What do I need to do to pass the franchisor’s test?
As a franchisor, you are under no obligation to award a franchise business to anyone who can keep you happy with the franchise fee. Like any other business, a franchise company should look forward to the best minds to head individual franchises. The concept of franchising is based on a robust and consistent brand value and should embrace only those who can represent the brand positively. At the same time, the franchisor would like to have franchises who are quick learners willing to work within the framework of their business.
If you are a franchisee, you will have to live up to the expectations of the franchisors. Usually, the franchisor will have a set of questions that need to be answered by a prospective franchise. Remember the franchisor is pumping time, reputation and money into it; therefore, a successful franchisor will decide how good a franchisee is, using a template profile of a successful franchise. The reason is that franchisors usually know what works and what doesn’t, and wanted every franchise to do well. Standardization is the pivot around which franchises need to operate and grow.
Ask yourself three basic questions if you really wanted to impress a franchisor:
Check if you fall within a franchisor’s investment bracket, as most franchisors have a minimum liquid capital and net worth. In addition, there are other asks for cash availability exceeding the franchise’s initial costs – including what is the timeline before you start making money and the living expenses during the same period. Though, as a franchisee, there are financing options if you run out of capital, no franchisor would like to kick-start its business heavily soaked in debt.
There are a few personality traits that run common in almost all successful franchisees. And there are some others that are business specific. Are you good at solving problems? Are you willing to put in efforts that matter? You should be prepared to answer these questions, and more, to qualify as a franchise, but more importantly to become a good franchisee.
Skills and personality are interlinked. If you’re a team player, it is more likely that you will excel in inter-personal skills. Ask yourself if you are customer-centric? Can you hold the reins? Can you establish and drive personal goals? Are you financially literate? Does management thinking fascinate you? Do you have the ability to fit the bits and pieces of the business jigsaw into an organized process?
Franchising is an area where experience matters less than any other quality required of a franchisee. In fact, most franchisors would prefer a prospective franchisee with little or no experience than with someone with experience to avoid conflict of ideas and to make him unlearn the previous rut. All said and done it is the previous experience and skill sets that would have put one in the good books of a franchisor.
How much ever you think you are the one for a franchise opportunity you dream of, remember the franchisor always has whatever it takes to understand the ideal franchisee in their system. If you happen to rub shoulders with a franchise that almost plays the same words with every franchisee, watch out they are just praying for some business and volume jump and nothing else. Keep yourself at bay from such franchisors and move on to something that has a funnel vision, not a tunnel vision.
For more business-related queries, contact the Best Franchise Consultants In Chennai now!