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Our Favorite Tip from the Franchise King: Evaluate Your Business AND Personal Skills
While every franchisee is different—in terms of life circumstances, previous business and franchising experiences, and expectations—successful franchisees have more in common than you might first imagine. What’s even more surprising is that franchising in general might require different personality traits than you first think of as essential franchisee characteristics.
While a handful of adventurous franchisees demonstrate those characteristics, they’re not necessarily what most franchisees should be striving for. As you’ll see shortly with franchise tips, a track record of business success and personality traits like reliability and resilience tend to produce more solid, long-term franchise experience.
Topics of Discussion
- Emotional Intelligence Is Vital
- Big-Picture Oriented Yet Benchmark-Centric
- Resilience and Patience Pay Off Long Term
- Remain Coachable—Yet Managerial
1. This goes for single-site or multi-site franchisees: if this is your first foray into franchising, then you’ll need to know how to work amicably with franchisors, obtain startup capital, perhaps train your location’s staff, and ensure a responsive customer experience. All of that requires a great deal of people smarts.
2. Franchisees who strike the right balance between a big-picture, macro orientation and understanding that business benchmarks are also critical tend to make it all the way across the tightrope that is franchising success. Too much of one trait is undesirable; you don’t want to be so big-picture oriented that you lose motivation for day-to-day franchising tasks, and drowning in minutiae can blind you to what’s truly essential to your success.
3. Regional economic dry spells can happen, as can shifts in customer expectations and changes in the industry itself. That doesn’t mean that you can’t gradually respond to capitalize on these changes, but it does indicate that you’ll need resilience and patience to see potential setbacks as long-term opportunities. Especially with multi-site franchisees, realize upfront that you’re almost guaranteed to have certain locations outperform others due to potentially unforeseen factors like demographics and convenience for customers.
Disclaimer: This information is not intended as an offer to sell, or the solicitation of an offer to buy, a franchise. It is for information purposes only. Currently, the following states regulate the offer and sale of franchises: California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Oregon, Rhode Island, South Dakota, Virginia, Washington, and Wisconsin. If you are a resident of or want to locate a franchise in one of these states, we will not offer you a franchise unless and until we have complied with applicable pre-sale registration and disclosure requirements in your state. Franchise offerings are made by Franchise Disclosure Document only.
