Finding and training qualified franchisees is one of the most important drivers to growing your franchise system. While the “right franchisee” varies from system to system, we have identified 5 key characteristics of successful franchisees. We’ve talked about the importance of the right franchisees for your system time and time (and time) again. It’s that important!
Successful franchisors identify prospects whose passion matches their purpose, meaning they are not only passionate about the franchised services but they are purposeful when it comes to actually operating the franchised business that performs those services.
In the November/December 2018 issue of Upsize Magazine, Joe Fittante listed 5 characteristics of a highly successful franchisee:
- Colors in the lines
- Plays well with others
- Passion plus purpose
- Capital is king
- Some grit and a little reality
Behind every successful franchisor are many successful franchisees. The best franchisees have sufficient liquid capital to build and operate their business. But deep pockets alone are not enough. The best franchisees work well with other franchisees and the franchisor from the beginning, have passion for selling the products and services to consumers but also in operating their franchised business within the guidelines set forth in your Operations Manual and training program, and have some grit and determination sprinkled on top.
For more information on these 5 characteristics, see Joe’s article in Upsize Magazine.