- May 2021
Looking For A Franchisee - Do This Litmus Test
The success of your business depends on the selection of the right franchise partner. Hence, it is of utmost importance to get the scrutiny done carefully. There is a process involved and here are the guidelines that can help make it a success:
- Marketing: The concept of business is marketed among business buyers through various marketing activities across the B2B media through select mass media vehicles. It includes mainline which includes print, franchise and retail magazines, trade shows and online, direct mailing and BTL/discovery days.
- Lead Generation: The basic information is provided to all applicants. It includes the Expression of Interest generation, matching franchisee profile and validating details and a weekly/fortnightly progress sheet submitted to the franchisor management
- Lead Management: A Discovery Day is organised with all qualified prospects which is backed by site approval and reference check and credit verification/due diligence of the applicant.
- Recruitment: The letter of interest is signed. An agreement is processed and final conversion and application goes to operations for processing.
Key Qualifying Questions
- What locations are you interested in?
- When would you like to go into business?
- Will you be owner/operator or will you have partners?
- Why do you want to go into business for yourself?
- Why do you want to be our franchise?
- What attracted you to our franchise?
- Have you looked into any other franchise options?
- Do you have the required amount of capital necessary for the business?
- What does your family think about becoming a franchised business owner?
- Tell us about your work experience. What do you like best in your present job and in your past jobs? What do you dislike?
- How many hours a day does your present job require?
- What is your educational background? Is there anything that specifically applies to this industry and the franchisee?
- Can you describe a sensitive situation and tell us you how you dealt with it, possibly related to this particular line of business?
- How would you describe yourself? What are your strengths and weaknesses?
- How do you feel about following a prescribed business system and the regulations that go with it versus one that you develop yourself and do your own way?
- What do you think you would bring to our franchise network?
Most brands are in a hurry to spread their reach by taking franchisees on board. The aim here is to maximise profits…