Being a franchisee for several years makes me realises that not all franchisees are born or created equal – The personal traits of the franchisees govern how well they can work with a certain group of franchises.
Those being said, there are general qualities that each and every franchisee has (and should acquire).
Rich franchisee poor franchisee
Inspired by the work or Robert Kiyosaki – Rich Dad Poor Dad, I coin this term: Rich Franchisee poor franchisee
Rich franchisees are those who find the right franchise to invest in and bear qualities that can succeed them in every franchise opportunity well-suited to their personal traits.
Poor franchisees are those who find themselves trapped in their own mindset, undermining a well-proven franchise system in a way that it no longer works for them but against them.
Let us explore deeper what I mean by rich franchisees and poor franchisees.
What poor franchisee do
Poor franchisees think that franchising is about investing and let the franchisor do all the work; they also think that they know better than their franchisors, in a way that they make unnecessary changes to the existing system without their franchisors’ guidance and approval.
Wrong mindset can be made right, as long as the franchisees realise that they should to. Unfortunately poor franchisees insist that what they do is better and right, often without valid ground.
Poor franchisees are quite often end up as those who oppose their franchisors – Threatening their franchisors for a lawsuit; Doing bad publicity against their franchisors online and off line; Requesting support after support with no apparent fix to their franchise units’ problems, whereas the real problems is them, not their business – Thanks to their “perseverance” and “entrepreneurial skills.”
The ends for poor franchisees are apparent: going out of business or cut-out from the franchise agreement to go with their own brand name (some can succeed, while many can’t.)
What rich franchisee do
Rich franchisees are those that help transform the franchises they partnered with and invested in. Rich franchisees understand that franchising is about collaboration with their franchisors and fellow franchisees.
Rich franchisees understand that if their franchisors succeed, they will, too – and vice versa. They know that in order to succeed, they need to work together with their franchisors, knowing that although their franchisors might be wrong in employing business strategies, success can only be achieved if both of them stop pointing fingers and work things out as a team.
Rich franchisees understand how to manage their franchises’ brand reputation, regardless of what they know inside, knowing that if the brand name receive negative reputation, their franchise units will, too. They know that what’s inside must be kept inside.
Rich franchisees are not yes-men – They are often a more critical group of franchisee. What differs them from poor franchisees is that they offer solution, instead of just ranting, nagging and whining.
Of course, you want to be that rich franchisee
What is the benefit of doing the things rich franchisees do? Consider these: Increase profit, increased franchise unit’s value, and good relationship within a network of entrepreneurs (could mean more business for you.)
I am a believer that good deeds will return to you in favours – Be a likable franchise owner (and business man in general) with strong personality and principal values, and trust me: More people would want to do business with you.
Ivan Widjaya
Rich franchisee poor franchisee
Image by lusi.
