If you are considering investing in an accounting franchise, you will find yourself asking yourself if you have what it takes to be a successful franchise owner.
While franchising comes with a proven business model, training and support, the success of the franchise ultimately depends on the individual owner. So, what makes a successful franchise owner? Here are the top 6 traits that top accounting franchisees have in common:
- Risk Taker- While the implied risk of starting a new business is reduced by opting for a franchise model, there are some inherent risks that one cannot eliminate. A great franchisee should be at ease with the thought of taking calculated risks in order to let the business grow.
- People Person- A notable franchise owner is the one who can personally connect with their clients and take charge of customer service duties when needed.
Being a franchise owner also gives access to a network of like-minded individuals. It is then the duty of the franchisee to make optimum use of this opportunity by networking and connecting with this community.
- Motivated and results-oriented – With all the training and support from the franchisor at your disposal, it ultimately depends on the franchise owner to make their business a success. Successful franchises are driven, have set measurable goals and are constantly motivated to keep working towards them.
- Patience- Just like Rome wasn’t built in a day, your franchise also might have its gestation period before it kicks off. What will differentiate a celebrated franchise from the lot is the owner’s patience and persistence in continuing to push forward with the business long enough to see the resulting profits and success.
- Adaptable to change- As witnessed in the ongoing pandemic, business models might have to change. This is in order to adapt to the changing needs of the customers or advances in technology. A resilient franchise owner will understand that change is an opportunity for them to grow and evolve with their network, to be relevant in this volatile and ever-changing world.
This pandemic has forced accountants to move their businesses online. It posed a challenge, especially to traditional accountants. Those that used this as an opportunity and went digital, by moving to the cloud might have seen profits even in these difficult times.
- Passionate- Your passion towards the brand and the services you offer will radiate positivity and be contagious when talking to clients. Some workdays will seem never ending, so what will keep you going is your drive to keep working toward your goals.
- Ability to recognize and retain talent- A successful franchise is not successful only because of one person, it requires a team to get the job done. Thus, recognizing talented and skilled staff, and making efforts to retain them is essential.Start by identifying people who share the same passion that you have for your accounting services and you will be ready to put in the hard work to get the ball rolling. However, the important bit is to make sure you recognize their hard work and appreciate them for it. This is what sets a successful franchise apart from a mediocre one.
- Willingness to learn- Being a franchise owner, one needs to know how to run a business – what they call a business owner mentality. From Marketing to Business Development to operations, you need to know it all. The great thing about being a part of the franchise network is that you will get all the training you need by the franchisor to run your business. A receptive franchise owner would take this guidance and support as a learning experience and profit from it. If you think these characteristics describe you, you’re ready to explore the world of franchising. Your next step is to find the right franchise for yourself.
If you think the above description of a successful franchisee resonates with you, you are ready to kick-start your franchise journey. Find out more about the TaxAssist Accountants franchise model by giving us a call on 1-888-200-5469 or make an enquiry here.