Top 5 Habits of Successful Franchisees

23/03/2018 08:00 | Start a business

The habits of successful franchisees

Have you ever wondered why some people are successful, while some attempt to thrive in vain? Or why some franchises flourish, whereas others fail to take advantage of the training, support and franchise system that has been tried and tested? The answer may lie in the behaviour, strengths, weaknesses and preferences of the franchisee.

So, what makes a successful franchisee? Here are the top five habits that make the best franchisees stand out from the rest.

1. Creativity

It's a common misconception that you can't innovate and follow a franchise system at the same time. But this is wrong. In fact, because franchisees interact with customers and employees on a daily basis, they are ideally placed to come up with ideas to improve the business.

The most successful franchises are full of franchisees who take a creative approach to problem-solving. They achieve this by overcoming challenges or identifying opportunities when traditional thinking has failed. They can bring a new perspective to issues and suggest innovative solutions.

As well as innovative franchisees, the most successful franchises also have franchisors that are willing to listen and act on the suggestions and ideas that are shared. Even the most profitable of franchises can improve if they take on board feedback and opinions from those that matter. After all, the Big Mac was created by a McDonald's franchisee, and that hasn't worked out too badly for them!

2. Willingness to learn

A franchise is only as strong as the franchisee running it. Theres a direct link between franchisees who do their best in their personal lives and those who succeed in their professional lives. This can be achieved by having an eagerness to learn.

This is particularly prevalent when a franchise investment is made. The ability to learn the franchisors' business model will be the difference between those who make it as a franchisee, and those that fail.

In this fast-paced world that we live in, its essential that franchisees remain current, competitive and aware of changes in the market. Even though it can be tough owning and operating a franchise, its easier than ever to stay one step ahead of the game. With technological advances, all the information to expand your mind and learn new things is literally at your fingertips.

3. Positivity

It takes more than a positive attitude to run one of the most successful franchises, but it definitely helps. If you have a negative attitude, your chances of failing are increased. Taking a positive approach to your business venture will impact everyone you interact with; including customers and employees.

Even though investing in a franchise system means that many of the creases associated with the business have already been ironed out by the franchisor, it can still be challenging. But by tackling obstacles with positivity, franchisees can develop resilience and the ability to bounce back when things dont go to plan.

4. Motivating

When you make a franchise investment, you may need to recruit employees to help you operate the business. By being a motivational influence on your employees, youre more likely to have a happy, high performing team who have a strong sense of job satisfaction.

Effective franchisees take it upon themselves to get to know each member of staff and understand what motivates them. This will enable them to adjust their leadership style to connect and build relationships with employees based on the needs of each individual.

Employees can also be motivated by being trusted to take on additional tasks and responsibilities. By finding out what level of accountability each staff member wants, franchisees can delegate more effectively. This increases staff morale and enables the franchisee to spend more time on building and growing the business.

But to motivate others, successful franchisees must first ensure that they remain self-motivated. This can be difficult at times, but staying motivated doesnt always happen naturally and has to be worked on at times. Being intentional about behaviours makes certain that franchisees remain on the right path.

Unfortunately, many entrepreneurs set themselves huge goals as a way of motivating themselves, but if these goals are unrealistic, they will use all of their energy trying the achieve the unattainable. This can result in a loss of motivation, which doesnt just affect the franchisee, but their employees too.

5. Hard working

There is a belief among entrepreneurs that buying into an established franchise system is easier than starting an independent business from scratch. Although there are many benefits to making a franchise investment, its no guarantee of success. A franchise business takes as much dedication, determination and hard work as any other.

Franchisees that survive the difficult first couple of years as a business owner understand the workload and are prepared to roll up their sleeves and put in the required effort. Owning and operating a franchise often means working long hours; sacrificing weekends, holidays and precious family time.

But, as well as being willing to do what it takes to make their business profitable, successful franchisees also understand the need to avoid burnout. Being switched on 24/7 is only sustainable for a short amount of time and then motivation, commitment and health is compromised.

It's all about achieving the right balance as a franchisee. During working hours 100% needs to be given, but as much energy needs to be put into being present during downtime. Whether it's enjoying a drink with friends, getting the family together for a meal or listening to music - however you choose to relax, give it your full attention.

Being a successful franchisee takes more than having the required amount of capital. Adequate training, the right type personality, and a positive attitude all play a part in a franchisees achievements.

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