What Does it Take to Be a Successful Franchise Owner? Franchise Thought Leaders Weigh In.
Becoming a successful franchisee takes more than just choosing a brand and writing a check. Success in franchising requires a unique set of intangible skills. These skills are innate and go beyond general business knowledge.
For starters, franchise owners should be resilient, good communicators and strong leaders. Although support and training come with franchise ownership, that doesn’t mean there won’t be challenges. Handling obstacles with a positive attitude is what sets successful franchise owners apart.
Yes, franchisees will make mistakes, but that is to be expected. It’s how the mistakes are managed that counts. A franchisee’s mindset can make or break the business. For example, a franchisee who doesn’t believe in the brand or doesn’t want to follow a proven system will struggle. On the other hand, a franchisee who goes all-in, follows the proven system, and maintains a winning attitude is positioned for success.
With over 800,000 franchises operating today and an estimated 4,000 concepts, it’s not surprising that there are variable levels of success. Within every brand, you will find top performers, average franchisees and ones who struggle. Understanding these differences is crucial for potential franchisees aiming to position themselves for success.
To gain deeper insights into what makes a successful franchisee, we asked franchise thought leaders to share their opinions. Here’s what they had to say:
Bottom row, from left to right: James Stapleton, Mike Handy, Mark Indelicato, Howard Lazarowitz
Josh Minturn, Authority Brands
“The most important intangible skill for a new franchisee is “stick-to-itiveness.” Starting a business is hard. Perseverance is critical to a business owner weathering the initial storm to reach the smooth(er) waters ahead.” —Josh Minturn
Erica Poynter, Medi-Weightloss
“Grit, hustle, and decisiveness.” —Erica Poynter
Sam Rihani, Options For Senior America
“As a given, a successful franchise owner is a businessman or a businesswoman. They may be very good in a certain aspect of a business, but it is essential that they also have a breadth of skills to be successful as a franchisee. Among the most important of these skills are a basic understanding of financial data, a keen desire to look at the overall business performance with a focus on future and incremental growth, and a constant monitoring and review of key performance indicators.” —Sam Rihani
Chris Sikes, Handyman Connection
“Love life.” – Chris Sikes
James Stapleton, Caring Transitions
“Follow the model! Prospects buy a franchise for the people, processes and procedures that we already have in place. It drives me crazy when new franchisees enter our system and throw the book out the window. They revert back to how they did things back at a previous business with old bad habits and limited beliefs on how the business can and should be run. If you follow the model, you can get a fast start to launching your business and be successful.” —James Stapleton
Mike Handy, International Franchise Professionals Group
“The most important skills that a franchisee needs to be a successful owner-operator is the ability to listen, learn and lead.” —Mike Handy
Mark Indelicato, RCN Technologies
“Network with subject matter experts. You need to focus on building your business, leave your technology, ordering, billing, etc. to those who excel at it.” —Mark Indelicato
Howard Lazarowitz, Lazer Franchise Group
“The most important skill in a new franchise owner is adaptability. The adaptable owner will follow the proven model of success.“ —Howard Lazarowitz
Is Franchise Ownership Right for You?
If you’re still wondering if franchise ownership is right for you, try taking this quiz and seek the help of a franchise consultant. This personalized approach can help you understand your strengths and whether franchising aligns with your business goals and lifestyle.
