To say that the phenomenon of franchising has captured the imagination of the business world would be an understatement. While it is not exactly a new concept, it has never before been this popular and the coming times will only bring an increase in that popularity.
Both here in the UK and around the world, franchised businesses are growing at a rapid pace. It has a number of benefits which are being recognized by more and more people and they resultantly want to get in on the act.
In the UK alone, there are now franchises in almost every industry and most of them are doing pretty well. These include many different types of franchises including home-based franchises, van-based franchises, part-time franchises, and food franchises among others.
Of course, you cannot underestimate the impact that franchising has on the British economy. It brings millions into the British economy. Plus the livelihood of thousands of people is linked to the many franchises UK has today. There has definitely been a boom because of the emergence of franchises in all sectors and it has been for the better.
Not only is franchising great for aspiring entrepreneurs but also more and more seasoned entrepreneurs are looking at franchising as a viable and cost-effective option to increase their holdings. There are a number of advantages of a franchise which seemingly everyone wants to avail these days. Of course, buying a franchise and running it successfully requires that you possess a certain set of skills and traits.
Good leadership is paramount among them. Franchise consultants believe that a franchisee needs to have that clarity of mission and vision which can then be translated into action. In short, if you want to own and run a successful franchise in the United Kingdom, you need to polish your leadership skills. Luckily for you, the tips in this piece will help you do just that. Read on for some valuable pointers.
So you have decided on acquiring a franchise in a particular sector and want it to make it to the top. Now the work starts. You need to have a clear vision of what you want your venture to be and also a clearly defined roadmap that will detail how you are going to get there.
Of course, before you can get to that stage, you need to be well aware of the ins and outs of the franchising world. You need to know what does owning a franchise mean, what are the pros and cons of franchising a business, etc. It’s also worth looking at Quality Franchise Association approved franchises. After that, you can concentrate on putting your vision in front of your team and articulate it perfectly so that everyone is well on-board with the plan. This brings us to the next skill that you need to polish.
You must be able to clearly communicate your vision and goals for the franchise to your team. The best results will be achieved when your team knows what is expected of them and when they understand that you have a proper plan that you intend to see through alongside your team, they will ensure to put in their 100% towards the overall goal.
In short, you need to encourage open communication among your team members in order to progress and succeed. You need to give them the impression that you are accessible and available for discussion when needed for the betterment of the whole venture. This will help great ideas to be generated and your franchise will flourish in the long run.
Willingness to Learn
If you want to learn and grow, then you will have to bottle that ego and make sure that the people on your team do the same. If not, then you need to show them the door and get some new people in. Guidance and training from the franchisor has to be accepted on your part.
You need to understand that the franchisor’s wealth of knowledge and experience can be a tremendous asset in the growth and progress of your franchise. So, you need to take that on board. Furthermore, you need to look at every event (whether positive or negative) as a learning experience that will help you get better and make better choices in the future.
You Need to Be a Risk-Taker
Investing in a franchise brings with it some inherent risks. If you want to become a great franchisee, you need to get comfortable with taking certain chances and calculated risks which can help your business flourish in the long run.
Adaptability is vital for franchise success. Being able to adapt to changing circumstances is one of the most important business skills. In fact, being adaptable is a very important life skill in today’s world.
When you are nurturing a new franchise, there will be inevitable challenges, pitfalls, and possible setbacks. It is up to you to be resilient enough to bounce back from any adversities and also be adaptable enough to change course when needed.
This is another crucial trait to have. You know what they say about Rome not being built in a day. In the same way, your franchise would not be built in a week or month or perhaps even a year. You need to be very patient and think long term.
Success never ever comes overnight. You will have to put in the hours and the hard graft every day. You must keep your expectations realistic rather than setting lofty goals without a sense or understanding of the situation on the ground. Most of all, you need to keep at it long enough to eventually see fruitful results which will surely come in the long run if you do things the right way.
Do you possess these skills? Or do you feel you need to polish a few of them in order to become a better franchisee? Are there any other skills that you feel should be a part of this list? Let us know.