Four Most Common Habits of Successful Business Owners

Most franchise opportunities will bring you profit if you follow the business model and work hard. But if you’re looking to take things to the next level and create a truly thriving, successful franchise, certain good habits will help you on your way. Here’s what those habits are.

Franchising, like most industries, can be very competitive. More franchisees arrive on the scene and more opportunities become available each year. These four habits are extremely common among successful business owners, and they’re pretty much certain to help you stand out from the crowd.

What does it take to be a successful business owner?

Successful franchisees are communicative and empathic. They’re able to teach, learn, mentor and be mentored. They’re motivated, organised and good at managing their time. They’re also business-minded, and able to solve issues creatively and quickly. More than all of these soft skills and personality traits, though, a successful business owner is, with regularity, a successful cultivator of good habits. Why? Because good habits:

• Allow you to reach your goals

• Set a solid foundation

• Improve your mental health

• Allow you to build a healthy working environment (for yourself and others)

• Allow you to be more efficient with your work and time, achieving more as a result

The world's most successful businesses are run by entrepreneurs who harbour the right habits to ensure their longevity and staying power in the marketplace. The truth is that so much of our behaviour comes from the habits that we employ on a daily basis, effectively determining our potential to excel in any line of work.
—R.L. Adams, Entrepreneur 

The five most common habits of successful business owners

1. Getting enough sleep each night

Most adults need 6-9 hours of sleep each night in order to function at full capacity in the morning [NHS]. Sleep deprivation impacts everything about a person, from their mental health and mood to their performance at work. Protect your mental health and ensure you’re working at your best by sorting your sleep schedule and getting your eight hours in every night. Create a habit that works for you, and don’t divert from it.

It’s true that many successful people get up early. Though many go to bed far earlier than most too. Yet, there are many geniuses who are night people as well. Find what works for you and [do] your best work.
—Alejandro Cremades, Forbes 

2. Keeping up with the latest industry news and trends

It’s true that many franchising opportunities don’t require previous experience in the sector. When you invest, you’ll be given an extensive programme of training, and you’ll have access to ongoing expert support. 

However, once you’re in the business and immersed in your sector, you should do your best, independent of your franchisor’s support, to keep up with what’s going on around you. Learn your industry, and keep up to date as much as you can with what’s happening within it. Listen to the trends and pay attention to the latest news to make sure you’re always at the top of your game 

3. Asking for help when it’s needed 

Though it’s important to be knowledgeable about your franchise, nobody is expected to know everything. One of the key traits of a someone with potential to become a successful business owner is that they can ask for help when they need it. Make it a habit, too – it’s a sign of resourcefulness and humility, not weakness, to tap into the experience of those around you. Whether it’s consulting your franchisor about a complex issue or delegating tasks to employees, you should be in the habit of asking for assistance.

4. Making a schedule, and sticking to it

Make organising your tasks into a schedule a habit, and you’ll always know what’s going on during your working day. The better organised you can be, the less often things will slip through the cracks. Set yourself up for productivity and success, and share your schedule with any and all employees so that everyone is on the same page.

I truly believe that if one is not in control of their schedule and priorities, then others will determine [them]. You should take ownership and proactive action. Success comes to those who do not just plan well but execute with the same rigor.
—Monu Kalsi, Stericycle 

Seven professional development tips for franchisees

Creating habits that work for you will support your growth and professional development. And the more you grow professionally, the more your franchise will grow in tandem. Here are seven professional development tips for franchisees who want to continue to learn, grow and better themselves...

• Don’t shy away from new challenges - Even if things don’t work, trying them will provide useful data points.

• Be willing to learn - Nobody’s journey of learning is ever complete. Even after decades as a franchisee, don’t lose your willingness to study and grow.

• Actively listen - Whether you’re speaking with your franchisor, your employees or your customers, don’t just passively take things in. Actively listen, and dynamically respond where a response is required.

• Never stop networking - Making connections in business is always a good idea. Even if you can’t see yourself benefiting from a network connection at the moment that you make it, it might come in handy at an unexpected moment down the line.

• Make changes when something isn’t working - Don’t be overly hesitant about making changes and adjustments. What works for your franchise for one or two years won’t work forever, because market trends and consumer habits are ever-changing.

• Don’t underestimate the importance of effective time management - When you figure out how to manage your time effectively, you gain so much of it back. Whether you’re delegating, investing in software that automates certain processes, or just cutting back on the amount of time you spend procrastinating, time management can be a big help.

• Encourage employee development, as your franchisor encourages you - Be for your employees what your franchisor is for you. Provide training, support and a listening ear. Set your employees up for future success, and show them that you value them.

Cultivate good working habits and build a successful franchise

Running your own business is hard work, but if you cultivate good working habits, franchise success will almost certainly come to you. For more business advice and franchisee tips, visit Point Franchise’s catalogue of franchising-focused articles.