While outsiders may view operating a franchise as easy — after all, someone else has developed the concept and all the procedures, right? — franchisees know that a substantial commitment of time, energy, and resources is required for success. That commitment only grows as operators transition from a single location to a multi-unit business. Some of the most common traits you’ll find among successful multi-unit operators are:

  1. They’re ambitious and determined. The most successful franchisees do not rely on luck, but work hard and focus on sales, while understanding that there will be rejections and setbacks along the way. Thriving in this industry takes grit, energy, and perseverance. Successful operators keep the big picture in mind, setting short- and long-term goals for themselves and their business.
  2. They build relationships. Whether they are guiding employees or greeting customers, those who flourish make lasting connections. People want to feel as if they know, like, and trust you, and that you have their best interests in mind. That also includes building relationships with the communities you serve through sponsorships and support.
  3. They’re visible. Effectively marketing your business should include a combination of several forms of communication. Using a variety of marketing channels will ensure that you are in the right place at the right time when the customer is ready. And when employees see you regularly, they realize that your business is important to you.
  4. They’re focused on service. The most successful franchisees genuinely care about the customers they serve, and it shows. Serving others first will earn lasting loyalty from your customers, which will generate additional business through word-of-mouth from your most enthusiastic fans.
  5. They prioritize and delegate. Great leaders know that they can’t do it all, and they are willing to allow other employees to take on some of the day-to-day activities and less-critical tasks. Outsourcing some of your responsibilities will free up time for you to focus on other areas of the business, such as strategic planning.
  6. They embrace the future. While some businesses have survived the last few decades without the benefit of digital tools and software, the future includes adapting to the new ways customers buy and communicate. Embracing new technology shows that your business is efficient, nimble and has staying power.
  7. They model integrity. Today’s most successful franchisees stand out in terms of their heart and willingness to go the extra mile to help their customers and staff. Honesty and trust go a long way, so be upfront with customers. Integrity also extends to your team, so make sure you are hiring people who understand and exemplify your company culture.

The more of these habits you incorporate into your business operations, the more likely you will be to achieve the success you’ve earned and deserve.

About Oak Street Funding

The materials in this paper are for informational purposes only.