by Greg Nathan
last updated 23/06/2021
What Do Excellent Franchisees Have In Common?
by Greg Nathan
last updated 23/06/2021
Buying a franchise is only the start – building a business takes longer. Greg Nathan explains how to work the wheel of excellence to achieve success
Over the past 30 years or so, I and my team at the Franchise Relationships Institute (FRI) have talked to hundreds of franchisors and conducted research with thousands of franchisees. One of the questions that franchisors often ask us is: ‘What do excellent franchisees have in common?’
It’s a great question, and it’s just as relevant if you are about to buy a franchise. If you’re reading this article, you might be in the early stages of what we call the Franchisee Journey, learning what it takes to be a franchisee and if it’s for you. So here’s something to consider: you might be buying into a well-known brand with great systems, thorough training and all sorts of ongoing support, but it’s up to you how you put all these elements together. The better you do that, the more likely you are to build a business that delivers on your ambitions.
So what makes some franchisees top performers while others just achieve? If you want to be an excellent franchisee, read on.
What is excellence?
At the FRI, we believe that excellence is performing every aspect of your work to the highest standard. In business, this relates to how you deliver your product or service, how you organise your work, how you deal with other people, how you manage your finances and, most importantly, how you handle yourself. The better you do all that, the more satisfaction you will have from your work – and the better the results you will achieve.
A few years ago, we studied the backgrounds, attitudes and habits of over 2,000 franchisees and then looked at their levels of success and satisfaction to see what patterns emerged. The study found that excellent franchisees focus on five areas which combine to form what we call the Franchisee Wheel of Excellence. By understanding these areas and working on them from the start, new franchisees can maximise their investments.
1. Build supporters
Life is a team activity, and those who learn to play well with others are the winners. Excellent franchisees continually build commitment from the people on whom their business depends.
For instance, the most important job of a franchisee who employs staff is to build their commitment and capability, and to get them to treat the business with the same care and enthusiasm as if it were their own.
Our study showed the support of family and an extended network of well-wishers including friends, colleagues and mentors also play a critical role in a franchisee’s success. Members of the franchisor team can be particularly valuable supporters, as can key suppliers. Successful franchisees build constructive working relationships with these people. And there is the most important group of all – customers. Without their advocacy and continuing support, there is nothing
In creating a cheer squad for your business, therefore, you are building a network of people that will go out of their way to help make you a success.
2. Engage with the brand
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