Maybe you’ve been dreaming of owning your own business for a long time or maybe you’re looking at it as a good investment opportunity. In either scenario, owning a franchise could be the perfect fit. But what qualities should a successful franchisee possess? There are many facets to owning a business and researching them before you become a franchise owner is key. One those facets is who you are as a person and professional. Do you have what it takes to own a business and/or franchise? Let’s take a look.
Leadership
Successful business owners are leaders. Owning a business means that you have to lead a team to that business’s success or at least select the staff that will do it for you. An excellent leader is a top-notch communicator, a good decision-maker, and someone that elicits trust from their employees. Leaders are great at motivating staff and focusing on the customer experience. A good leader, and business owner, also has a willingness to learn and a sense they no one knows it all. As the line goes, with great power comes great responsibility, which means successful franchisees and business owners must also have a thick skin when it comes to leadership.
Financial Aptitude
Running any kind of busines requires knowledge of finances. You need to be able to figure out labor and materials costs, profit and loss, and general accounting for the business whether you own an independent operation or a franchise. A successful franchisee understands the financial part of business no matter what the industry. Many people equate financial aptitude with security, however, to become a franchise owner or entrepreneur, you also have to be willing to take risks. Owning your own business can come with a fair amount of risk and throughout the course of your business, you must be comfortable with making calculated decisions in the best interest of the operation.
Passion
Every successful franchise owner is passionate about their business. Without drive and passion, it’s very difficult to put your all into your business’s success. Your passion and dedication is apparent to customers no matter what industry you’re in. Successful franchisees want to build their brand and truly connect with their customers. In addition, you have to have a passion for the success of your team. Successful business owners – and great leaders – know that the team that stands with them is the reason for their business’s success. Having a passion for your team to grow and thrive is key in creating a successful and sustainable business in any industry.
Team Mindset
As noted above, being a franchisee or business owner isn’t something you can do on your own. Specifically being a franchisee means that you’ve agreed to specific requirements and business practices that have been established and proven by the franchisor. Finding a team to support you in adhering to the uniformity of the franchise is crucial. Customers know what to expect from a franchise, so a successful franchisee realizes that they and their staff are part of the bigger franchise team and delivers that experience. Franchisees are expected to be team players and follow expectations.
If you’re thinking about becoming a franchise owner, there’s lots to consider. If the above characteristics sound like they match you, franchising might be for you! Fantastic Sams has been recognized on variety of best lists in a multitude of categories. Since opening in 1976, the business has grown to more than 700 locations throughout the country. Our franchisees enjoy an affordable opportunity coupled with industry-leading training and support as well as a wider range of haircare services to offer. You don’t have to know a thing about hair to be successful with us!