Are you considering quitting your 9-5 job like everyone else in America seems to be doing? Maybe you’re even thinking about opening your own business so you can set your own schedule! For anyone who is looking to become a business owner, owning a franchise may seem like the “easy” way to go about it. Spoiler alert: it’s not! We’ve found that most successful franchise owners have 4 traits in common. This post will explore the Four Predictors of Franchise Ownership success that successful franchise owners possess – do you think you have them? Take our Free Business Assessment tool which will give you an idea.
1. Proactivity
When I started Your Franchise is Waiting, I quickly noticed that the most successful people (both prior to their investing in a franchise and after) were those who are proactive. What does it mean to be proactive?
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?”
The most successful people I’ve worked with don’t sit around and bemoan the economy, the perceived failures of the corporate office – or anything negative. They’re strategic, always thinking several steps ahead – for example hiring before the need arises. Their ability to FIND the opportunities in larger, seemingly unrelated events is what separates them from those who sit back and react to things as they come up. Constantly just putting out fires will never get anyone to the top of the producer list.
2. Optimism
When it comes to owning your own business, optimism is an absolute must-have trait. If you don’t have a positive outlook on your business, you won’t have that continuous drive to give it your all every single day, and make the decisions needed for growth. If you’re not optimistic about your business prospects, it’s time to cut bait and take your losses.
When you run your own business, you need to ABSOLUTELY 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 up, knock the dust off, and get back into the fray. Everyone gets knocked down – but the optimists tend to see it as an opportunity to learn. A necessary step in the journey.
3. Strong Support Networks
It goes without saying that owning your own business is hard. But the reason to invest in a franchise is the support that is there for the asking by both corporate and other franchisees.
The first year is GOING to be tough. So it’s critical that you have a strong support network you can rely on. And don’t forget about friends and family. Because these are the people who know you best. They know your greatest strengths, and they’ve seen you at low points before.
When the lows inevitably happen, you need to be proactive (see #1) in reaching out to your support networks. The franchisor won’t necessarily know you are struggling – it is on you to reach out and get the help you need to learn and get yourself back on track. Franchise support systems will be invaluable to you. There is always a more experienced owner who likely has gone through exactly what you are challenged by.
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 wild card that guides successful business owners as they push forward to achieve their goals.
If you’re motivated and believe that you have the “Four Predictors of Franchise Ownership Success,” and that owning your own business is in your future, let’s have a conversation. Reach out to us at Your Franchise is Waiting.
This blog was originally posted in October 2017 and can be read in its entirety here.