5 traits of a successful franchisee
What makes a successful franchisee? Regardless of industry or offering, the traits that define success in business are universal.
As a franchisee, you must play by the rules, after all, you are paying to be a part of an established system to do so. Don’t expect success to come thick and fast just because you pick a winning franchise.
It is critical that you understand your rights and responsibilities. Your franchisor will provide a wealth of resources and information relating to the operation, but the onus on you to get it right.
We sat down with Tim West, founder and managing director of fast-growing strength and boxing franchise 12RND Fitness as he revealed his five golden rules to becoming a successful franchisee.
1. The ability to execute a plan
As a franchisee, you are buying into a franchise system because you want to benefit from the collective learning of the group and scale of the network.
The system, brand and strategies have been developed and refined overtime to be repeatable and scalable.
Often, franchisees can be tempted to make changes to the framework and implementation of strategy, but some of the most successful franchisees are the ones that follow the game plan and stick to the recommended best practise.
2. An attitude of collaboration
The best franchisees understand that if the group is doing well, they will do well. Rather than competing against fellow franchisees, it’s more productive and mutually beneficial to actively collaborate within their network and especially with the franchisor.
Ongoing communication both ways is vital to encourage collective growth and success.
3. A focus on excellence
Above all else, the constant pursuit of excellence is, and always will be your greatest strength and strategy.
Whether you are looking to attract initial customers or retain existing customers you just need to focus on doing what you do better than anyone else.
The best barista will always have loyal customers regardless of price, location or fitout because their quality and service is consistently good. This is a mentality rather than a destination.
4. Financial literacy
Knowing your numbers and understanding what they mean is critical for any franchisee. Franchisees, like all small business owners, need to understand their financials and how they relate to the performance of their business.
If you don’t think you have sufficient financial literacy ask your franchisor for help.
5. Service mentality
The best franchisees have a strong service mentality. They invest the time to know their customers, create meaningful relationships and add value at every opportunity.
A good start is to greet your customer by name, give them what they want before they have to ask, and farewell them by their name.
Successful franchisee mentality
Above all else, franchising is a relationship game. Whether it be connecting with your customers, your suppliers or your franchisor, communication is key.
Make sure are open and honest with yourself and everyone involved in the business. Franchisees who are struggling are best advised to consult their franchisor for support.
Remember, your business is your responsibility, but that doesn’t mean you can’t ask for help. More often than not, a successful franchisee is someone who is willing to heed advice and work on the bigger picture.
Tim West is the MD of sports-orientated, group-fitness franchise 12RND Fitness and has been involved in a number of successful fitness businesses, whether it be launching or investing into their growth and development.