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By Scott Greenberg
For ten years I was a multi-unit franchise owner and I’ve since worked with many franchise brands helping their owners grow their business through my presentations, books, and online course. I’ve met a lot of franchisees and have observed the common denominators among the best in a variety of industries. I’ve seen the thoughts and behaviors they share, the necessary ingredients in their recipe for success and have identified five traits that have enabled them to thrive. Replicate these traits (along with their operations) and you’re more likely to replicate their wealth.
Wealthy Franchisees Maintain a Clear Head
Mental clarity is distinct from mere optimism. While a positive outlook is valuable, viewing your business through an overly optimistic lens can be risky. Successful franchisees maintain an objective mindset, keeping their emotions in check. Their decisions are guided not by fear or wishful thinking but by solid data and careful analysis.
Wealthy Franchisees Focus on Others
It may seem paradoxical, but the less you focus on your own needs, the better off you’ll be. Top franchisees prioritize using their business as a means to uplift others—customers, employees, vendors, and the community at large. By pouring value and service into these relationships without self-interest, they cultivate loyalty and inspire actions that help their business outperform competitors.
Wealthy Franchisees Continuously Improve
Even when they’re already top performers within their brands, they see themselves as perpetual learners rather than experts. They constantly seek ways to optimize their operations and aim to surpass their own benchmarks because, in a competitive market, resting on your laurels can be perilous.
These franchisees are also modest enough to invest in their personal growth. Their goal isn’t just to be the best but to continuously improve, even when they’re already leading the pack.
Wealthy Franchisees Stick to the System
Franchise ownership is less about reinventing the wheel and more about flawless execution. The primary appeal of buying into a franchise is leveraging a proven system—you're essentially outsourcing innovation. While successful franchisees may have ideas, they leave most of the experimentation to the corporate team, letting them test and refine strategies in company-owned locations. None of the top franchisees I've encountered got rich by straying from the established system. On the contrary, many who attempted to outthink it ended up struggling.
Wealthy Franchisees Think Beyond the Business
Great franchise owners I’ve met maintain a vision that extends far beyond just profit margins. Many have broader missions, such as making a meaningful impact on their community, serving on franchise councils, or supporting fellow franchisees. Their involvement in these broader causes enriches their perspective, which, in turn, drives business growth. This broader vision is a hallmark of successful franchisees.
To replicate someone else's success, you can't just mimic their actions; you also need to adopt their mindset. This is the missing link for many struggling business owners. Their efforts won't yield the same results until they are fueled by the same mindset. So, if you want to become externally wealthy, start by becoming internally healthy.
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Scott Greenberg is a business speaker and writer and the author of the books, The Wealthy Franchisee and Stop the SHIFT SHOW: Turn Your Struggling Hourly Workers into a Top-Performing Team. Find more information at www.scottgreenberg.com