Franchise Resources

Your source for franchising insights

Six Qualities of a Successful Franchise Owner

Most people want to enjoy the benefits of being a successful franchise owner but they are sometimes unaware of the characteristics it takes to run a successful company. Some qualities are innate but most are learned. See if you pass the test and meet 5 of the 6 categories listed below. If so, be encouraged that you may have what it takes to run a successful franchise.

1. Successful candidates recognize opportunities. Most candidates, who are successful franchise owners, usually recognize an opportunity initially and move ahead with their decision, despite all the “unknowns.” “The wanna be’s,” typically overanalyze each opportunity and mull over every detail long enough, so that they never have enough courage to move to the finish line. Frustration usually takes over and they never fulfill their dreams of business ownership. Making the correct decision involves a fair amount of research, combined with confidence and being able to recognize the potential in the franchise. Seizing the opportunity, despite your fears, makes you a prime candidate to successfully operate your own business.

2. Successful candidates are responsible. Most candidates who own a successful franchises realize that they are not entitled to anything. They’ve eliminated the paycheck mentality and realize that their earnings are in direct relationship to how well they serve others. Scary thought for most “wanna be’s.” But the fact is, that the majority of American workers are so accustomed to having someone else tell them what to do, that the thought of not being directed on a daily basis without a paycheck, paralyzes most candidates to inaction. Successful franchise owners realize that this initial time frame of not receiving a paycheck, is just a season and they can stay motivated with the “end in mind.”

3. Successful candidates are prompt, reliable and honest communicators. With all the tools individuals can use to communicate with others, some candidates fail to respond in a timely manner when working with a franchise company. This response is a “tell-tale” indication of how the candidate will respond to their potential customers. Franchise companies are gauging how responsive and reliable you are when an appointment is set up with them. Prompt and courteous communication is an absolute must in the marketplace. The “wanna be’s” typically don’t respond in a timely manner and are afraid to express what they feel. When asked, “How do you feel about that opportunity,” many respond with, “I’m not just sure I can make money.” Fear dominates their responses. When you can communicate truthfully, others can hear it in your voice and respect your honesty. When working with candidates, I can clearly identify excellent owners by how they prompt and honest they communicate with others.

4. Successful candidates are confident in their abilities. When asking a candidate, “what businesses are you interested in?” I am astounded that the majority are not sure what they want to do. Our best candidates have an idea of what skill sets they offer to a franchisor. Before talking to a franchise company, a candidate will need to know “what they bring to the table.” People follow confident individuals, and if a candidate is sure of what abilities they possess, a franchisor will feel confident about the candidate.

5. Successful candidates set deadlines. All our outstanding candidates set a deadline on their business search. If you don’t, you will over analyze each opportunity and never make a decision. The Result: Frustration. When looking for a franchise, 3 months is an appropriate time frame to complete all the due diligence and make a decision.

6. Successful candidates are courteous with others. Good manners are often overlooked in today’s marketplace. People are “buying you” and if you aren’t responsive to others and offer a “wow factor” you typically won’t be awarded a franchise. It’s a competitive marketplace and talking to the franchisor and their staff with respect, in a time efficient manner, will indicate how well you will treat your customers in your business.

Owning and operating a successful franchise offers great benefits, however, tremendous responsibilities are required. Most franchisors are going to require that you possess several of these qualities before awarding their opportunity to you. By working with a franchise consultant, you can assess you situation and help you go from a successful candidate to a success franchise owner.

About the author

Sue Bennett

Sue has always enjoyed serving others in her various roles as a business owner and employee. Her broad business background includes experience in the financial services, insurance and real estate industries. She also authored a book, Jumpstart Your Life, 401 Ideas to a Winning Attitude, and inspired hundreds of individuals with her upbeat messages. Sue has spent her lifetime pursuing her dreams, but more importantly, she’s committed her time and knowledge to encourage others to become successful business owners.

Why not you?

Start Creating Wealth through Multiple Revenue Streams and Leave a Financial Legacy.