http://www.myfranchisepartners.com/ As a Franchise advisor analyzing many successful franchisees has helped me to identify the Top 5 Traits Of Successful Franchisees
As with success in any pursuit, hard work is one of these traits, as is being coachable
Hi there. Welcome back. It’s good to see you again.
The topic of today’s video is that ebook are the top five traits of successful franchisees.
This can certainly apply to franchisees, as well as independent business owners who have a great transfer of skills and attributes that’ll make each one of them successful.
So, let’s dig into the top five. We’ve got 1) risk management, 2) system orientation, 3) coachability, 4) affinity for hard work, and 5) strong people skills.
Risk management. Believe it or not, people that engage in owning a business are
not some wild and crazy, people have no risk sensibility whatsoever, nor are they extremely risk averse either.
The best part of risk management is identifying what risk you’re comfortable
with and mitigating that risk. So you do your due diligence, your research and analysis, ask the right questions, identify the opportunities, and the threats, do a swot analysis, understand the landscape of the business or the industry, and you mitigate your risk.
Any business endeavour has inherently some degree of risk. It is extremely likely to buy a business or start a business and have zero risk. That is greatly
improbable. So your goal is to mitigate the risk, manage your risk, and make it a calculated risk.
Then after that, once you’re in the business, you further mitigate that with some other attributes you will bring to the table.
For example, system orientation. Systems are very big in franchises, but they also apply to other businesses.
Now when I read companies from the 5 million to 80 million range, it was bigger systems. Very big on it.
I felt the more assistance behind in place, the easier was to get the basic stuff done day to day. So if someone was off sick or not feeling well, they replace them for them, and everybody else can carry the day by following the systems that person plug and play into the process.
Even everybody there having regular systems for doing things, makes people know down the chain up the chain what to expect. So if an anomaly happens, it’s easier to catch, you come back and you grab that thing. You can call it internal quality control if you like, but it’s a way of doing things, standardizing processes, similar to what to expect, when to expect it, how it should look, how it should feel, how it should taste, so to speak makes a ship sale a whole lot easier with that analogy.
Systems are very big and big companies like the military for example, are very common they’re very successful. So try to reinvent the wheel and go rogue, go for it. But surely speaking, systems help carry the day.
Coachability, there’s no such thing as a self-made millionaire. Everybody has something along the way somewhere somehow at some time that taught them something, mentored them, or had a kernel of knowledge to share with that person to help along the way to be open to ideas.
The more unreceptive you are to being coached with ideas with other people, I strongly suggest, the less secure you are, perhaps more of an ego problem you might have yourself. So not being coachable, you look in the mirror to move a self-analysis saying,
“you know what’s wrong with me?” The coaching is fine, I need to change.
By and large, the vast majority of times, people try to coach you, they’re trying to soldier hurt your feelings or make a bad statement in your business, let’s try to move along with the ball down the road, go to the next level as easy as possible.
So partly coachable is reaching out to people to gain knowledge. It could be reading a book, watching a video, taking you to a webinar, or listening to people at a seminar for example. Taking tips away from that thing, have a padded paper with you, make notes in a discussion, and apply that to your situation.
Affinity for hard work. Whether you’re a franchisee, you’re an independent business owner, you’re starting from scratch, buying a going concern, and people work hard.
A lot of times people see the duck theory. You see a duck at the top of the water but you’ll see the legs going 90 miles an hour below the surface of the water.
Every successful at some point time in their life worked extremely hard before you came to meet them or see what they’re doing right now.
Please watch the video for more information.