Nowadays, owning a franchise does not guarantee success. Instead, success or failure will depend on the qualities of the franchise owner. For more information, please keep reading, then contact one of our experienced franchise acquisition attorneys soon. Some qualities that a successful franchise owner should possess include:
The willingness to put in the work
Owning a franchise does not mean that your employees will do all of the work in your business. In fact, a successful franchisee has to put in more effort than his or her staff. Your duties will include:
- Seeing to the business operations
- Executing those operations
- Making the purchases
- Supervising stock management
- Managing personnel
- Carrying out the operations
- Managing the administration
- Meeting with bankers
- Planning the staff work week
- Structuring your own weekdays
- Controlling inventory, supplies, sales, wages and accounting
- Hiring and firing staff, and
- Communicating with franchisors
A desire to learn
A desire to learn will help you move forward in life, both personally and professionally. In order to make your franchise a rewarding and profitable enterprise, you must be prepared to learn not only from your franchisor and other franchisees but your customers. You should view every circumstance as a learning experience.
The willingness to delegate
A successful franchise owner knows when to delegate. While you should not expect your employees to do everything that does not mean that you have to do it all yourself. Delegating work may seem intimidating, but it will help relieve some pressure and allow you to focus on other areas of your franchise.
Adaptability and flexibility
Adaptability concerns your willingness to confront or change your own ideas and prejudices, whereas flexibility concerns your willingness to meet others halfway. A franchisee with both qualities can more effectively respond to unforeseen or especially difficult circumstances.
As an effective communicator, you have the ability to communicate your vision for the business, lead and motivate staff and ensure that the franchise provides stellar customer service as well as success in terms of:
- Unit growth
- Talent recruitment and retention, and
- Operational efficiency
Likewise, you will work with the franchisor’s representatives and other franchisees in the group to achieve a common goal. You must understand your role and share in both the team’s successes and challenges.
Willingness to ask for help
A successful franchisee knows that, occasionally, one must push aside their fear of criticism or reluctance to change their way of thinking and ask for help when they need it, and not after the fact. In addition to understanding your limitations, you establish healthy partnerships with your franchisor, staff or family.
For more insight as to your fitness for franchise ownership, speak with one of our skilled franchise law attorneys today.
Contact Our Experienced Franchise Lawyer Today
If you have any franchising issues, contact Fortman Spann, LLC online today to schedule your initial consultation.