Secrets of Franchise Success
The secret of success is to know something nobody else knows.
Running a successful franchise—indeed, running any successful business—requires several traits and abilities. Yes, working hard and working smart count a lot, but there are other equally important factors that go into the franchise success equation. Some, such as strong sales skills, are obvious. Others, such as exceptional employee relations, are not. In this chapter, the secrets of the best franchisees are yours for the taking.
Fred Berni is the president of Dynamic Performance Systems Inc., a company that helps franchisors select successful franchisees. Franchisors have a vested interest in finding strong franchise candidates, according to Berni, because unsuccessful franchisees create franchisor aggravation, employee morale problems, unflattering media exposure, and possible lawsuits. Thus, franchisors want to find and recruit potential franchisees who have a high likelihood of success.
In an effort to help his clients, Berni and a staff of psychologists undertook a survey of hundreds of franchisees over a period of several years in many different industries. Asking more than 600 questions covering a wide range of attitudes, personality traits, and skills, the study examined how and why successful franchisees differed from less successful ones. The purpose of the study, Berni says, was to “find a way to identify which candidates had the greatest ...