Free Report: 10 Characteristics of a Successful Franchisee
Here's How To Know If You Would Be A Successful Franchisee
Not everyone has the potential to be a great franchisee for a franchise system. It reality, it is difficult to be awarded a franchise from a franchisor. Franchisors understand that partnering with the right franchisees can make the difference between doing well and creating a nationally recognized brand.
These are the Top 10 Characteristics of a potentially great franchisee.
They Are Leaders
Successful franchisees are typically successful leaders. A great leader is someone who is influential, with good decision-making and, most importantly, have excellent communication skills which are necessary for leading and motivating staff.
They Are Risk Takers
Successful franchisees understand that partnering with industry experts in the beginning brings with it potentially large rewards for their businesses. Risk takers are usually the first people to get involved, while other take a more “wait-and-see” approach. Many times those who delay never get involved and regret it later.
They Are Willingness to Learn
There’s not much room for ego in franchising – you need to be willing to learn and grow. It’s important to understand that you will need to accept training and guidance from the franchisor. Every circumstance – positive or negative – should be viewed as a learning experience that can help you get to the next level and become even more profitable and successful. For example, one of the Co-Founders of Majestic Residedences has 27 years of experience touring families and placing residents in residential care homes, a franchisee could gain an invaluable competitive edge if they are willing to learn. Franchisees can learn from others on the team in the areas of marketing and operating their home by following the Majestic Residences franchise system.
They Are Adaptable
Being adaptable is key as a franchisee. Possessing the ability to be flexible and adapt to changing circumstances is a must as well as being resilient and able to bounce back from the way you used to run your business.
They Are Coachable
Like all kinds of business leaders, franchisees face a steady stream of ups and downs in their business. The ability to roll with the punches, persevere, and take advice and direction from his or her franchisor is critical. Being coachable means listening and acting on new approaches to business and sometimes doing things differently than how you have always done it. Franchisees limit their ability to grow when “I know” really means, “I No.”
They Are Team Players
Franchising is not an independent enterprise. Franchise agreements require you to follow a specific set of business practices established by the franchisor and used with success by other franchisees. Uniformity and standardizations are necessary so that families and residents know what to expect at any Majestic Residences location. The ability to follow a system and play by the “rules” is not only expected of a franchisee; it is required as part of the agreement.
They Have Financial Aptitude
Running a franchise requires financial knowledge, including how to figure out profit and loss, labor and materials costs, and do accounting for the business. Successful franchisees have a propensity for handling finances both personally and business-wise. If they haven’t in the past, they must be willing to take a look at their “numbers” while they are franchisees so they can become more profitable while giving excellent care also.
They Have Patience
Rome wasn’t built in a day, and the positive effects of being a Majestic Residences franchisee may not be built in a day, a week, or a few months. It can take time to see success; meanwhile, learning and following the franchise system is the key to your success. A Majestic Residences franchisee will have to learn how to tour or market differently. They may have to learn new technology which will put them ahead of the competition. All good things come in time, but profits and success will follow for those who are patient.
They Are Results Driven
Although you receive help from the franchisor, your success as a franchisee is ultimately up to you. Successful franchisees are driven by setting and obtaining measurable goals to stay focused and on track towards making their new franchise a success.
They Are Passionate About What They Do
Without the passion and drive for success, it is unlikely that you will be successful. Likewise, a passion for your brand will be very evident to your residents and their families and will be contagious as well. A franchisee with a passion for success and the positive changes that Majestic Residences will have on their current business will go above and beyond to ensure the brand is thriving across the country.
Do these traits describe you? If so, we want to talk to you about how we can partner together to punch a hole in the residential care home industry.