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3 Keys to Franchise Success

By: Bill Bradley

 

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A survey of successful individuals turned up three essential factors that all of them had in common:

 
  • They were all hardworking.
  • They were all passionate about their work.
  • They all gave back to the community.
 
Is this a recipe for success? Does it apply to franchisees as much as to other approaches to work and life? Let’s take a closer look.
 
They were all hardworking. 
 
Some franchises are ideal for part-time work while caring for family or keeping a day job. Others need a full-time commitment, even before you open the doors. Franchises vary in the amount of work and effort they require, but starting a business is always challenging and time-consuming.
 
It’s natural for franchise sales people to emphasize how easy it is and to focus on the rewards, but make sure to ask other franchisees how long it took them to get their franchise up and running and how many hours they put in during that preparatory stage.
 
It’s likely that you’ll have to do a lot of work before you start bringing in revenue. Make sure that you’re mentally prepared and that you have the time available.
 
They were all passionate about their work.
 
Successful people were all passionate about their work—but not all in the same way. You might want to run a home health care service because you’re passionate about home health care. Or your passion might be for creating jobs for the people in your community. You might be passionate about sales or about the entrepreneurial dream.
 
One ice cream entrepreneur confided that it didn’t matter that her franchises were selling ice cream; it could have been any product. That didn’t mean she wasn’t passionate about her business. For her, growing the business was the exciting part.
 
Whatever the source of your passion, you have to have a fairly high level of enthusiasm to see you through the tough spells. Make sure you choose a franchise you can get and stay passionate about.
 
They all gave back to the community. 
 
Some franchisees see the services they offer in their business as their opportunity to give back to the community. Others see their business as a way to raise funds for a cause they believe in, or to increase awareness of an issue.
 
This dedication to a larger purpose helps successful people keep going when the inevitable bumps in the road occur.
 
For you, that might mean choosing a green franchise, a franchise that helps serve the needs of the elderly, or a franchise service that meets an important need in your community. Or it might mean choosing a franchise business opportunity that will provide much-needed jobs for a sector of your community that you care about. It could even be a question of choosing a franchise that you can grow to a high level of profitability so you can give at the level you want to reach.
 
Compare yourself with the highly successful individuals in the survey. Do you have these characteristics, as they relate to the franchise business opportunities you’re considering? Your answers can help you make the right choice.
 
This article was originally published by America’s Best Franchises
Published: November 12, 2014
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Bill Bradley

Bill Bradley

Bill Bradley is founding member and CEO of America’s Best Franchises, LLC.  Bill founded three financial services firms, Ocean Shores Ventures, Denali International and William Bradley Enterprises. In addition, to launching America’s Best Franchises in 2005, Bill orchestrated approximately 20 private equity transactions in excess of $31 million, and launched five specific purpose private equity partnerships.

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