Because a franchise system is a symbiotic relationship, franchisors spend as much time studying you as you researching about them. Yes you may bring in added income and aid the expansion plans of the company but if you end up not equal to the tasks of managing their company’s name, you may do them more harm than good.
So to give you a general idea of what franchisors look for in applicants and to help you put your best foot forward during your application process, read on.
Franchisors like people who are comfortable in dealing with people. As a franchisee, you will be trusted with the company’s good name and reputation. If you get along with people easily, chances are you will be able to deal with employee problems in your franchise as well and a happy employee means better service and happy customers.
The term to be a good leader, you also must be a good follower is indeed true in franchising. Customers preferring franchised fast food restaurants are generally there because they know what to expect. A franchise system then rests upon the consistency of the products or services it offers. Deviate from this and you have taken out the foundation of this business system. This is why franchisors look for people who can lead and at the same time follow the business system in place. This is why people who can treat the operations manual of the company as the Ten Commandments handed down to Moses are generally a shoo in as a franchisee.
As there is always the chance of a franchise failing. Franchisors are looking for people who can not just follow the system but can get going when the going gets tough. Of course, getting a franchise also has its risks as with other business systems. What the franchisors like are people who can handle the risk and work hard to make his franchise a success.
All the good qualities in the world will mean nothing to your prospect franchisor if you do not have enough capital or sources of capital to not only buy the franchise but to sustain it during the start up period. Franchisees going bankrupt hurts the public image of the company as well as sets back its plans so expect your franchisor to know research about the status of your finances. Sufficient capital will ensure that you will indeed be a long term member of their franchise family.
Lastly, your previous successes will go a long way in telling your potential franchisor that you have what it takes to make your franchise business work. It will tell him more clearly than words that you are qualified to join the franchise family because you are a proven entity.
With these tips, you will definitely be more ready when you apply for your franchise.
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