What Should/Do Franchisors Ask The Most?
The key elements of building a franchisee-franchisor relationship are the same as any other relationship - communication, understanding, and making sure both parties are a good fit, to say the least.
Franchisors need to gain an understanding of their potential franchisees prior to going into business together. It is critical for the franchisor to ask the proper questions while evaluating a franchisee, in order to extract important information and really get to know the candidate. Both parties need to openly communicate in order to foster a successful long-term relationship. One crucial step is to gain key insights during the franchise evaluation process - as this can greatly increase the chance of mutual success!
Taking it a step further, during the discovery phase of qualifying your franchisees, asking the right sequence of questions can lead to the prospective candidate to sell themselves on the concept and why they believe they’d be a strong fit.
The following questions will help any franchisor do so:
- What other franchises have interested you? Why us?
- What characteristics and skills do you have that will make you a strong franchisee candidate? Do you have any experiences that you’d be able to bring with you to operating this franchise?
- What is your business plan or projection in the short/long term? What is your idea of success?
- What marketing plans or promotional ideas might you have once opening? Do you have a network of local connections that can help you generate success?
- Will you ever ask others to help you operate the franchise? If so, who are they and what qualifications might they have?
- How many conversations have you had with some of the current franchisee? What feedback have you received?
- If you ever decide to invest more money into the franchise or open more units, how much would you invest and where would it come from? What is stopping you from investing that into the franchise now?
- What hesitations do you have of being a successful franchisee?
A franchisor is ultimately trusting a franchisee with their brand and reputation in granting them a franchise. It is important that a franchisee is successful and a valuable addition to their franchise network. With the information obtained from the above questions, this will greatly contribute to the success of the relationship!
Kian Seibel is the Director of Sales at FranchiseHelp. He loves making conversations about anything and everything.
Leveraging Social Media to Promote Your Business
Social media is as ubiquitous in our daily lives professionally as it is socially, opening up a direct line to potential customers, clients, and business partnerships. Leveraging the social interconnectedness of social media platforms can be hugely beneficial when it comes to advertising your business and reaching your user base, so long as you understand the social culture, Terms of Service, and effective (and permissible) strategies for each.
Using Video to Attract New Franchisees
And even today, I would say that text and display ads dominate the landscape.
How We Know Our Franchise Matching Quiz Is Working
If you’ve perused FranchiseHelp in the past 9 months, you’ve noticed a bit of a change in some of the ways that we acquire leads.
