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9 Traits of a Successful Franchise Owner

Owning your own business is not the right path for everyone to take.

Undoubtedly, there is a lot of work involved.

But that’s why many successful small business owners are franchisees – the business model makes launching a successful career so much easier.

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Successful franchise owners who find success have many common characteristics; these traits are crucial to helping them along the way.

Do you have what it takes to be successful in franchising?

Here are the top nine traits that successful franchise owners possess:

#1: Leadership

Successful franchisees are typically great leaders.

They are influential, decisive and, most importantly, excellent at listening.

These are qualities vital to successful business ownership, not only because you will treat your staff with respect, but you’ll also provide top-notch customer service.

#2: Risk-taker

Although the risks of starting a business are reduced with a franchise versus a start-up, you’re still starting your own business.

You will still be relying on your own hard work and motivation to support our lifestyle financially.

A successful franchisee should be comfortable taking the chance on their franchise being successful and taking calculated risks to help make their business grow.

#3: Willingness to learn

There’s no room for ego in franchising – you have to be willing to learn.

Whether you are skilled in your trade or have experience owning a business, every franchise is different and requires different skills.

It’s important to understand that you will need to accept training and guidance from your franchisor.

Jim’s Group is a global leader in franchising, providing world-class training to every franchisee to join our group.

We believe that anyone can be a successful business owner with the right attitude.

That’s why we are committed to providing all of our new franchisees the best training experience there is.

A lack of experience should not deter you from becoming a business owner, but you do need to be prepared to learn.

That’s why it is so important to choose a franchise group that provides training in all aspects of business ownership before you commit to buying.

#4: Flexibility

Being flexible and adaptable to change is the key to success as a franchisee.

You need to adapt to the evolving circumstances whenever you see room for improvement or experience setbacks.

These should all be viewed as learning experiences rather than failures.

While setting up your new business, your ability to grow and develop new skills and practices is vital to becoming a successful franchise owner.

#5: Resilience

No matter what kind of franchise you buy, you’ll face criticism and well-meant advice on a daily basis.

Whether in the form of customer complaints, input from your franchisor or poor advice from those who think that they know better, all this feedback is a part of business leadership.

The most successful franchisors know how to roll with the punches and take on whatever advice and criticism will improve their business without impacting their confidence.

#6: Team player

Although the franchise is yours, it is still part of a large corporation that you will represent every day.

Franchising is not an independent enterprise.

To succeed in your business, you will need to follow a specific set of guidelines set by the company.

These rules are put in place to offer customers a uniform experience across every franchise they encounter, and that brand expectations are met across the board.

As a franchisee, your ability to follow a system and play by the rules is a requirement – as a franchisee, you are part of a team.

#7: A knack for managing finances

Running a franchise means you need to do more than the job customers pay for – you need to manage your own finances as well.

You will need to work out your profits and losses, labour and materials cost, and you’ll need to know how much you can pay yourself every week.

Luckily, this isn’t a deal-breaker if you want to be a successful franchise owner, as long as you’re smart about your skills.

If you know you don’t have the aptitude for managing your own finances, it’s a good idea to employ a bookkeeper from day one.

A good bookkeeper will perform such services as:

  • Bank reconciliations;
  • Lodge BAS statements;
  • Accounts receivable;
  • Accounts payable;
  • Profit and loss; and
  • Payroll.

 

#8: Patience

Buying a franchise gives you a head start in business because your name and customer base have already been built for you.

But that doesn’t mean your business will instantly be a multi-million-dollar franchise.

It can take time to see success.

During that time, you will work long hours, make mistakes and learn the best ways to make your business flourish.

A franchisee who can maintain realistic expectations will have an advantage over those who may not be patient enough to keep trying.

With a good business model, you will eventually succeed.

#9: Passionate

You can’t treat your franchise as just a job.

Without the passion and drive for success, you will be unlikely to succeed.

Likewise, a passion for your brand will be very evident to your customers.

A franchisee with a passion for their product or services will go above and beyond.

Your business is only limited by the amount of work you are willing to put into it – if you have the passion and drive, how can you fail?

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Do these traits describe you?

If so, you may be a perfect candidate for franchising!

No matter what your skills or experience, there is a franchise opportunity out there that will suit you – all you have to do is ask.

A Jim’s franchise offers you the chance to finally be your own boss.

Start being rewarded for your hard work running your own business with the most prominent franchising family in Australia – the Jim’s Group.

With over 50 divisions, including (but certainly not limited to!):

There truly is something for everyone.

To find out more about franchise opportunities with Jim’s Group, click here.

Or, to get some advice about what kind of franchise would suit you, call our friendly service team on 13 15 46 today.