Success is an Inner Game

Success is an Inner Game

Starting a business or investing in a franchise is not for the faint of heart. It is for the courageous, the determined, and those who are willing to make a name for themselves. It's for those who aren't afraid to roll up their sleeves and do hard work. But to succeed, you'll need these inner qualities when beginning a franchise.

The 8 Inner Qualities You Need When Starting a Franchise

1. Determination

If you're going to get discouraged every time there's a bump in the road, and there will be bumps along the way, then maybe starting a franchise isn't for you. But if you're looking for something beyond the rat race and want to stake a new claim, ask yourself:

  • Am I willing to continue even when things aren't going smoothly?
  • Do I have a clear vision for where I'd like to be in one/three/five years?
  • Am I willing to work not only harder, but smarter, to get the job done?

If your answers to these questions are yes, then you have one of the inner qualities needed for beginning a franchise.

2. Coachability

We have helped thousands of business professionals on their franchise journey. But do you know what the most successful ones had in common? They were willing to be coached. Even more important, they took the principles they learned and immediately applied it to their business franchises. The ultimate success of the franchisee depends upon having this willingness to learn.

The franchisor also has a particular set of guidelines for how the franchises are to operate. The instructions can include everything from marketing philosophy to interior decor. Please realize that these principles exist because they have demonstrated success. Therefore, when your franchisor offers tips, suggestions, or coaching points, take them seriously. After all, your coachability can have a direct impact on your bottom line!

3. People Skills

Franchisees will be dealing with a lot more than customers. This multifaceted role requires you to meet with suppliers, inspectors, employees, and others. Are you able to work well with people? Equally important, can you remain calm and polite when you're working with difficult people?

If you don't feel comfortable working closely with people, then take some time to brush up on your people skills before beginning a franchise. (Don't worry, we can help you learn!)

4. Patience

This skill is vital to so many areas. Not only do you need to be patient with others--particularly the public and your employees--but you also need to be patient when seeking results. Rarely are stellar expectations met overnight.

Utilize patience before deciding to jump on board a franchise deal as well. Conduct due diligence and take your time to make sure when you're beginning your franchise.

5. Leadership

Leadership is not sitting in a back office, expecting everyone else to do the work for you. Leadership means, on some level, inspiring others to do their best and demonstrating that, by example. Do you have any lessons you've learned from your own experiences that you can share with members of your team? Do you have any strategies that will help them perform their roles?

Few things can damage loyalty as much as a supervisor who barks commands and calls the shots without working closely with employees who have "boots on the ground."

6. Financial Skills

Do you understand the ins and outs of a balance sheet? You'll need to be able to accurately figure out profit and loss along with the expenses of operations, including materials and labor costs.

Just as an athlete has to understand the rules and nuances of a game, a successful franchisee needs to have a keen comprehension of financial principles to become successful. If you do not have a finance background, we have tools for you.

7. Willingness to Cooperate

When beginning a franchise, there is a new meaning to the term "team player." Not only are you expected to follow detailed business practices, but you must make this work with seamless consistency. Being a team member is impossible if you're not cooperative. You have to play by the "rules" because the franchisor has already developed a system for success. Demonstrate you're a good steward of the franchise by being cooperative.

8. Objectivity

Indeed, you should have a passion for what you're doing, but you should also be able to step away and objectively evaluate the logical side of your business. Make sure you're doing something because it works and not because you like it. It's vital to be able to look objectively at your philosophies and your methods. If they're not getting the results needed, or if they are not in the spirit of the franchisor, then they need to be adjusted or dropped.

Are You Ready to Get Started? 

Tom Scarda has owned and operated franchises and is one of the nation's foremost certified franchise experts (CFE). If you want to streamline the due diligence process and approach your franchise through in-depth, non-biased coaching advice, then schedule a call with Tom Scarda today. No charge, no-obligation, no kidding.


Mercedes McDermott

There's no place like work! HR/Ops Manager: Enriching Human Capital | Slinging Strategic Goals | Enhancing Business Performance.

4 年

Hi Tom, I was looking for your email, are you available for a quick phone call tomorrow? Regards, Mercedes M

回复
Robert James

Business Coach @ Balance | Franchise System Development

4 年

True. You have to be brave to become a franchisee now days. ( Or is that foolish?)

回复

要查看或添加评论,请登录

Thomas M. Scarda, CFE的更多文章

  • Unveiling the Secret Weapon: 8 Reasons Military Veterans Dominate the Franchise Game!

    Unveiling the Secret Weapon: 8 Reasons Military Veterans Dominate the Franchise Game!

    One of the most daunting challenges returning veterans face is the struggle to find purpose and meaning in an ordinary…

    1 条评论
  • What's In It For Me?

    What's In It For Me?

    It's a brand-new year, and with a new year comes optimism, hope, and plans for the future. Most of us evaluate where we…

  • DO THE WORK

    DO THE WORK

    I did not write this. Someone else did.

    6 条评论
  • Searching for a safe harbor

    Searching for a safe harbor

    Going through a franchise due diligence process is a journey. Not unlike any trip you’ve taken, there are lots of…

    1 条评论
  • A Layoff is Not Rejection; It's Redirection

    A Layoff is Not Rejection; It's Redirection

    For some people, losing a job could feel like losing a loved one. You may feel shocked, sad, depressed, and angry.

    9 条评论
  • TAX BENEFITS

    TAX BENEFITS

    Hey there! Are you considering starting your own business but feeling a little hesitant because of the potential tax…

  • FRANCHISES FOR 2023

    FRANCHISES FOR 2023

    The new year has many aspiring business owners starting to think about the best franchise opportunities for 2023. While…

  • EXPLORING THE INS AND OUTS OF DATA VISUALIZATION FOR YOUR BUSINESS

    EXPLORING THE INS AND OUTS OF DATA VISUALIZATION FOR YOUR BUSINESS

    Data visualization relates to the conveyance of key information in the form of a chart, diagram, picture or some other…

  • A Franchised Business is Like a Motorcycle Gang

    A Franchised Business is Like a Motorcycle Gang

    When I was ten, all my friends wanted to play for the New York Yankees. Not me.

  • Eliminate Income Tax for Workers Making Less Than $45,000.

    Eliminate Income Tax for Workers Making Less Than $45,000.

    San Fernando Business Journal reports that starting next year in California, a fast food worker may earn as much as $22…

社区洞察

其他会员也浏览了