Successful Business Owners Share These 7 Personality Traits

What is the most critical ingredient in building a successful franchise?

Is it location? Product? Marketing? Business savvy?

All of those things are important. But when you compare the most successful business owners across brands and industries, you’ll find what they have in common isn’t a skill set, but a mindset.

Being your own boss can be incredibly freeing. But it’s not for everybody. If you’re not sure whether you have what it takes, keep reading. Below are seven traits common among the most successful franchise owners.

7 Traits of a Successful Franchise Business Owner

1. Leadership ability
   

   Some people are born leaders. Others learn leadership skills over time. Either way, it’s important to know how to hire, train, and lead your team. In good times and bad, they’ll look to you as an example of how to act with customers and with one another.

   Your franchisor provides you a blueprint and support in running your business, but the day-to-day operation falls on you. You can’t point fingers or shift blame when something goes wrong. The buck stops at the top, and when there’s a problem, it’s up to you to find a solution.

2. Respect for the rules
   

   If you dream of owning a business so you can do things your way, franchising may not be the best path for you. Franchising is all about following a proven system. From store layout to training curriculum, you’ll find many decisions have been made for you.

   Rule followers love this about franchises. They thrive under the structure. It provides a safety net and a sense of security. Maverick types, though, may chafe at being told how to run things. If you’re all about innovation, the franchise model might not be a good fit for you.

3. Roll-up-your-sleeves attitude
   

   Being “the boss” in a franchise business doesn’t mean sitting in a corner office barking directions. In your corporate life, you may have leaned on other departments like human resources or accounting for support. When it’s your business, it’s all you.

   Even with a full staff you can expect to be out on the front lines covering your employees’ sick days or vacation time. The most successful franchise business owners have no problem jumping in and doing what needs to be done.

4. Calm under pressure
   

   Successful franchisees can keep a clear head. A business’s success or failure is often a matter of timing – knowing when to hold back and when to take a leap. If you have a reputation for keeping a cool head in a crisis and for making decisions based on facts instead of emotions, you might have what it takes to lead a franchise.

5. Resilience
   

   Natural disasters. Cyberattacks. A global pandemic. No matter how good you are at planning, you can’t prepare for everything.

   When the unexpected strikes, a successful business owner rolls with the punches. You’ll recover from disaster more quickly if you have a knack for thinking on your feet. Successful franchisees are masters at looking for silver linings and finding opportunity in adversity.

6. Big-picture thinking
   

   Successful franchisees keep their eyes on the prize. One of the reasons they’re willing to work long hours or do dirty jobs is because they know it will pay off later.

   The best franchisees are always looking for ways to improve their business and themselves. They invest in personal development. They’re often mission driven – a rising tide carries all ships, and they know if they build up their community, the community will build the business.

7. Positive outlook
   

   No one will ever be more excited about your business than you. Investing in a franchise with brand recognition brings a built-in fan base. It’s part of your job to serve those fans and to act as chief ambassador, spreading the brand message far and wide.

   There will be rough times and obstacles in your way. If you respond with pessimism, the discouragement will spread through staff and customers like a plague. It’s your ability to believe better days are ahead that will clear the path to achieving them.

Owning a franchise is often touted as the “easy” path to business ownership. And in many ways, it can be easier than building a business on your own. It is, at the very least, a more reliable and proven path to success.

If after reading these seven traits, you feel uncertain if franchising the path for you, spend some time thinking about what’s important to you before going any further.

If, on the other hand, this article described you to a tee, you might be ready to take the next step. Contact us for a free consultation and get a professional opinion on whether a franchise can help you build the life of your dreams.