The Must-Have Qualities Every Franchise Owner Needs
Franchising has become a popular path to business ownership because it offers less risk than starting a business from scratch. According to the International Franchise Association (IFA), franchise ownership is on the rise. IFA’s 2023 Franchising Economic Outlook, the overall number of franchise establishments is projected to increase by almost 15,000 units in 2023, or 1.9%, to 805,000 units in the U.S. While that represents a lot of franchisees, becoming a franchise owner is not for everyone.
For starters, franchise owners must follow a proven system. That means you can’t change menu items, logos or processes — a commitment not everyone is willing to make. Many entrepreneurs want to leave their mark on their businesses and wouldn’t dream of giving up the creativity that comes with creating a brand. But for other people, stepping into a tried-and-true model where all the kinks are worked out is an ideal situation.
In many cases, what makes a successful franchise owner truly depends on the franchise itself. The brand’s culture, mission and business model all factor into what’s needed to thrive. But there are also some qualities that are essential to owning almost every franchise. A blend of business savvy, leadership skills and an appreciation for the brand are all crucial to successful ownership. Below, franchise thought leaders weigh in. They all agree that passion and leadership are non-negotiables.
“Business ownership can be very intimidating; most people experience fear, uncertainty, and even doubt when exploring business opportunities. Understanding that a franchise system is here to help through these emotions and make an educated decision is crucial.” —Caleb Clayton, ISI® Elite Training
“A positive, can-do attitude is crucial to franchise ownership! It may sound simple, but I feel it is key.” —Amy Layne, ResiBrands
“Love what you do! Pick an industry and brand that you are passionate about. We make people happy and confident, which is a great purpose.” —Loni Le Van-Etter, Glosshouz USA
“Learning and understanding to work on the business and not in the business is a must.” —Terry McGee, American Freight
“The most important intangible skill for franchise ownership is the ability to transmit positive energy and have people feel your passion for your business!” —Sanjay Gehani, Building Kidz Worldwide, LLC
Colin Daro, Garage Force
“Leadership and a drive for success is an unstoppable combination for successful franchise ownership!” —Colin Daro, Garage Force
Copyright © FranchiseWire. All rights reserved.