Inside the Shoes of a Successful Franchisee
Everybody, at some point in their lives, has had hopes and dreams of being a businessperson and making big money someday. Starting your own company, having your own brand and being your own boss are just a few things of the glitzy world of business that entice us. However, we know that being an entrepreneur isn’t easy; the risk of failure is a large one. For those of you who have big dreams but an even bigger fear of failure, we have a simple solution: Franchising.
A franchise faces much less risk as compared to a venture started from scratch. You don’t have to worry about your idea completely bombing, and you are working with an already proven-to-be-successful business model. Running it successfully would be profitable not only for yourself, but for your community too. Before we observe how to operate a profitable franchise, let’s take look at something at a more fundamental level: What makes a successful franchisee? What are the top six traits an entrepreneur would need to succeed as a franchisee? Do you have it in you to succeed as a Frantrepreneur?
As a franchisee, you are not someone who fits into the same type of role every day of the year, for years on end. You are now a small business owner, and this role comes with a range of jobs that can be as varied as apples and oranges. A franchisee must therefore be adaptable to new skills, and always willing to learn them. The job description of a franchisee is naturally different from that of a corporate worker. You no longer are part of a familiar system with advantages such as retirement plans, paid leaves or health benefits. To run a successful franchise the need for self-reliance and confidence in one’s decisions are of utmost importance.
A franchisee definitely, must and should be a great leader, capable of understanding the risks and handling them, as well as being cognizant of how to manage and build on their successes. You should be equipped with the rationale to take your own decisions accordingly, but must also understand that you need to adhere by the various norms and regulations as set by the franchisor.
3. TEAM PLAYER:
Just like any business-owner, a franchisee is someone who will need to hire and work with a team. Obviously, you cannot complete all the day-to-day work and achieve your targets and goals all by yourself; franchises cannot be run by a one-person team. As a franchisee, it is important to have a manager you can absolutely bank upon to oversee the smooth and well-organized workings of the franchise, especially if you are a semi- or full-time absentee owner. For efficient operations of the franchise, the franchisee must be a team player and understand the dynamics of the team. You will need to trust your team of determined, diligent people, and see them as friends and peers instead of subordinates. Just as Michael Scott of Dunder Mifflin so rightly said, “The people you work with are, when you get down to it, your very best friends.”
Owning your own business is evidently much more stressful and both mentally and physically taxing than working a regular office job; it goes without saying. You will have to deal with high-pressure situations which require quick thinking. You will have to face the harsh realities of the business world, from the unhappiness of the franchisor in case of below-par products or services to the tough negotiations with other business partners. In the occurrence of such scenarios, you as a leader must be thick-skinned but not thick-skulled. You ought to be the ‘Captain Cool’ of your team, and display enormous amounts of patience. At the same time, a franchisee must be understanding of their faults and shortcomings, and be proactive enough to rectify the same.
At the end of the day, just like all businesses, what kickstarts a franchise is the amount of financial capital that goes into it. Of course, as a franchisee, it is highly important to understand the risks of investing such capital, and must be fully prepared to face them. In addition to investing money in the franchise, a franchisee should have financial aptitude in terms of understanding profit and loss, revenue and costs of production and dealing with the accounting books of the franchise, to name a few.
Now, to put the cherry on top of the sundae that is a franchisee, passion is a necessity. If you don’t have the passion to take the reins of a franchise, then why is this job any different from the office job you were not content with? Having a serious enthusiasm as a franchisee will drive you towards perfecting the quality of the goods and services you provide. Contentedness with your work as a business owner will directly translate into contentedness of the customer with your product and/or service.
Now, before you step into the shoes of a franchisee, check what size fits you; ensure that you possess a few of these important characteristics, if not all, and make sure that you have the potential to develop the rest of them. If this seems like your marathon, lace up and get ready for the run.
Written By: Moni Evangilin
Written By: Yukta Palekar
Written By: Shivani Kumari
Written By: Yukta Palekar