Are successful franchisees born or made?

Swoop looks at what makes a franchisee successful and finds that high achievers share common behaviors

By: Ayesha Ali Khan – Head of Global Franchises and Marketing – Australia

A successful franchisee possesses a blend of qualities and skills that enable them to thrive in the highly competitive world of franchising. While the specific requirements may vary from one franchise to another, there are several key traits and practices that consistently set the highest-performing franchisees apart from the rest.

Happily, none of these traits is innate: you can bring in additional skills, upskill yourself, or simply ensure that you follow the good example of others in order to maximize your chances of success. 

First and most importantly, a savvy franchisee is someone who thoroughly researches and understands the franchise opportunity they are entering into. They take the time to study the franchise model, its history, and its market potential. This deep knowledge allows them to make an informed decision about whether the franchise is the right fit for their skills, interests, and financial resources.

• Key point! Know what you are getting into

Additionally, a savvy franchisee is financially prepared for the venture. They have a clear understanding of the initial investment required, ongoing operational costs, and potential revenue streams. They also have a well-thought-out business plan and financial projections to guide them. This financial acumen helps them weather the initial challenges and uncertainties of starting a franchise and positions them for long-term success.

• Key point! Make sure you are financially prepared

Effective communication is another hallmark of a savvy franchisee. They maintain open and transparent lines of communication with both the franchisor and their employees. This fosters a positive working relationship with the franchisor and ensures that the franchisee’s team is aligned with the brand’s values and standards.

Furthermore, a savvy franchisee understands the importance of adhering to the established systems and processes of the franchise. They recognize that these systems have been developed and refined over time to maximize efficiency and profitability. Instead of trying to reinvent the wheel, they embrace the proven methods and work diligently to execute them consistently.

• Key point! You’re not just buying a brand – you’re buying a process

Adaptability is a crucial trait for success in the ever-evolving world of franchising. Savvy franchisees remain flexible and open to change. They are quick to adapt to shifts in consumer preferences, market conditions, and technology. This adaptability allows them to stay ahead of the competition and continue growing their business.

• Key point! Adapt, evolve and grow

A focus on customer satisfaction is another key characteristic of a savvy franchisee. They understand that happy and loyal customers are the lifeblood of their business. They prioritize delivering exceptional products or services and go the extra mile to exceed customer expectations

• Key point! Happy customers = happy bank balance

In addition to customer focus, savvy franchisees are committed to ongoing education and improvement. They stay up-to-date on industry trends, attend franchise training programs, and seek out opportunities for personal and professional growth. This dedication to learning ensures that they remain at the forefront of their field.

• Key point! Stay informed, seek out further knowledge

Lastly, a savvy franchisee is not afraid to seek support and guidance when needed. They leverage the resources and support provided by the franchisor, including marketing assistance, operational guidance, and access to a network of fellow franchisees. 

• Key point! Know where to find help

Franchises are a popular and attractive vehicle for ambitious business owners. The most successful franchises are run by people who possess a combination of knowledge, financial preparedness, effective communication, adherence to systems, adaptability, customer focus, commitment to education, and a willingness to seek support. 

These qualities enable them to navigate the complex world of franchising successfully, build a thriving business, and contribute to the overall success of the franchise brand. Best of all, these are all qualities which you can develop for yourself – it’s about what you do, not who you are. No special talent required!