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The #1 Trait All Successful Franchise Owners Share

Resourcefulness!

Resourcefulness is a necessary skill for any generation, but even more so for today’s business leaders because money simply doesn’t go as far as it used to, competition is everywhere, and the technologies we use change at the speed of light. So you have to know how to do more with less, and still keep up. This means having a surplus of problem-solving tools in your arsenal so that you’re prepared at a moment’s notice and know how to respond to the unexpected.

You need a Plan B.

How do you do that?

First of all, you need power partners. These are the people who have travelled the difficult roads before you, and are willing to help you navigate them without facing some of the same mistakes they made. Whether they be friends who have successfully launched businesses, other’s in your franchise, a business coach, or a franchise attorney, you’ve got to have people to turn to when you’re just not sure what to do.

Second, know how to turn a problem into an opportunity. If every bump in the road is approached with fear or resentment, you’re not likely to think outside the box to solve your problem. Approach a franchise with the understanding that trials will occur. Then, think of them as challenges to overcome, not problems to endure.

Finally, have the right tools; literally. If your franchise will be reliant on its equipment, have back-ups for the most critical components. If virtual communication and data will be critical, be sure to have it stored in the clouds.

The point is that many prospective franchise owners believe that because they are buying a franchise, answers to difficult problems will be solved for them or won’t arise in the first place. This is simply not true. Even though you are theoretically buying a proven business model, there will undoubtedly be moments where you have to make crucial decisions as the owner. You better be prepared.

The Bottom Line: Knowing how to solve or where to go to solve unforeseen problems as they arise is crucial BEFORE you buy a franchise.