Franchisors can be quite picky as to who they decide to go into business with.
Going into business with someone is a big commitment. It’s a commitment of both time and money, so you not only need to connect on a personal level, but the Franchisor must have faith that the potential franchisee possesses the skills and qualities needed to create a successful franchise.
Read below on some of the top qualities Franchisors look for in potential franchisees.
Research & Preparation – Whether your initial meet is at a trade show or an organised discovery day, make sure you have done your research. Read our previous blog on how to prepare and get the most out of a trade show. Showing the Franchisor that you have researched the company, market and industry in detail will set you apart from other potential franchisees. It shows you’re proactive and industrious, qualities that franchisors look for in a business partner, don’t you think? It also shows that you are serious in making this commitment which will lead to the franchisor making you more of a priority.
Speaking & Listening Skills – Having the ability to hold and engage in conversations both listening and respectively inputting your own opinion is something all franchisors are looking for! Showing the franchisor you’re able to do this lets them know you will have no problem networking, speaking to customers and communicating effectively with your employees.
Financial Stability – Franchisors like to know early on in the negotiations whether you have the financial backing to become a franchisee. This is so they don’t spend time and share details on something that isn’t going to be moving forward. At Award Leisure we have partnered up with Hitachi Capital to give our potential franchisees the financial backing they need.
System Orientated – When buying into a franchise, you are buying into a proven business model. Franchisors need to see that you are willing to follow the different systems that are put in place to ensure brand consistency is met. By doing this and not contradicting the business plan you will be an asset to the whole network and someone a franchisor will want to work with. Having your own franchise means you have the freedom to add your own spin on the way you operate the business, but the core values and systems must be followed.
Business Persona & Manner – Having an approachable and confident manner is something all business owners strive for. Having a friendly persona means the franchisor will find it easier imagining you in the role of a franchisee. Being passionate about the company and the product you’re selling is also a key selling point for any franchisor. They want someone with passion, inspiration and interest. Someone who is excited about the business concept and will motivate others.
Should you want to become a franchisee? Display these qualities to franchisors from your initial meet and throughout the discussions. Show them that you will be an asset to the current franchise network.