According to research by Enterprise Nation, up to a third of UK adults are thinking about starting their own business, either full time or as a ‘side-hustle’. And according to a recent study by iwoca, one of Europe’s largest small business lenders, over 100 new businesses have been formed every hour across the UK this year. But we also know that there are increasing levels of business failure this year – so how can you make sure you are not one of those negative statistics?
Buying a franchise can be a fantastic way to increase your chances of success as you will have access to a business blueprint, training, ongoing support, and a network of fellow franchisees. But even within the franchising sector, there is a wide range of results, and it isn’t always easy to predict who will be a success.
After many years judging the bfa HSBC awards and meeting lots of franchisees, as well the last seven years with Revive! Auto Innovations, I have been lucky enough to speak to both franchisors and franchisees about what has helped them make a success of their businesses.
And it isn’t as simple as just getting up early and hustling!
Not only that, there also isn’t one single definition of success. I think this is why franchising can be the answer for so many people, due to the wide range of business types and sizes available in the sector. You can define your own success and work out exactly what that means to you.
It could be financial success, more time with family, doing something to make a difference in your community, building an asset – franchising will have a solution to all those choices.
But successful franchisees do have a number of things in common and those might not be what you would expect.
- They are resilient. Doesn’t sound much like an attribute of success but actually it is a vital part of being in business. Even with a franchise to back you up and support you, not everything in your business life will go smoothly. You need to have the strength to keep going even when times are tough.
- They are ambitious. Hungry for all the support the franchisor can provide, the most successful franchisees are not satisfied to do the minimum needed, they want to excel. Whether that success is measured in sales, profits, customer reviews or social impact, these franchisees want to be the best they can be.
- They follow the system. All their efforts are going towards their business success – they aren’t spending unnecessary time trying to ‘reinvent the wheel’, or working outside the system that their franchisor is providing. That doesn’t mean that they don’t have ideas to develop new products or services, franchisees are often key to helping the franchisor to keep improving the system. But they don’t waste time going completely off course, they stick to the blueprint.
- They are strong communicators. Successful franchisees will be able to build relationships with their customers, their staff and of course, their franchisor. If things aren’t quite going to plan, they don’t hide their head in the sand, they speak up. People buy from people, so whatever sector your business is involved in, you need to communicate and build relationships with customers and potential customers.
- They are passionate about their business. Being in business for yourself is hard work, there are no safety nets, and a monthly salary isn’t automatically coming your way any more. So, you should have a passion for what you do as a franchisee and that will really help you to make a success of it.
Successful franchisees take the ups and downs of business life in their stride. They pick themselves back up if they fall and importantly, they are not afraid to ask for help if needed.
So, there you have it – passionate, resilient, ambitious franchisees who communicate well and follow the system – that’s what delivers success.
Could you be a successful franchisee too?
Why not explore what franchising has to offer and see whether you can find the right franchise to drive your future success? There is no one way to success, we all want different things out of life and franchising could help you achieve your dream.
