When you’re searching for the right franchise, the process is a two-way street. Reputable franchisors don’t accept just anyone into their networks. They evaluate candidates the same way candidates evaluate them, and only the best gain the opportunity to purchase a franchise.
Franchisors are like this for their own protection. Typically, they’ve spent years developing a successful business system and brand. They want to know that their franchisees will be collaborative, productive business partners who will help sustain and grow the brand. On top of that, successful franchisors typically have many candidates for each available franchise. So how do you make yourself irresistible to franchisors and win one of those coveted spots? You need to prove that you have three key qualities. Here’s how to do it.
Investment
First and foremost, franchisors look for franchisees who are invested in the process. I’m not talking about financial investment–I’ll get to that later. Here, I’m talking about emotional investment. Franchisors want to know that you care about their business model and about making your franchise a success. They want to see evidence of motivation and a strong work ethic, which will be crucial for your business’s long-term viability.
During the awarding process (the time when the franchisor is evaluating you), you can show investment by being fully engaged. Research the franchisor on your own and carefully review the materials they send you. Be thorough in your own application materials. If they provide you with references, follow up (they’ll know if you don’t). And when the opportunity arises, ask smart questions that go beyond basics. This will show that you’ve done your homework and really want to understand the business.
Your personal appearance and demeanor also matter. You don’t have to wear a suit to every meeting, but dress and groom yourself nicely. This will show that you care about making a good impression. In meetings, be alert and attentive–never multi-task. Be prepared to travel to franchise headquarters for a few days (with your spouse, if you’re married) to meet company leadership. Overall, show a willingness to accommodate reasonable requests and function as part of a network.
Dependability
Above all, franchisors care about the long-term survival of their business. They’re not looking for someone who’ll plunk down a big check, jump in with both feet, and then flame out in a year or two. If you really want to be irresistible to franchisors, you need to be ready to make a 10+-year commitment and fulfill the obligations of your contract. That means steadily growing your franchise to profitability, meeting your expansion commitment if you’re a multi-unit owner or area developer, and reliably paying your ongoing fees and revenue share.
Demonstrating dependability is actually pretty easy. Just do what you say you’re going to do, when you say you’re going to do it. Don’t reschedule or cancel meetings. Show up on time, whether you’re meeting virtually or in-person. When it’s your turn to submit paperwork, do it before the deadline. You’ll also need to be available during normal business hours, within reason, because that’s when most franchises operate. Even if you’re planning to run your franchise as a side hustle, you won’t be successful if you can’t talk to employees or customers when the business is open.
Integrity is part of dependability, too, so be honest in your answers to any questions. Aside from the fact that dishonesty is just wrong and opens you up to legal penalties, a good franchisor will independently check a lot of the information you provide. Be yourself in meetings–sincerity and authenticity are important. And don’t try to paint yourself as perfect. No one is, so franchisors will know that you’re hiding or glossing over something. Instead, be honest about any mistakes or failures and focus on what you learned from those experiences.
Business Savvy
This quality is probably the most obvious one. Aside from intangible traits like reliability and engagement, franchisors want to see concrete evidence of business skills. This doesn’t necessarily mean you need to be an experienced corporate executive. In fact, military veterans and nonprofit leaders have many qualities that make them desirable franchisees. But you do need to demonstrate solid management skills and financial savvy.
More than with other qualities, your resume will be very important here. Franchisors will look for a track record of advancement, whether you climbed from the call center to upper management, private to sergeant major, or teaching assistant to department chair. Along with advancing titles, they’ll look for evidence of results. Did you grow revenues or donations? Lead the launch of new products or programs? Help to open new branches or bases? Finally, franchisors will want to see a record of effective management. Do you know how to build a team? Did you keep your organization or department within budget? Mentor employees, students, or troops to achieve successes of their own?
Your personal financial records will be very important, too. Many candidates think only about startup costs, but long-term solvency is also key. Irresistible candidates have strong personal financial records, with no bankruptcies, foreclosures, or other major issues. Since franchisees often have to work without a salary at first, you’ll need to show that you have another way to pay your bills. The last thing anyone wants is for personal financial difficulties to make you throw in the towel on your new business. Make sure you’re prepared for this part of the awarding process by lining up your funding in advance and putting all your financial records in order.
A Final Word on the Awarding Process
If you’re working with a franchise consultant, keep in mind that they’re part of the awarding process. Franchise consultants are effective because franchisors trust them to refer only the best candidates. Essentially, consultants serve as the first-stage screeners for franchisors, and they look for the same qualities franchisors do. So make sure you show investment, dependability, and business savvy in your dealings with your consultant as well. If you don’t, your consultant may choose not to recommend you to franchisors or, in extreme cases, may even refuse to work with you. But if you pass the test, your consultant can give you an edge over other candidates by providing a strong recommendation to the franchisor.
If you’re ready to find the right franchise fit and need help putting your best foot forward, The Empowered Franchisee team is here to assist. We can get started with just a 20-minute virtual coffee. Book some time with me or Lauri today to take your first step toward professional and financial freedom!
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