As you are evaluating franchisors to be sure that it’s the right company to partner with, franchisors also assess prospective franchisees to know whether or not they are a good fit for the business. It’s best that they only accept candidates who are financially smart and eager to help grow the brand because franchisors benefit from the success of franchises.
However, you don’t have to be nervous or worried that you may get screened out. When you understand what franchisors are looking for, you can better position yourself to be an ideal candidate for franchising.
1. They want you to have enough funds
Franchisors are interested in franchisees who can pay at least part of their startup and running costs on their own without external financing. They don’t expect you to have the entire amount of money lying in the bank, but not requiring financing tells them that you bear a financial risk by investing in the business.
2. They want you to be a great follower
To be successful, franchisees need to be able to follow the franchisor’s system completely because it has proven to work. How can you show that you have this quality? Compliment the processes while you are still in the “learning about the brand” stage to give an impression that you won’t try to take a different direction.
3. They want you to have passion for the company or industry
No matter whether you are experienced in the industry you are venturing into or not (although it will be better if you do), franchisors would like to see that you are enthusiastic about the company or the industry in general. Successful franchise owners are those who are passionate about the business they are operating.
4. They want you to be knowledgeable about business
Franchises would prefer that you have managed a business since you would have the entrepreneurial experience you will require to recruit workers, advertise your product or service, and manage your finances.
5. They want to know that you’re committed
Purchasing a franchise is a long-term investment. You will have to commit to it for many years, and the franchisor wants to be sure that you are ready to put in the work to grow the business. If you would like to purchase additional franchise units along the line, it’s good to mention that in advance because franchisors like franchise owners who want to operate multiple units of the business.
Bear in mind that you are being watched during the franchise purchasing process, so try to show yourself in a good light. Make sure to ask questions and display your eagerness to join up with the franchise brand.
