What It Takes to Become a Successful Franchisee
Franchises offer an opportunity to those who wish to be their own boss while being able to rely on a stable, well-developed business model that offers a great deal less risk than starting a business from scratch.
But don’t be fooled into thinking that opening a franchise is a sure-fire means to instant business success. There are many factors that play in whether your franchise will be a hit or a miss – and one important component is whether you have the personality traits needed to win at being a franchisee.
Determine whether your personality traits fit the franchise model.
Various external factors affect the success of your franchise such as location, a clear market position and brand recognition. But internal factors like identifying certain personality traits compatible with the franchise industry are equally important when operating a franchise.
The franchising model is dependent on following certain processes and structures to replicate the success of the original business, but there are also other identified desirable personality qualities affiliated with the most successful franchisees.
Some of these personality traits equate to:
- Leadership styles,
- Interpersonal skills,
- Decision making skills,
- Perseverance and
- Strategic thinkers.
By identifying your personality traits, and where your potential strengths and weaknesses are, or areas of development, you can better equip yourself. The good news is, that these traits are quantifiable and can be measured using a psychometric personality assessment to determine whether you’ve got what it takes, thereby assisting the franchisor and prospective franchisee to make better, more informed decisions regarding whether the franchisee is a comfortable fit for the franchise industry and has the potential to perform.
Benefits of using Psychometric Assessments.
- They provide scientific insights into whether you have the traits or characteristics needed to meet the expectations of the role and potential to deliver the required results.
- They provide enhanced fairness. Every Franchisee is treated equally and compared on equal grounds.
- Assessments assist with identifying your strengths and development areas to assist with optimising training programmes.
- Provides insights into your personality, team and cultural fit to the Franchise, which could play a big role in whether you will be engaged and want to stay with the franchise.
- They provide improved predictability of future performance within the role.
How you can objectively evaluate your personality traits for franchising success
By understanding and being self-aware of your personality traits, you’re better able to leverage your strengths, work on your limitations, and receive guidance for you to discover the type of franchise opportunities that are best suited for you.
A study conducted in South Africa found that the personality attributes of successful franchisees differed significantly from unsuccessful franchisees.
These differences in personality traits comprised of:
- Emotional stability
- Adaptability and Agility
It’s therefore critical for ensuring your success as a franchisee to understand what your personality traits are right now and how you can improve on the traits needed to run and manage a franchise.
This is where psychometric assessments play a pivotal role.
Using Specific Franchising Assessments to measure personality traits for success.
There are specific in-depth personality assessments that can assist prospective franchisees to ensure whether their personality characteristics will complement their professional and business satisfaction, thereby leading to a successful franchise. One such personality assessment is called the E-Test which: and entails the following:
- A psychometric assessment tool designed to provide strategic insight into a prospective franchisee’s inherent entrepreneurial disposition.
- Designed to assist franchise systems in the selection of franchisees who are most likely to be successful while integrating well within the system. It reports on the traits and attitudes that have been shown to be relevant to success in operating various types of franchises and shows the individual’s best fit to different types of franchise systems.
- Assesses self-management potential, motivational structure, organisational fit, people-orientation, learning needs, communication style, confidence, stress management and many other key factors that are common traits in individuals who are successful franchisees.
For more information on the E-Test, please contact us.
By ThinkSales Global – Psychometrists