Since liberalisation, the Indian economy has seen steady growth. Consumerism has improved largely, on the back of high disposable income, growing urbanisation, and a favourable demographic profile with an increasingly younger population.
While franchising’s popularity in the Indian economy is evidence that the majority of franchisees thrive, a franchisee can fail also. The most common causes for this include no drive to work hard, poor social skills, and failure to stick to a proven franchise model.
If you are thinking about buying a franchise business in India, but you are not sure what it takes to be a successful franchisee, well, here are some of the characteristics a franchisee needs to improve their odds of success.
Franchising is famous for being significantly less risky than starting up a business on your own. However, a start-up of any kind has a small chance of failure, so a sensible franchisee does their homework before signing a contract to know what they are getting into. Furthermore:
The beauty of franchising is it’s all about doing business for yourself, but not by yourself.
Successful franchisees appreciate the significance of this and look for vital opportunities to learn things from everyone in the system, be it the support staff, the franchisor, or any other franchisee who has already tasted success with the same business model. They follow the recommendations and suggestions they get and act on them accordingly.
When you are just starting out, you may not know all the answers. So keep it simple: when in doubt, ask. There’s no harm in asking for help when you need it.
Remember, keeping up contact also ensures an effective and robust business relationship between franchisee and franchisor, which is key to the success of both the individual franchise and the overall company.
Some franchisees have an uncontrollable desire to try new things based on their confidence in their ability to work out how to bring out the best results for them as well as the franchisor. Successful franchisees, in contrast, keep their faith completely in the proven franchise model. They resist the urge to figure out novel ways to get their business up and running.
Their recipe for success is their belief in the system of operation established by the franchisor.
Franchisors in India prefer selecting franchisees who have confidence in the proven franchise model. In addition, they prefer franchisees who are willing to learn from others to make sure that they don’t commit mistakes and that they see success more quickly.
It’s often said that no matter what business you are in, you are in the people’s business. Successful franchisees demonstrate great social skills. They get people to fund their venture, are able to forge new business partnerships, and above all, demonstrate a high degree of social intelligence to earn loyalty from their customers.
If you aspire to be a good franchisee, keeping in good graces and building relationships should come naturally for you.
Finally, more than anything, it is the drive to work hard that distinguishes between a successful and an unsuccessful franchisee.
Flourishing franchisees in India have shown time and again that they have always had a great urge to do whatever it takes to become more successful. This attitude is evident not just in success but in everything they do ‒ such as multitasking, or putting in long hours at work.
No matter what industry you are looking at or what franchise you are interested in, you can be very sure it is going to take dedication to make it click. Some of the best franchisees in India acknowledge that fact.
While franchising may not be for everyone, it can be a golden opportunity for the right person. These characteristics ‒ when combined with financial support ‒ are key to succeeding in Indian franchising.
Do you already have each or any of these traits? If not, can you work on applying yourself to building and portraying these characteristics? If you answered yes to either of these questions, you are well on your way to becoming the next successful franchisee in India.
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