Scott Greenberg, author of The Wealthy Franchisee, believes that successful franchisees all share common traits and strategies. Drawing on concepts from cognitive behavioral therapy, brain science, interviews with experts, and his own firsthand experience as a franchisee, Greenberg shares the mental habits, tactics, and financial results of high-performing franchisees.
In the above video, he breaks down three main factors that determine how any franchise performs.
1. Outside factors
The first factor is everything circumstantial. All those outside things that have a direct impact on what you’re doing, like the economy, the competition, the weather — things over which we have no control. Greenberg has seen the same set of circumstances lead one franchise to hardship and others to success. What makes the difference is the ability to pivot and problem-solve versus laying blame and throwing in the towel.
Related: The 3 Strategies We Used to Open 24 New Real Estate Franchises in Just One Year
2. Operations
These are the tangible things that take up your time and keep you busy. So it’s your sales and your marketing and your policies and procedures. It’s your unique recipes and your unique approaches to delivering your products and services. What matters to success is how you execute operations.
Related: Is Franchising Right For You? Ask Yourself These 9 Questions to Find Out.
3. Human factor
It’s your ability to keep your head clear, to bounce back when things get tough. It’s all those intrapersonal skills, but it’s also your interpersonal skills, the way you interact with others. Any effort you put into mastering the human side of your business will pay off in all areas.
