The success or failure of a franchise network will often come down to the quality of franchisees selected. A bad decision on this front can result in damage to the brand, legal issues or money down the drain. How to attract the ideal franchise partners?
Define Your Ideal Franchisee
Begin by creating a clear profile of which skills, experience and values are most important. Some franchisers look for business acumen, others may look for industry experience or even certain personality traits. Look at capabilities, work ethic and values akin to your brand. For help to Franchise My Business, contact www.ashtonsfranchise.com/franchise-my-business
Market Where They Are
Not only should you attend franchise exhibitions, but also advertise on websites centred around promoting franchises and use LinkedIn to help reach investors. Plus, your current customers and suppliers can be great franchisees since they are already familiar with the brand.
Create a Robust Application Process
Build a comprehensive pre-application to filter candidates early on. Ask for financials, refer to business plans and ask for references. It saves time and ensures that only viable candidates are moving through.
Conduct In-Depth Interviews
Go beyond credentials. Determine how much they want to do this and get a sense of what their real needs are in case they have nothing more than a wish or need further alignment. Do they want to get passive income or work hard? Are they in line with your vision and values?
Perform Due Diligence
Thoroughly check references, verify financial capability and incorporate personality assessments. Certain franchisers mandate candidates work out of the office for a short period to obtain first-hand experience with the business.
Trust Your Instincts
Trust your gut. Hollow intention transpires fast If a franchisee seems hard to work with during the recruitment phase, they will likely be tough on your wallet as well.
The Bottom Line
Take your time. A good franchisee who is brand-conscious, and capable of helping to build your brand should be considered more valuable than several average or below-average operators. Quality always trumps quantity.