All (or at least most) franchisors have some sort of list of desired characteristics for the perfect franchise candidate in the back of their minds. So here are some of the most commonly sought after basic traits.
As much as prospective franchisees choose the franchise they like and evaluate the franchisor, franchisors are also looking for candidates with the X-factor — someone who fits their perfect franchisee profile.
The biggest attraction of joining a franchise is that the franchisor provides mentorship and guidance. From the initial setup phases to operations, franchisees will be taught the “right” way of doing things.
While not a guaranteed recipe for success, some best practices for franchisees are highlighted - the "what" and "why" of some mindsets that need to be embraced in order for any form of success to be in sight.
For franchisors who are short on manpower or lack the ability to have their own team, outsourcing franchise sales to an external party could be an efficient and realistic solution to maximize resources.
If franchisors are not able to provide an indication of the level of profitability their franchise concept could offer, prospective franchisees won’t have a reason to carry on with negotiations and start looking elsewhere.
It is common practice for franchisors to provide franchisees with a franchise operations manual. In short, the franchise operations manual is like a dummy’s guide for replicating the business it was documented for.
Being differentiated doesn’t just attract prospective franchisees to learn more about the business concept, it also portrays the ability to let potential investors know that the brand has their own niche of customers.
Participation in a franchise exhibition or tradeshow requires a significant investment outlay and there is no guarantee that any new franchisees will be signed up. So why do so many franchisors still do it?