, including materials and labor costs.
Just as an athlete has to understand the rules and nuances of a game, a successful franchisee needs to have a keen comprehension of financial principles to become successful. If you do not have a finance background, we have tools for you.
7. Willingness to Cooperate
When beginning a franchise, there is a new meaning to the term "team player." Not only are you expected to follow detailed business practices, but you must make this work with seamless consistency. This is impossible if you're not cooperative. You have to play by the "rules" because the franchisor has already developed a system for success. Demonstrate you're a good steward of the franchise by being cooperative.
8. Objectivity
Indeed, you should have a passion for what you're doing, but you should also be able to step away and objectively evaluate the logical side of your business. Make sure you're doing something because it works and not because you like it. It's vital to be able to look objectively at your philosophies and your methods. If they're not getting the results needed, or if they are not in the spirit of the franchisor, then they need to be adjusted or dropped.
Are You Ready to Get Started?
Tom Scarda has owned and operated franchises and is one of the nation's foremost certified franchise experts (CFE). If you want to streamline the due diligence process and approach your franchise through in-depth, non-biased coaching advice, then schedule a call with Tom Scarda today. No charge, no-obligation, no kidding.
