Five Traits of Successful Franchise Owners
Article by Mark Schnurman
Here’s What Sets the Top Franchise Owners Apart From the Rest
Many people think about starting a business but most stop because they do not know where to begin. They may not have a great idea or a plan for getting started. Indeed, if you have not launched a business in the past or have been in the corporate world for a long time, it is perfectly natural that you would not have a clear path to business ownership.
I am a strong advocate for entrepreneurship. Being the owner of several different businesses has provided me the opportunity for professional and financial success. Perhaps more importantly, business ownership provides autonomy and freedom I coveted — but never had — as an employee. The result of being a business owner is a level of happiness magnitudes higher than what I felt working for others. Indeed, I never knew how unhappy I was in corporate life — and the spillover that it had into my personal life — until I realized how happy I can be.
The profound truth of business ownership is it can be life changing and help you experience the world in a much more constructive way.
And business ownership is not for everyone. While franchising offers myriad opportunities in a variety of different sectors, there are some keys to successful business ownership. So what makes a good franchise owner? From my experience, the following traits set the best franchise business owners apart from the rest.
What Makes a Good Franchise Owner?
Internal Sense of Responsibility
This speaks to the need of a business owner to take personal responsibility for every aspect of a business’s success. In the corporate world, there are people responsible for all aspects of the business, but when you are the boss the buck stops with you. The most successful business owners have an internal locus of control — meaning they believe they have the ability to impact outcomes. They do not blame others for results!
Entrepreneurs have a strong drive to accomplish their tasks, objectives and goals. They strive for achievement and growth and maintain high standards for themselves and others. They are intrinsically motivated. As a business owner, you are the only person pushing you forward.
Successful people in general — and entrepreneurs specifically — believe in themselves. They have a high sense of self-worth and confidence. They believe if something can be accomplished, they can do it. This self-confidence translates into strong execution. Confidence is the fuel that drives people through the inevitable obstacles of life.
When you are the boss, you are the one responsible for making the decisions. Often, business owners need to make decisions without all the facts. This means that they need to rely on their acumen and judgment. Speed to a decision is also important in our ever-changing world. Procrastinating or avoiding decisions only limits your ability to succeed.
The ability to communicate effectively with employees, clients, and peers is paramount to success. Strong communication skills translate into leadership, management, sales, and customer service — all critical aspects of business success. Regardless of your level of involvement in your business, you must effectively communicate the vision and strategy and drive execution.
As you can see, many of the same traits that enable success in the corporate world translate into business ownership. The good thing is if you have the traits of a successful business owner, there is probably a franchise that will hit the mark for you!