When it comes to franchising your business, putting together a solid business model is only the first step of the journey. A franchise is only as good as its Franchisee, so you’ll want to think long and hard about who you entrust your next franchise to. After all, they will be responsible for upholding your reputation, so the last thing you want is to take on a franchisee who’s just not up to standard. It’s not enough to just take on anyone who approaches you- according to the latest estimates, there are approximately ten serious enquiries for each appointment for new franchisors (and that’s after you have whittled out the tyre kickers). With established franchisors, that number increases to around 50:1- so you’ve got a pretty big job on your hands to choose the right franchisees to take on.
First things first, you’ll want to actually reach out to those potential franchisees in the first place. Fortunately, there are plenty of options open to you. You can build up a huge number of applicants to then whittle down. There are numerous trade magazines and websites which list franchising opportunities. The advantage of these is that they will only attract applicants with an existing interest in franchising, which will save you a lot of time trying to explain what franchising is.
Once you’ve got a decent number of applicants, it’s then time to decide on exactly who you are going to entrust with your next franchise. How do you do that? Before you start it’s a good idea to build a profile of the kind of person you are looking for. The trick then is to set up a solid recruitment process which will weed out all the applicants who aren’t suited to the job at hand. That way, you’ll be left with the cream of the crop, who can then help you get your franchise off the ground and make it a successful business.
There are several key factors you’ll want to look for. Firstly, they need to have a strong work ethic and commitment to making their new franchise succeed. Ideally, they should have some experience or understanding of your sector, so that if needs be, they can take on some of the day-to-day operations. Management experience is important, but so too is more practical experience, so they have a full understanding of how the franchise will operate. Finally, ensure that they fully understand your franchising business model, so that they will be able to take what’s written on paper and turn it into a living, breathing success story.
Of course, recruitment is easier said than done, and the whole process can be rather demanding and time-consuming. Luckily, though, there are people out there who will be able to help you. The Franchise Professionals have their very own recruitment team, primed to help you find the perfect franchisees for your business. After trawling through countless applicants, they will cut out all of the prospective buyers who simply aren’t suited to your business, and help you select the ideal candidate to entrust with your next franchise. That way, you can be sure that they will help uphold your strong reputation both with customers and within your industry- and bring in a healthy stream of revenue, too!