If you’re thinking about becoming a franchisee it’s much more than just your age, location and sector interest that makes you successful. There are specific characteristics that go hand in hand with a profitable franchise.
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My top five traits are as follows:
1. Risk aversion
Successful franchisees are risk averse. They are willing to take some risk but it needs to be small and controlled. Successful franchisees do their homework, so they know what they’re getting into.
2. System orientation
Unlike entrepreneurs who have an almost uncontrollable urge to reinvent the wheel based on their incredible self-confidence, successful franchisees want proven systems of operation that tell them the best way to do anything associated with the business.
They are willing to learn from others to avoid making mistakes, so they can be more successful more quickly.
The motto of franchising is ‘In business for yourself, not by yourself.’ Successful franchisees look for opportunities to learn from others in their franchise system. They understand and accept that they don’t know all the answers and are willing to ask for help.
4. Hard-work affinity
Successful franchisees are willing to do whatever it takes to get the job done – long hours, handling multiple tasks and even operating the till if needed.
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5. Strong people skills
Successful franchisees always have excellent interpersonal skills and can effectively interact with their employees and customers. They use these skills to create loyalty, value and trust. Though this characteristic is listed last, it’s probably the most important of all.