The Top Six Characteristics of A Successful Food Franchise Owner.
Becoming a franchise owner isn't something you should take on lightly. Here are the six characteristics that the most successful franchise entrepreneurs have - and why they're important to the profitability of the franchise business model.
If you're considering the idea of becoming the owner of a food franchise, doing the research on what it takes to start your own business in this industry is a great first step. After all, there are a lot of nuances that go along with starting any company - and even though most of the groundwork related to starting a franchise is already laid out for you, there's still a lot of hard work and dedication that will go into building your business once you open your doors.
When it comes down to it, there are a few characteristics that set the most successful franchise owners apart from the rest - and they're certainly food for thought if a career in franchise ownership might be part of your future. Knowing the characteristics that make for the most successful food franchise owners can help you to determine whether this opportunity is the right one for you - and here are the top six that you should consider.
Willing to Get Your Hands Dirty
When you walk into entrepreneurship as a franchise owner, it's important to remember that you need to know how to do every job that your employees do - and be willing to help out where you're needed from time to time. There will be periods where you're short staffed and have to jump in on a food assembly line, in addition to your role in running the brand - and that's just part of the business. Being willing to get your hands dirty is essential for successful food franchise owners.
Work Well With Processes
Running a franchise has a lot to do with how well you can follow direction. The reason why most business owners get into franchise ownership is because the groundwork to a strong business has already been laid out. Buying into a franchise means you need to follow the rules and regulations they provide, as this is what supports brand recognition and consistency. Following these processes is what will lead you to success - if you're not good at following direction from someone else, then becoming a franchise owner probably isn't the best fit.
Dedicated Hard Worker
Running any kind of business is hard work - and that's no different when it comes to owning a food franchise. You may have heard the old saying that “you get out of it what you put into it,” and that's never been more true than in your role as a franchise owner. Your ability to work hard and be dedicated to building your business - even if that means working outside of the regular nine-to-five - is what will lead you to success.
A Problem Solver
Owning a food franchise means you're going to be spending a lot of time dealing with customers - and typically those customers are the general public. Learning to communicate well and respond positively to criticism can be huge indicators of your ability to succeed in this type of environment. If you're great at dealing with people - and at solving problems - then life as a franchise owner could be a perfect fit!
Great Networking Skills
As the owner of a franchise, your business plan will be mostly laid out for you from the start. What's not quite as set in stone is how you bring in new customers. Your ability to network within the community - and use the networks you've already built around your business - will be an imperative resource to grow your presence in the community (and help your business become profitable). If you're a networking fiend, you have a greater chance at finding success as a franchise owner.
Not a Risk Taker
Yes, it does take a moderate risk threshold to go into business as a franchise owner. But when it comes down to it, owning a franchise reduces the risk of entrepreneurship - after all, the franchise already has a proven business model that can help you find success. Those looking for high risk opportunities might not find the franchise life exciting enough - but if you fall somewhere in between wanting to own a completely independent business and working for a corporation for the rest of your life, a food franchise can be the right option for your future.
Finding Success as a Franchise Owner
When it comes down to it, owning a franchise is hard work, just like any other business. You'll put a lot of hours into building your brand and expanding your company's network to find success, essentially throwing your heart and soul into your work. It is, after all, your own ability to work hard and drive business that will generate a profit on your investment - and an income for your family.
The nice part about owning a franchise business, however, is that there is certainly less risk involved than what you'll find with other entrepreneurial opportunities. The groundwork to your success is laid out, so you can rest a little easier knowing that you don't have to pave the path to your future completely on your own. Becoming a franchise owner actually might be the perfect way to own a business: you reap the benefits of working for yourself, developing your own schedule and profiting on your own hard work, without a lot of the uncertainty for the future that can come along with many other small business ideas.
So if you're considering the path of franchise owner as a possibility for yourself, and these characteristics fit your personality and lifestyle, you should certainly check out all of the options available to you. Knowing what opportunities are out there - and what types of food franchises you're most interested in - can be a great way to start narrowing down your choices. When you find a few that you're interested in, submit your information and we'll connect you with the right people at each opportunity to take the next step in your franchise research!
By Jason Hightower | Nov 06, 2017 | Food Franchise Blog