Five Characteristics of Highly Successful Franchisees
Franchising offers industrious entrepreneurs the opportunity to be in business for themselves like an independent business, but not by themselves. But what does it take to be successful in franchising?
'Franchising requires a businessperson to have a strong entrepreneurial spirit, be motivated self-starters and love working with people,' says Lorraine McLachlan, President and Chief Executive Officer of the Canadian Franchise Association (CFA). “Hardworking individuals who enjoy working in a team setting often thrive in the franchise model. Great franchisees are people who understand the business objectives and are able to support and adhere to strategic directions of the franchise system.
CFA spoke with established franchisees who shared their first-hand knowledge of the qualities required to make it in franchising. According to them, successful franchisees:
• Are motivated self-starters
• Have an ability to lead
• Are customer-service focused
• Like to be part of a winning team
• Have a strong work ethic
“What’s absolutely essential for franchisee success and fulfilment is ensuring that the franchise they are looking to invest in is the best fit for them,” McLachlan adds. “This includes the due diligence of carefully investigating franchise opportunities. Franchise tradeshows are a great way for prospective franchisees to meet directly with franchisors and to learn more about the many franchising opportunities available in a variety of sectors.”
People who have characteristics of highly successful franchisees may want to explore the opportunities that franchising has for them. The Franchise Show produced by CFA is Canada’s largest franchise-only tradeshow featuring some of Canada’s best-known brands. It provides a unique opportunity for attendees to meet with franchisors and to obtain valuable, up-to-date information at free seminars led by specialists in the franchise industry.
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