Acquiring a franchise is not a simple matter of having money to invest. It is of course a necessary requirement but it is not sufficient to get you approved for a franchise.
A franchisee is important to a franchisor. A franchisee gives a franchisor the means to expand the business and the brand without putting up any additional capital. Franchising increases a company’s buying power and helps the franchise company realize profits from other avenues.
But a franchisor cannot award a franchise to just anybody who is interested. A franchise company has toiled hard and long to establish its name and reputation. Choosing a franchisee unwisely will lead to adverse repercussions. For one, franchise companies are required by law to report in the Uniform Franchise Offering Circular whenever a franchise fails. The more the failed franchises, the less attractive the franchise company becomes to potential franchisees. A franchise failing thus reflects badly on the franchisor.
It is thus understandable if franchisors have a rigorous evaluation procedure to screen franchise applicants. It is not done to discriminate against anyone. What it does is ensure that the franchise would go only to people who will conform to the business’ winning strategies and those who will protect and enhance the brand.
If you are one of the countless franchisees interested in acquiring a franchise, then you’d better demonstrate your willingness to learn, follow and conform. Franchisors do not require blind obedience but they do expect franchisees to work within their set guidelines which have already been proven to be effective. Your success is the franchisor’s success so the franchisor wants to make sure that you will not willfully disregard established practices.
You need to have a general grasp of business concepts if you want your franchise application approved. Experience is not necessary but understanding definitely is. A franchisor will not award you a franchise if he cannot be assured that you understand enough to be able to learn what you need to know.
You will become a more desirable franchisee if you have demonstrable leadership skills. You must convince the franchisor that you know how to manage people and you know how to deal with your employees, the franchise management team and your other co-franchisees. To get approved for a franchise, you have to convince the franchisor that you are perfect for the opportunity. Only then can you be assured of a slot.
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