What Do Franchisors Look for in a Potential Franchisee?
Owning a franchise is a dream for many Americans. This is understandable, especially since a franchise can offer an individual the chance to run their own business while taking advantage of an established customer base and recognizable brand. However, there are certain traits franchisors look for in potential franchisees which not everyone has developed. If you want to become a franchisee in the future, you should know franchisors will be on the lookout for the following traits.
Passion for Running a Franchise
Franchisors seek out franchisees who are motivated and driven to succeed. In other words, if you want to open a franchise business, you must be passionate about your goals. Many potential franchisees are only concerned with money, which is important, but to really make a business work, you must combine the need to generate revenue with a love for what you do. Before seeking out a franchisor, franchisees should ask themselves the following questions:
- Am I willing to make sacrifices to help my business thrive?
- Am I interested in becoming part of a larger franchise community?
- Am I determined to provide the best products or services my franchise can offer?
If a person answers “yes” to the three questions listed above, they probably have the passion it takes to run a franchise. Running a franchise is no simple task, but if you are dedicated to making a success, you probably will.
Willingness to Use Training and Marketing Tools
When you are offered a new franchise opportunity, it is important to know franchisors want you to succeed. Simply put, if you do not succeed, they do not earn money. To help franchisees succeed and generate business, many franchisors offer helpful tools such as training classes, financing, marketing material, and operational support, and they will be looking for franchisees who will be willing to take full advantage of these tools. Running a franchise is slightly different from running a regular business, and the support and tools you receive from a franchisor are often critical to your success.
Knowledge of the Franchise
Opening a franchise you know nothing about can spell disaster for both you and the franchisor. Ideally, you should take the time to research a potential franchise beforehand and understand the history, values, and story behind it. When conversing with a franchisor, you will more than likely be asked “What do you know about our franchise?” at some point, and you definitely do not want to be unprepared when this question arises. If you really want to impress a potential franchisor, research and learn about the primary market you will be serving as well.
Are You Ready for Franchise Ownership?
Does the idea of owning a franchise appeal to you? If you answered “yes” to the previous question, you are not alone. Finding the perfect franchise can be difficult, and many have high startup costs and restrictions. However, if you have a strong appreciation for education and a desire to help others, you should consider opening a Best in Class Education Center in your community. Our business is proud to provide franchisees with the tools they need to excel and earn a profit. Read more about our franchise opportunities here or contact us at 425-880-2688.Back