What skills do successful franchisees possess?

At the heart of any successful franchisee is a successful business person. It is no surprise, therefore, that a successful franchisee requires the same sort of skills any effective and dynamic business person possesses, particularly commercial awareness and an appreciation and knowledge of the market in which they operate.It goes without saying that one has to have the desire and commitment to work hard and an ability to get on with people, as franchising is a very people centric business. There are some skills, however, that are more specific to franchising. One such characteristic is resilience. Opening a franchise can lead to losses in the early days before it is established in a given territory. This can lead to a loss of nerve, even in cases where a franchisee has been warned and advised to arrange finance on such a basis. Resilience is therefore necessary to be able to cope with teething problems, such as trading losses while building and establishing the franchise.Likewise, it is important for a franchisee to be able to work independently. Franchisees who previously had a job with a salary will have to accept they are now dependent upon their own performance for their take home pay. No prospective franchisee should enter into a franchise relationship if they believe the franchisor should be involved on a day-to-day operational basis in the business. Above all, a successful franchisee requires the right aptitude. There are those who are so blinded by the attractiveness of the franchise opportunity that they do not recognise or appreciate their own inabilities and deficiencies or those of the franchisor and the business. Does the business have staying power or is it based on something that is temporarily fashionable? The franchisee must be honest and analytical in order to address and overcome any deficiencies in the business as early as possible.