In this episode, Rick interviews Franchoice consultant and experienced franchise owner, Wes Barefoot. Wes reveals the most important personal attributes franchisees need to achieve success.
Investing in a franchise offers access to a successful system, along with training and support; however, the franchise owner’s individual level of success ultimately depends on how much they put into it.
Not everyone is cut out to be a franchisee, but those who attain success often share many of the same character traits.
Personal Attributes For Franchisees
Set Realistic Expectations
If you are considering franchise ownership, one of the first keys to being successful is to set realistic expectations. One of the unrealistic expectations some have about franchising is that somebody will be doing the work for you, especially if you are an absentee owner. There’s no replacement for hard work for any entrepreneur and franchise owner whether you are operating the business or semi-absentee ownership. No franchise operates on auto-pilot.
Franchisors provide the systems, guidance and blueprint for you to follow, and help you work smarter while avoiding mistakes. There is no easy button you can hit and boom, you’ve got an instantly profitable business.
Before considering a franchise, really ask questions of yourself about what kind of day-to-day life do they want as a business owner? People have different strengths and skill sets. As a franchise owner you need to spend 90% of your time on what will deliver the best ROI for your time.
Follow The Franchise System
As obvious as it may sound, one of the important personal attributes is the ability to follow a system. This sounds simple enough, but you’d be surprised how many people struggle with it. You invested in the franchise, so follow the established franchise system and processes, especially in the beginning. Franchise systems and processes are built from long-term experience and proven results from successful application and development.
We’ve seen it too many times, when a franchisee hasn’t even opened their business yet and they push back on what the franchisor is telling them to do. Franchisees spend a lot of time and money on franchise research and due diligence, especially when you are signing an agreement for 10 years. Later after you have successfully deployed your franchise model, you can work on additional things that may enhance your business.
Collaborate With The Franchise Team And Other Franchisees
When you buy into a franchise, you’re in business for yourself, but you’re not by yourself. It’s your business, but it’s also your responsibility to collaborate and contribute. Develop relationships with the franchise team and other franchise owners. Communicating regularly will benefit you in so many different ways.
It’s also your responsibility to pay it forward with other franchisees and collaboration will continue to benefit throughout you business life. Think how helpful it was for you to have conversations with other franchisees when you thinking about investing in a franchise, when you are one month into the business, and even six months into the business. Think about the fellow franchisee you called last week to discuss an issue and how they handled it.
Strong franchise brands result after successful franchisees run their own strong local franchise business. As the brand grows, the value for everyone grows.
Watch this episode with Rick and Wes Barefoot discussing the most valuable personal attributes that contribute to your success as a franchisee.
Learn more about the Alloy Character Traits and Core Values.
- What makes a good franchisee (02:23)
- Why you need to have realistic expectations (04:05)
- The bike analogy (06:12)
- It’s not the franchisor’s responsibility to make you successful (18:56)
- Follow the system (20:57)
- Participate and collaborate with others in the team (28:25)
- Give the business the commitment it deserves (34:00)
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Mentioned in this episode