It takes more than a healthy bank account and ambitious zeal to become a successful franchisee. Oftentimes, it requires dialing things back and putting yourself in check. While confidence, an entrepreneurial spirit and some good old fashioned risk taking are part of the game, there are other lessons to be learned which are far more passive. Mixing these two together is a surefire recipe for success, and the best franchise owners have already figured it out. If your goal is to build a franchise portfolio that stands toe-to-toe with the greats, consider the following life lessons that made them what they are today.
EDUCATION
Not everyone needs a University degree and impeccable business acumen to become a super-successful franchisee, but they do need to have a strong foundation in education. This occurs both in the classroom, and outside as well. In fact, education never truly ends, no matter how experienced and successful you become. There’s always something else to learn. Education begins in school, but it accelerates out in the real world.
TALK LESS, LISTEN MORE
Being the Boss is great, but it’s not always rosey. Plenty of franchisees have made the mistake of taking the reins a little too hard, rather than dialing back and self-analyzing. The person who talks the most is often the one with the most to learn, so make sure to zip it once in a while, and turn your ears towards what others have to say. Your employees, your franchisor, and (most importantly) your customers will talk your ear off, and you’re going to need to hear it.
BUILD YOUR NETWORK
Franchisees can’t go it alone and expect to make long-term waves. The most successful franchisees know the value of building their network of contacts, and forming friendships. The more people in your network pool, the greater the opportunity for growth. Just think of the positive benefits that come from hosting a charity event, and meeting like-minded entrepreneurs, philanthropists and municipal servants. One example of many.
TAKE RISKS…WISELY
Becoming a successful franchisee involves taking risks, but the secret is to minimize those risks as much as possible. Franchising is highly attractive to those who prefer to insulate themselves from the kind of risks that come with opening up an independent restaurant from scratch. This isn’t a bad thing. While the risk in owning a franchise is vastly reduced, it’s still going to take commitment on your part to make it work. Analyze your risks before rolling the dice, and you’ll be able to handle any outcome.
CONSULT MOM AND POP
It might seem loathsome to ask your parents for advice when running a franchise, particularly if they aren’t business-savvy, but discounting their life experiences is like wasting a perfectly good opportunity. Street smarts play a role when it comes to franchising, and your parents have seen their fair share. Even if their anecdotes and stories don’t directly pertain to how you run your franchise, there’s a fair chance they have some pearls of wisdom that could translate over.
PICK GOOD PEOPLE
Whatever you do as a franchise owner, make sure you surround yourself with good people. Don’t hire those who are going to blindly nod and agree with every decision you make, but be sure they are going to have your back if you overrule them. The trick is to find employees who will provide alternative viewpoints and suggestions, but will do their best to prove you right if you say ‘No.’
CONTROL WITHIN YOUR MEANS
Being a franchisee means being in control of the whole show, and you need to have a firm hand when moving forward. However, it’s important to know one’s limits. When unexpected problems arise, focus on solutions, rather than getting upset that you couldn’t prevent them. Don’t micro-manage, or your franchise will suffer for it. And finally, don’t be afraid to fly by the seat of your pants once in a while, and make decisions that don’t have a guaranteed outcome. Testing the waters is a great way to find out what works, and what doesn’t. The best franchisees are flexible, and open to change.
PAY IT FORWARD
When success comes your way, pay it forward accordingly. Be humble, say ‘Thank You’ for the opportunity, and share the positivity by moving forward with your goals. Open another franchise, promote your best workers, hire new ones, and make sure to give back to your local community. Happiness and positivity are contagious, and all it takes is one whistle to get the crowd going.
If these sound like suggestions compatible with your overall outlook on franchising, then chances are you’re in a prime position to get started. We’d love to see your enthusiasm in action, which is why we invite you to contact us today, and become a St. Louis franchisee!
