The report reveals that a third of respondents wanted to earn extra cash to keep up with rising living costs, while another 33% were aiming to earn money from a skill or hobby.
There was increased appetite amongst younger people surveyed, with 60% of 18- to 30-year-olds stating that they are planning to start a business, and 51% of the next age group, those aged 31–40, are also ambitious to move into self-employment.
However, going into business for yourself is not without risk and there are high numbers of business failures every year – so how can you make sure you are not one of the negative statistics?
Buying a franchise can really help to increase your chances of success as you will have access to training and support, as well as a structure and format for the business and a network of fellow franchisees.
And as success means different things to different people, franchising can be the answer for many, due to the wide range of business types and sizes available. You can define your own success and work out exactly what that means to you.
So, what really makes a franchisee successful? Well, it’s not just about following a set of instructions or hoping for a stroke of luck. It’s about embracing some key traits that can make or break your success.
Let’s have a look at five key attributes that successful franchisees have in common:
Resilience: Roll with the punches
First up, resilience. Running a franchise, like any business, comes with its fair share of challenges. Whether it’s dealing with staffing issues, handling customer complaints, or adjusting to changing market conditions, there’s no avoiding the bumps along the road. The key here is not how smooth your ride is, but how well you bounce back if things don’t quite go as planned. So, if you can pick yourself up after a setback and keep going, you’re on the right track.
Ambition: Big dreams
Next, ambition is a must. You can decide just how much you want to grow your business, there are lots of options to choose if you want to take a slower route or aren’t as keen to grow a bigger business
However, the most successful franchisees generally have a strong drive to grow their business and take things to the next level. It’s all about setting goals and working hard to achieve them. You should expect to receive plenty of support from your franchisor, but hard work will still be needed. But the payoff is worth it when you’re running a thriving business and achieving the results you set out to get.
Follow the system: Stick to the plan
One of the strong positives of buying a franchise instead of going it alone is the system that’s already in place. There’s a proven business model, a set of best practices, and a support network to help guide you. The successful franchisees are those who follow the system. It might be tempting to go off-piste and make things ‘your own’, but the real strength of franchising lies in the proven recipe for success. Stick to the guidelines and don’t reinvent the wheel. Trust the system—it’s worked for others, and it can work for you too.
Passion: Love what you do
If you’re not passionate about the business, it will show. Successful franchisees are genuinely passionate about their brand and what they’re offering. Whether it’s a love for great food, helping people get fit, or offering outstanding customer service, your enthusiasm will rub off on your team and your customers. People can sense when you care, and they’re more likely to return (or recommend) if you’re fully invested in what you do.
Strong communication: Keep everyone on the same page
Finally, communication is everything. You’ve got to be able to communicate clearly with your team, your customers, and the franchise support network. If things aren’t quite going to plan, or you are finding it harder than you thought, don’t keep it all to yourself. The benefit of buying a franchise is that you have a support team to help and guide you, as well as a network of fellow franchisees.
If you have a team, it is important to be a good communicator, it helps you solve problems quickly, keep your team motivated, and will also enable you to build strong relationships with your customers. It’s about making sure everyone knows what’s expected of them and that they feel supported and valued.
Final thoughts
So, there you have it. Being a successful franchisee isn’t about luck; it’s about having the right attitude and traits. Having resilience, ambition and passion for your business will get you a long way, and when you follow the franchise system and communicate effectively with your team, your customers AND your franchisor, you are well on your way to building your own business that’s not just successful, but also sustainable and rewarding.
