Top 3 Traits of Successful Franchise Owners

Did you know that American business applications grew during the heat of the COVID-19 pandemic? Over the last year, many people across the country have been driven to take their careers and financial stability into their own hands through business ownership.

Franchising is a sound option for aspiring entrepreneurs, as franchisors provide the brand recognition, structured training and support programs to help you get your business up and running. Not to mention, the two-year franchise success rate is about 8% higher than the independent business success rate, according to research based on official census data.

While franchising has many benefits, it’s not for everyone. The most successful people tend to share common characteristics that help them along the way. Curious about whether you have what it takes? Here are three traits that I feel are especially important for successful franchise owners to have:

Eager to learn

There are franchises that have hundreds, even thousands of locations across the country. Like a well-oiled machine, all components of a franchise system must be in sync for it to grow. So, all owners and locations must be aligned.

Franchises are built on the foundation of tried-and-tested processes and systems designed to ensure consistency and growth across the board. There’s no room for big egos – no matter who you are or what your background is, it’s important that you’re able to accept training and guidance from the franchisor. These systems are put in place not only to ensure the success of the franchise but your success as well! That’s why franchising is so attractive – there’s no need to reinvent the wheel, you just have to be eager to learn and follow the proven guidelines.

Team player

As we like to say in the industry, franchising empowers you to go into business for yourself, not by yourself! Successful franchise owners understand that franchising is not an independent venture. Between the corporate support team, other franchise owners, employees and more, franchise owners are expected to be team players and work well with others to achieve shared objectives.

Results oriented

As a franchisee, you’re provided with the support and tools you need to build your business. However, it’s ultimately up to you to ensure your success. Many successful franchise owners are results-driven individuals who set attainable and measurable goals. Like a roadmap, these goals should help guide everyone to reach the desired result – growth and profitability. Results-oriented franchisees have the dedication it takes to set these goals, and motivate themselves and their teams to achieve them.

To all the business owners out there – what is the biggest trait that you attribute to your success? Let me know in the comments!