What It Takes to Be a Successful Franchise Owner
Starting a business is hard work that brings incredible results and opportunities. Purchasing a franchise can give you an edge over independent small businesses while granting access to a supportive team and developed business and marketing strategies.
However, franchise ownership is not for everyone, and becoming a franchisee involves dedication alongside a vast skill set. Keep reading to learn some of the best personality traits and tips for franchise owners.
Traits Franchise Owners Need to Be Successful
Many successful entrepreneurs share common traits that help them propel toward success. Take a look at these traits to determine your strengths and weaknesses as a business owner:
- Motivation: Successful franchise owners must have self-motivation. The only way to make progress is by gaining physical experience in the industry to evoke change in the world. Many franchisees create specific goals they continue chasing until they find their desired outcome. A growth mindset focusing on continuous improvement takes entrepreneurs far in the professional world.
- Leadership: Leaders value their goals and are motivated to work toward them. People with management experience can do well as franchise owners because they understand what it takes to run a business and how to navigate challenges. Leaders must have strong communication skills to guide their teams accordingly. They must also earn their team’s trust and respect by showing a willingness to put in the work.
- Integrity: Having integrity means owning your mistakes and accepting the consequences rather than blaming others. Displaying integrity will encourage more people to do business with you and show commitment to your community.
- Perseverance: Pushing through obstacles and getting back up will help you come out on top. Accepting what you can’t change and acknowledging areas for growth will take you far in the industry.
- Innovation: Franchisees must be passionate about finding new ideas and reshaping the industry. Many entrepreneurs begin their businesses with this driving factor at the forefront of their initiatives. Successful people invite changes and welcome fresh perspectives.
- Competitiveness: You must enjoy challenges if you want to be successful in your field. Owning a business involves constant competition to gain customers and show that your service or products are the best on the market. Owning a business is also a personal challenge — you need to question your ideas and debate the steps necessary to move forward.
- Strong networking skills: You must recognize and value your network of peers, contacts, business partners, mentors and resources to be a successful franchisee. Behind each good leader is a supportive team.
How to Be a Successful Franchise Owner
Beyond having notable traits, there are steps you can take to increase your chances of accomplishment. Buying a franchise is not a guarantee of success, but having insight into the best practices can help keep you on the right track. Check out these tips for owning a franchise.
Have a Passion for Your Product or Service
Many professionals need a passion for their work, products or services. Having a sense of drive will help you find long-term success and appreciate your daily operations. Your natural enthusiasm can bring more people to your doors, which helps grow your commitment to your mission.
Your passion will translate to those who are interested in your products or services. When you can explain your offerings and how they can benefit your community, you’re more likely to strengthen your connections and get people on board with your ideas.
Successful franchise ownership takes a substantial amount of commitment. Therefore, you should enter a field that means something to you — this can look different based on the industry you’ll operate in. You might think of a franchise path that makes you excited to wake up and get out of bed in the morning.
Determining whether you have a passion for a product or service is something only you can answer. Do plenty of soul-searching and research to see what you can discover about a franchise path before getting on board. Speaking to industry professionals, completing a job shadow experience or reading reviews about a company you want to become a franchisee for are proactive methods for seeing if a new industry may be right for you.
Determine Your Community’s Needs
You will need to determine the demographic you would best serve and whether your community needs what your business can provide. For example, if you want to open your business as a home care franchise, you will need to ensure enough people in your area require this service.
Figuring out your community’s needs is easier said than done, but if you have the traits of a successful franchise owner, you should have no issue thinking outside the box to influence your decision. Starting a business will demand some research on your end. Ideally, you are familiar with the geographic location where you’ll soon open your doors and start making connections with clients.
The list below describes ways to learn more about how you can start a business that performs well in your community:
- Think about competitors: Once you have an idea about the type of business you’ll operate, consider if there are nearby players in the industry. Explore how your offerings will go above and beyond for clients compared to what is already available.
- Review local trends: A plethora of online databases and government websites communicate how many people reside in your community. Look for areas of opportunity according to characteristics like age groups present and what individuals do for work.
- Partner with local leaders: See what you can do to get in touch with city or town council members to learn more about supply versus demand needs. Individuals who work with the local government may be able to tell you more about the practicality of your business venture.
- Generate surveys for data: Depending on your initiative, you can figure out how to own a successful franchise by interacting with community members directly. Passing out surveys at town events and public outings lets you hear what your audience has to say.
Focus on Customer Retention
Retaining current customers or clients is just as important as finding ways to invite new ones. Create a follow-up system to connect with those who rely on your business. Phone calls, emails and offering specials or promotions are excellent ways to invite people to return to your doors.
On top of making stronger connections with your community, customer retention can increase your profits. A 5% customer retention boost can increase profits by as much as 95% — positively impacting your business’s return on investment.
Hire the Right People
Create a team that shares your passions and vision. You want to find a team that boosts your confidence and capabilities. Your team reflects your values, drive and passion, so choosing those who can support your mission is vital. Seek professionals with experience in the roles you need them to fill. For example, you might hire a trustworthy manager who can take over if you need to step away for periods of time.
Finding a dedicated team can save you time and money over the long term. Remember that hiring new employees is always an investment. You must dedicate resources and time to training them to ensure they understand their roles.
Keep a Positive Attitude
If you have a passion for your business, you’ll likely have a positive attitude while working. It’s especially important to remain optimistic when you face unexpected challenges. Your team and community will look to you for guidance, so you want to present yourself as a leader who is ready to problem-solve. Finding the positive side of any situation will guide you and your team to a happier outcome.
Set Clear Expectations and Goals
Be sure to set clear goals for your team and yourself. Abstract instructions leave room for mistakes, and undefined goals are left to interpretation. The more precise you can be, the better. Your role as a leader is to offer a helping hand and teach others, which is hard to do if you don’t extend the same courtesy to yourself.
Set financial goals and similar objectives that increase profits and sales. Creating these goals can change how you view your financials and help you understand when to spend and save. You can find yourself facing more money-making decisions in the future by creating clear and concise goals as soon as possible.
Provide and Receive Direct Feedback
Feedback is an essential element of success. Giving and receiving feedback is essential in guiding people down the right path and finding areas where individuals can grow. Give your team clear and concise information about their performance whenever you can. Be kind and direct, highlighting strengths and weaknesses rather than focusing only on problems.
Additionally, take opportunities to gain feedback from others. As a franchisee, you have access to a supportive team, so connect with others in your industry to learn tips, tricks and best practices.
Download the Franchising Kit From HomeWell Care Services
HomeWell Care Services allows entrepreneurs to invest in a business like no other. Our rapidly growing network provides personalized support, comprehensive training and innovative technology. Our franchised locations offer personal care services to those with disabilities, seniors and people who are homebound.
We have over 70 franchisees representing over 100 United States territories and would love to help you open your business as a franchise. We make it easy to take the first step. Download our franchise kit to discover if we’re the right fit for you.
