The decision to become a franchisee isn’t an easy one. From partnering with the right brand to finding an industry that speaks to your passions, there’s a lot to consider when weighing your options. It’s also important for aspiring entrepreneurs to consider whether or not they have what it takes to thrive as a franchisee — there are some qualities that local owners have that separate good franchisees from great ones.
However, there isn’t an exact skill set that will guarantee success in franchising. In an article written for Kivo Daily, Penn Station President Craig Dunaway said, “There typically is not a single unique trait required for success or one that guarantees success. In fact, shortcomings on one end (e.g., industry experience) can often be overcome by strengths in other areas (e.g., leadership and communication skills).”
He then goes on to explain that there are some consistent qualities that pop up over and over again when working with excellent franchisees. He added, “At Penn Station, we have meticulously studied what makes a franchisee successful and have pinpointed five key traits each franchisee must have: P&L knowledge, small business experience, personnel management skills, process compliant and financial wherewithal.”
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