Top 10 Qualities a Franchisor looks for in a Prospective Franchisee | Blog Post

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Top 10 Qualities a Franchisor looks for in a Prospective Franchisee

November 25, 2016 | Chris Conner 0 Comments

Top 10 Qualities a Franchisor looks for in a Prospective Franchisee

 

Finding the right franchise is a lot like dating. It can be awkward, uncomfortable, pretentious and just darn difficult to figure out what people really mean when you are trying to find the right franchise investment. Much like dating, it can be helpful to consider the perspective of your opposite party…. your potential franchisor. When you are dating, you don’t typically marry the first person you go out with, it generally is a good idea to “play the field” a bit and figure out who your ideal partner might be. Franchising certainly has similarities here and we recommend that you interview a number of potential franchise models before choosing the one that is right for you.

When you are searching for the right franchise, it is important to understand what qualities and traits they may be looking for in you, so you can best present yourself as a candidate and also expand your options of franchises which might be interested in you. Sound like dating again?

 

1 Be presentable

When you go on your first date with someone, you want to look decent and present your best. For example, comb your hair….put on professional clothes and shower. Maybe a bit extreme, but the point is, present yourself the best way possible and you have a better shot to get more dates with franchisors.

 

2 Be Friendly

The process of searching for a franchisor can be confusing and intimidating, sometimes people clam up and go mute when this happens and in most cases, this doesn’t give you or the Franchisor an opportunity to get to know one another. A first date requires conversation, discussion, open communication and a willingness to let people into your personal and professional lives.

 

3 Plan on some “Playing the Field”

Get out and meet more than a couple franchisors and give them a true look as to what they do, how they do it and whether it is a fit for you. How many people do you know who married their high school sweetheart and stayed married past the age of 25? Spend the time to do the due diligence and really consider more than a few options so you can make a better decision as to what franchise is the best fit for you. A Franchisor likes to know you have considered your options and really made a qualified decision.

 

4 Don’t be Shallow

Like dating, if you only pay attention to how pretty their hair is or how shiny their shoes are, you probably run the risk of choosing the wrong partner. Big franchise brands have flashy commercials and celebrity endorsements, but that doesn’t mean they are the best investment for you as a franchisee. Franchisors like to see that you understand the business economics and are looking deeper than just a nice logo and a good tasting burger when you make an investment decision.

 

5 Do a Background Check

In today’s day and age, you can never be too careful as to who you end up with in a relationship. Franchisors like to see that you have done your homework and research and can ask questions about them from an informed perspective.

 

6 Make sure that your Long Term Visions line up

Franchisors like to know that you are considering the future. Confirm that the franchise you are investing in has the same principles, goals and objectives in business so you don’t end up in a marriage that has diverging paths down the road.

 

7 Be prepared to execute

No one wants to date the person who has been dating for 14 years, can’t make a commitment and avoids marriage forever. Franchisors are happy to provide information and work with you, but there needs to be a plan for how to execute. If people decide you are wasting their time, they probably won’t ask you out again for another date.

 

8 Have a Plan

Franchisors like to meet people who understand their market, have a feeling for how they will get everything done and have invested time in the development of the relationship.

 

9 Have the Money to Pay for Dinner

In the end, you really should pay for dinner when you like your date and as a franchisee, you need to be able to fund the business venture. No one likes the alligator armed franchisee who in the end won’t pick up the bill. If you don’t have the finances in hand, have a plan for how you will obtain the needed capital.

 

10 Don’t be a Monkey

Franchisors don’t like Monkeys…..either do people you go on dates with. Monkeys swing from vine to vine and refuse to let go of the previous vine before grabbing on to the new one. You should be prepared to leave your job and commit to the new franchise venture, people who are trying to do both typically fail in their new business start up.◊

 

ABOUT THE AUTHOR

christopher-james-conner-head-shot

CHRISTOPHER CONNER

Chris Conner is a successful Businessman with more than 14 years of successful experience in the franchise development field.

In 2009 Chris launched his Company, Franchise Marketing Systems, offering a unique performance-based franchise development strategy.

For more information on how to franchise your business, contact Chris Conner with Franchise Marketing Systems: [email protected]

Categories: Buy a Franchise, Entrepreneurship, Franchise, Franchisees, Franchising, Franchisor, Start a Business,

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