Franchising offers you a brilliant opportunity to start your own business with expert support from an established, profitable brand. You have a blueprint for success, but that doesn’t mean it’ll be easy. There’ll be ups and downs, but if you embody the skills and attributes below, you’ll build a successful business with the help of your franchisor.
Passion and commitment
One of the key things franchisors look for is passion. Franchisors want to see that you genuinely care about the service you’re selling. Remember that your franchisor has spent years building a reputation as a leader in your sector, so being passionate about the service means you’ll be committed to the brand’s values. Passion also breeds enthusiasm which is important in building connections with customers and employees. You’ll get more customers, and you’ll have better staff retention if you truly care about what you’re selling.
This doesn’t mean you need to have loads of experience in the sector you’re buying into. You’ll be taught the ins and outs of the sector by the franchisor, so as long as you have the work ethic, you can succeed. Ian Thompson, who runs Walfinch Welwyn and Bishop’s Stortford, had a successful career in banking before buying a home care franchise and he’s one of Walfinch’s top performers!
Effective communication skills
You’ll need to communicate effectively with various stakeholders including your franchisor, employees, suppliers, and clients. Moreover, early in your self-employed journey you’ll be heavily involved in every aspect of your business including sales and marketing. Being able to effectively position yourself as an expert in the sector to win new business is very important. You will of course get training and support around things like sales and marketing, but you’ll still be the face of the business and prospects will be communicating directly with you when you first start.
Strong work ethic
When you buy a franchise, you have a roadmap for success, but you still need a strong work ethic to implement it. The business landscape is constantly evolving, and you’ll need to adapt to changes swiftly. Successful franchisees possess resilience, allowing you to bounce back from setbacks and learn from your experiences. If you embrace change and proactively seek new opportunities to stay ahead in a competitive market, you’ll keep growing.
Excellent leadership and management skills
You need strong leadership and management skills to effectively oversee your business operations. you should be capable of motivating and inspiring your team and creating a positive work environment that fosters productivity, teamwork, and client satisfaction. You’ll also make a brilliant franchisee if you’re willing to invest in the development of your staff, strengthening retention and loyalty. Walfinch Oxfordshire and Walfinch Mid and South Buckinghamshire have both promoted carers recently to office support staff to help them develop their careers.
Finally, it’s important you have some disposable income. There are funding options available, but you’ll need a good amount of cash to invest in your business at the beginning!