Who is a Good Fit for a Franchisor?
Just as not everyone is the right fit to be a franchisee, not every business owner will be a good fit as a franchisor. When you transition into franchising, you are tasked to shift your skills from selling the product or service on which their business was built, to selling their business model. Success of a franchise is directly correlated with the ability of a franchisor to (1) sell a successful business model, and then (2) teach the franchisee how to replicate that success, and (3) provide ongoing support to the franchisee to keep the business relevant over time. Take some time to consider your own strengths.
Let’s first consider your sales skills. Are you confident in your sales abilities? Are you a natural salesperson or do your products sell themselves? Are you prepared to sell your business model? Do you believe in your ability to sell your business model? If not, do you have a partner or trusted employee whom can help you?
If you’re great at sales, you should be selling, get everything else off your plate and focus on selling your business model to potential investors and franchise partners. Truly great sales people will be able to do what it takes, not only to close a sale but also to help the potential franchisee find the same excitement about the opportunity to run one of your locations as you had when you opened your first location.
It’s important for franchisors to provide a great experience for any potential franchisee. Remember this sales process is kind of like dating someone. Would you show up on your first date having not showered and in dirty clothes? Probably not. Just the same, a franchisor needs to make the best first impression to prospective franchisees. They need to make a personal connection to help the buyer invest on an emotional level in the possibility of owning one of your franchise locations. If you’re a skilled salesperson, you will make that happen. The potential franchisee needs to leave the meeting feeling excited about the opportunity and loved by the franchisor.
Franchising a business is a two-way street. Franchise owners must feel comfortable with and choose the right franchisor partners for them and franchisors must select only franchisees who fit their relationship preferences regardless of skill set, financial capabilities or other more tangible variables. Although traditional franchise qualifications are paramount, the relationship between franchisor and franchisee is what makes the franchise growth engine go. As the leader of your brand, make sure you are involved in the matchmaking process to determine whether or not these are people you are capable of working with and whether they have the personality traits and characteristics you look for in your partners, after all, this is a long marriage.
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