What Makes a Successful Master Franchisee?
Typical qualities a successful master franchisee will need:
- An astute business mind
- Proven track record of managing an organisation in a demanding environment
- Strong sales and marketing skills (and/or an established structure to provide these)
- Strong knowledge and awareness of the relevant business sector is a benefit but not essential
- Experience in franchising is a benefit, but often not necessary
- Access to the financial resources to develop and continue to support the franchise business on an on-going basis. Working capital and net worth requirements depend on the size and scope of the specific market.
- Resources to create and execute an aggressive expansion plan which builds brand awareness
- Commitment to delivering a fast-track return on investment via the rapid development of the franchise business through recruiting unit franchises
- Ability to train and support new unit-level franchisees to build and run successful businesses, which ensure a good return for all parties
- Access to an established team of people with shared entrepreneurial beliefs and experience in human resources, finance, operations, sales and marketing
- Access to relevant banking, taxation and legal advice
- Ability to cope with the physical demands of running a successful master franchise business, often through owning and setting up a single unit franchise pilot business first, and then growing and supporting a growing franchise network
- A competent communicator with excellent presentation and people skills
- Cultural fit with the franchisor – shared vision and values.
- But above all someone who has a passion for that particular franchise, and what it offers the end user.