When a franchisor is interested in taking on a franchisee he/she will pay close attention at several things. Don’t know how to impress a franchisor? Read on.
When building a successful franchisee, money is not everything. In some cases, it’s more about forging a solid partnership with a franchisor that is mutually beneficial. All in all, if you were to put yourself in the shoes of a franchisor you’d notice that finding the right person to represent their brand is no simple task.
Franchisors always pay attention to the personal attributes of the candidate so that they are able to determine whether they can build a solid partnership or not.
So if your heart is in the right place and you want to become a successful franchisee, you should probably consider the following tips:
First and foremost, applicants need to show that passion drives them and that they are emotionally invested in the company. The person in charge with recruiting franchisees will look for people that show a great deal of enthusiasm both for the concept and the future as the company as a whole. This translates into doing more homework before the first meeting.
Similarly, the same way you prepare for an interview, franchisors expect from franchisees to understand the market, the location and competition, as well as the history of the company.
Despite not being asked to present a business plan, we recommend you create one that outlines both your goals and ideas for the business. You should also consider creating a communication plan so that you are able to show how you plan on raising the profile of the company among clients or customers.
If you’re lucky enough to become a franchisee, you should know that some franchisors already have their own PR or marketing company that may assist with this process. Yet, you’ll make an even better impression if you show willingness from the very start.
Also, you should expect a realistic turnover. Whether you want to or not, you won’t be able to get away from the financial business aspects. Sooner or later, you will have to discuss with franchisors aspects such as: profitability, wages and initial investment.
The key here is to remember that the math should take place right from the outset. If time has proven one thing it’s that even the best of relationships can turn sour and the main reason is money. I cannot stress enough the importance that both parties involved should be fully aware of the cost implications and enter an agreement with their eyes wide open.
This means you’ll have to create a solid plan that presents accurate forecasts, profit predictions, asserting target turnover and even reaching an agreement on the initial input.
By offering a realistic turnover, especially when the company opens, you will be able to manage not only your expectation as a franchisee, but also those of the franchisor.
Despite the fact that franchisees always have a forward thinking approach to their business just like in the case of entrepreneurs, they shouldn’t be mistaken for the latter. Actually, franchisees are more likely to be intrapreneurs.
According to Investopedia, an intrapreneur is “an inside entrepreneur, or an entrepreneur within a large firm, who uses entrepreneurial skills without incurring the risks associated with those activities. Intrapreneurs are usually employees within a company who are assigned a special idea or project, and are instructed to develop the project like an entrepreneur would. Intrapreneurs usually have the resources and capabilities of the firm at their disposal. The intrapreneur’s main job is to turn that special idea or project into a profitable venture for the company.”
On the other hand, you should also take into account that as a franchisee you will not be running an entirely independent business. The bad news is that there are certain boundaries, guidelines and even standards you will have to adhere to.
Thus, it’s a good thing to be aware of all these aspects before your start your project. Therefore, don’t be afraid to ask the franchisor questions related to the business. In doing so, they will perceive you as a serious contender.
Communication is the key to success. Moreover, it should be considered the foundation for a solid partnership. Without communication there would be chaos. Just imagine how many struggles you’ll have to deal with if communication is lost. That is why it’s better to create a plan to ensure regular meetings with your franchisor while also formalizing the team report system.
Don’t jump head first into making a decision.
Finally, if everything runs smoothly and you’re accepted, remember that becoming a franchisee is a decision that will change your life completely. Regular meetings with the franchisor, finding the best locations for retail business, working on a communication plan are just some of the necessary steps you will have to take to ensure that your franchise becomes a success.
Once you are one step away from cutting the ribbon and rolling out the red carpet, make sure to be 100% convinced by not only the franchisor, but also the brand. By showing extreme commitment and a hell of a lot of dedication you are one step closer to success.