Habits that Lead to Success

One of the key reasons entrepreneurs choose to join franchises is to succeed in the business world. This is often related to the large amounts of training and support provided by the franchisor to the new franchisee. However, while such support may be available, the franchisee must develop and have habits that can lead to the success of one’s franchisee. This article will discuss some common habits that lead to franchisees’ success.

While franchisors offer an abundance of support to franchisees, there is more to success than that. Successful franchises rely not only on a franchise attorney’s expertise  but often mention the need to develop specific habits that work toward the success of your franchisee. Some habits include the following:

·Do not be an entrepreneur; be an intrapreneur – the word intrapreneur basically describes the most successful franchises. This word was coined by Gifford and Elizabeth Pinchot [Intrapreneur Definition (investopedia.com)] in 1978; both were entrepreneurs. The word was created to describe managers working in large organisations but approached their role with the mindset of an entrepreneur, which was beneficial to their companies. Most franchisees are drawn to franchises because of the structure and support that comes with it. However, to succeed as a franchisee, you must operate inside a network and follow the rules. Therefore, if you are a blood and bone entrepreneur, you will find being part of a franchisee unit restrictive to your building an enterprise using your full potential.

·Don’t lean too hard on your franchisor – in as much as franchisors are there to provide you with support and advice; it is of the utmost importance that you make your own key decisions. In addition, the success of your franchisee unit requires that you be self-motivated and have the ability to problem-solve to run your business more effectively. Therefore, it is important to take a creative approach to solve problems.

· Speak up – most franchisees are happy to stick to the guidelines provided by the franchisor; however, the good ones are not afraid to speak up when they have suggestions or more effective ways of doing things.

·Develop your business – in this dynamic world, it is important to stay abreast of changes in your sector. The success of most franchisees is actively doing market research and making it a part of their weekly routine. This helps them continuously be aware of their competition and what they are up to. Further, they are looking to seize new developments, ways, and ideas to take their business up a notch. In as much as the franchisor carries out their research, the franchisee stands to benefit by researching magazines, forums, and relevant news sites.

·Leadership – your success as a franchisee is determined by the team you lead. Seek to motivate, organize and inspire your employees. Therefore, your leadership should work towards driving the whole unit, i.e., each and every staff member, toward the franchisee’s success.