Marketing & Media trends
10 success tips for restaurant franchisees
The following ten traits are those of a successful franchisee:
1. Leadership skills - This is most important for the individual who wants to see growth, as great leadership skills lead to growth. It is everyone's goal, it is a universal desire. More business, more money. This skill will make or break a franchisee.
2. Reliability - Good franchisees tend to be reliable and solid individuals who are careful and truly think business decisions through. Franchisees need to have the necessary skills to be consistent and manage a franchise operation effectively, they need to be reliable not only to their staff but to the customers as well.
3. Good learner - There will always be aspects to the franchise that requires continuous learning and training. Franchisees must be prepared to learn from other people to understand the ins and outs of the industry. All successful franchisees are willing to take advice from the franchisors in order to make their franchise a rewarding and profitable success.
4. Good judgment - In the food franchising industry, the franchisor will do what they can to help eliminate possible threats and guide franchisees on their way to franchise success. However, as a successful franchisee, he or she must have good judgment to assess whether or not something is considered worthy of a risk or not.
5. Hard worker - All franchisees must be capable of hard work to make the franchise a success from the start. If a franchisee puts in the hard work at the beginning, success is sure to follow. Hard work is necessary to keep the franchise running well, and to keep staff and customers happy with the franchise business. Two words: owner operated.
6. Good communicator - Before making any decisions about entering into a franchise opportunity, franchisees should make sure they talk everything over with their family and loved ones. After the franchise brand is agreed upon and supported by all involved, the franchisee must maintain effective communication links between franchisee and franchisor, franchisee and suppliers, staff and customers. Excellent communication skills are a necessary element of a successful franchise operation.
7. Good at networking - The ability to network and to manage customer and business relationships effectively is part of the role of the franchisee and it also create much needed possible business relationships.
8. Financial awareness - A successful franchisee will have the necessary start up and investment finance set up prior to any franchise agreement. After the franchise agreement has been signed and the franchise is set up, a franchisee must keep an eye on financial income and expenditure as the company progresses. Keeping an eye on the business finances will positively contribute to the profitability of their store.
9. Willing to delegate work - A good franchisee is aware of his or her staffing hierarchy and is willing to delegate work as appropriate. The ability to delegate work to staff is key to the success of the franchise and can help foster effective relationships between staff and franchise owner. Delegating work will also help to take some of the pressure off the franchisee and enable him/her to concentrate on other important elements of the franchise business, such as growth and profits.
10. Willingness to ask for help - A good franchisee is never afraid to ask for help from the franchisor, staff or even his or her family. Sometimes asking for advice in solving a difficult issue can relieve any stress involved for the franchisee. The willingness to ask for help is central to the maintaining of successful and healthy partnerships in business. This will help the franchise business grow and be successful.
If you feel you possess the above listed traits, then franchising is possibly for you.