For anyone who is looking to become a business owner, owning a franchise may seem like the “easy” way to go about it. But if you think that investing in a franchise is going to save you the hard work that goes with owning your own business, you’re out of luck. Running a franchise is hard work. Just as hard, in fact, as starting your own business. Of course, owning a franchise has a lot of great perks in terms of institutional knowledge share and marketing, among others, but just because you’re partnering with an established brand doesn’t mean success comes easily.
I’ve helped place people from all walks of life in franchise businesses, and no matter what their background has been, I’ve found that the successful ones all have 4 traits in common. This post will explore the 4 Predictors of Success that successful franchise owners possess. Some of them come into the process with all of these characteristics in spades, while others have needed to learn and grow.
1. Proactivity
When I started Your Franchise is Waiting, I quickly noticed that some of the most successful people (both prior to their investing in a franchise and after) are those who are proactive. What does it mean to be proactive? It seems simple, but following through and actually being proactive takes work.
For me, proactivity means that you don’t sit around and expect anything to fall into your lap. You need to be constantly moving, constantly thinking, and always wondering “what else can I be doing to be better than every other business out there?”
The most successful people I’ve worked with anticipate problems before they arise. They’re strategic, always thinking several steps ahead. Their ability to see the Big Picture and see how larger, seemingly unrelated events may impact their business is what separates them from those who sit back and react to things as they come up.
If you’re not very proactive now, that doesn’t mean you’re doomed to never be able to own your own business. But take this as motivation to go the extra mile and see if you can develop some of the habits of the highly proactive to improve your life in the position you are in now. Take a step out of your comfort zone and pick up a new hobby or develop a new skill with a class.
2. Optimism
People sometimes confuse optimism with a simple notion that “optimists” are people who see the glass as half full. That’s an easy analogy but one that really misses the point in terms of optimism in a business sense.
When it comes to owning your own business, optimism is an absolute must-have trait. After all, if you don’t have a positive outlook on your business, why start it in the first place? If you’re not optimistic about your business prospects, you’re wasting your time and your money.
Successful business owners define “optimism” differently than others do. They are calculated in what they do and why they are doing it. They’re optimistic, because they have done their homework, they know their product, they know their competitor’s product, and they understand how one thing affects another. Armed with this knowledge, they know they’re the best person for the job. When you know you’re the right person for a job, it is hard not to be optimistic.
When you run a franchise, you need to know that from Day 1, you’re going to make it because you are willing to do whatever is necessary to succeed. Of course, there will be times when you get knocked down, but your optimism will help lift you dust off, and get back into the fray. You won’t use being knocked down as an excuse to give up. Instead, you will take it as an opportunity to learn. You’ll recognize that it will give you experience and knowledge that can’t be taught in a book or read in an article.
3. Strong Support Networks
It goes without saying that owning your own business is hard. Not only does it take a lot of time, energy, and money, but it often takes us away from our friends and loved ones. As a business owner, there are hundreds of things to do every week, and despite your proactivity and optimism, events will happen that are out of your control and that will get you down.
In these difficult times, it is critical that you have a strong support network of friends and family you can rely on. Why are friends and family so important to a business owner? Because these are the people who know you best. They know your greatest strengths, and they’ve seen you at low points before. With them, you don’t need to pretend all is well. Rather, you can be yourself and be vulnerable around them.
When the lows inevitably happen, your friends and family will be there for you. They know how to motivate you, to get you back on your feet, and are willing to pitch in to help you in whatever way they can.
4. Grit
The last of the 4 Predictors of Success is grit. Grit is the part of you that is tough as nails and doesn’t quit. Successful business owners demonstrate grit in a lot of different ways, but the outcome is almost always the same: They get sh$%# done.
When their back is against a wall, people with grit don’t back down. Instead, they push off the wall and attack their problems head on. They don’t shirk responsibility, and they definitely don’t run away, even if they know the problems they face will take a long time to resolve. They know how to dig in for the long haul. Grit is the unsexy part that guides successful business owners as they push forward to achieve their goals.
I’ve seen successful business owners face huge odds in competitive markets or locations that were less than optimal, but they’ve had an innate confidence, paired with optimism and grit, that ultimately led them to success against those odds. When you have grit, you know when to buckle down, work your tail off, and keep pushing until the job is done. Then, its on to the next obstacle!
If you’re motivated and believe that owning your own business is in your future, reach out to us at Your Franchise is Waiting.