Finding the Ideal Franchisee

Newsletter Ask The Experts

 

Ask any successful Franchisor what one of the most challenging and important aspects of a franchise is and the answer will probably be; to source the ideal Franchisee.

Does the ideal Franchisee exist? There is no one-size-fit-all when it comes to sourcing potential franchisees as every franchise differs in investment, culture, strategy, experience, etc.

So how does one find the ideal Franchisee for your franchise?

  1. Draw up a Franchisee Profile

It all starts with drawing up a Franchisee profile, listing the characteristics that you believe will be necessary for a Franchisee to be successful in your business. You need to be sure that the characteristics that make up you ideal Franchisee are realistic and that you are not looking for a super-human. Once you have confirmed the characteristics of your ideal Franchisee, you should only pursue those enquiries that fit the bill.

  1. Enquiry Form

Most enquiry forms that potential Franchisees need to submit are from the Franchisor’s website. Make sure that the questions that are asked here are pertinent to who you are looking for and specific to your franchise. Don’t ask vague questions like; Are you a people’s person or do you go the extra mile? If you are asking the right questions here, you should already be qualifying your enquirers.

  1. Application Form

Once the application form if completed and submitted by the potential Franchisee, you should have a clear picture as to whether the Franchisee Profile characteristics have been met and if this applicant is your ideal Franchisee.

  1. Psychometric Testing

This is also an option but will largely hinge on the answers found in the Franchisee Profile that you have drawn up.

  1. Face-to-Face Meeting

Once you have identified that you probably have your ideal Franchisee, the face-to-face meeting is where you will confirm whether the applicant is the right fit to be a successful Franchisee for you brand.

Ideal Franchisees do exist, it just takes the correct approach and diligence to source them.

 

 

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