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Finding The Perfect Franchisee

Let’s say you have finished all the steps to franchising, are now offering franchises and are looking for the perfect franchisees for your system. This is a very exciting time and as a new franchisor your focus is now on talking with applicants and bringing on qualified individuals as franchisees. When you start looking to find the perfect franchisee it is no different than finding the “perfect” employee. However, as a future franchisor, you will be looking for someone “just like me” who will embrace your business; dedicating themselves to make it a huge success in their market, in other words you will be looking for the perfect franchisee.

Either way, you are taking a calculated risk. The difference is how well you advertise and market your franchise opportunity and of course, most importantly, how you qualify franchise applicants (learn about our strategy to franchise your business that includes training you how to qualify your franchise applicants)! Perhaps the biggest mistake made by some franchisors is to award franchises to applicants who are not qualified to run them. So in the future when you start to award franchises, how do you identify the perfect franchisee? How do you best pre-screen your applicants to bring on the most qualified individuals? Let’s explore this now.

Is There a Magic Formula?

Unfortunately there is no magic formula to find the perfect franchisee every time. However in the future when you start to compile your list of characteristics and qualifications, here are a few things to think about:

  1. What does “someone like me” look like? What characteristics do you have that you will want your franchisees to have also? This means you will want to find someone with the same skills, personality, passion and work ethic that have made you successful. Does a franchise applicant need to have a certain license (learn about franchising a business that requires a license)? What type of experience do they bring to the table? What about personality? All of these elements are important to consider and will help you identify which candidates will best suit your entire system.
  2. Is your franchise program “conversion friendly”? Depending on how your franchise program is built it may allow for franchise applicants who already have an existing like-and-kind business convert it into your proven concept. Do you have an adequate value proposition to give people who already have experience in your industry?
  3. What about the applicant’s intelligence? While franchise applicants may be looking for a “no-brainer” kind of a business, the truth is that most businesses do require intelligence to run. And you can’t coach smart. Whether you like it or not, it is necessary for you to determine whether the applicant seems capable to run a business and if they have the common sense required of business owners.  

No worries, we will figure out exactly what qualities you want in a future franchisee and more. One of the benefits of being part of our franchise development process is that we also offer a franchise qualification and sales training program, teaching you how to qualify franchise applicants. In this program we outline from start-to-finish what to do with a franchise applicant. This includes from the first time they speak with you to the execution of the Franchise Agreement.

We will provide you with a complete process that identifies the right questions to ask, how to pre-screen applicants, checklists to make sure you are adhering to franchise sales guidelines, the proper application for applicants to fill out, how to review your franchise documents with them and of course we do role playing so you are comfortable executing conversations.

Teaching, Coaching and Guiding You

Not only do we hold your hand, coach and teach you about franchising while also putting together the franchise disclosure documents that you need so you legally can offer franchises nationwide (see this article to learn about our philosophy when creating franchise friendly documents). We also teach you how to qualify applicants so you can award franchises to the right people.

Not every franchise system is perfect and you are not going to choose the “perfect” applicant every time. By having a solid franchise qualification process that is consistently applied to each applicant, you are minimizing the rick of bringing on a mistake that could cost you a fortune to reverse. Call us directly at 1-877-615-5177 and we will gladly talk with you to determine if franchising makes sense for you.

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