When you begin selling franchises, it is critical to your success in franchise planning to award franchises to the right candidates.
Remember: if your first few Franchisees succeed, it will be far easier to sell franchises. If they are not happy in their decision to become your Franchisee, it will be very difficult to convince others to invest their futures with you.
Your FDD (Franchise Disclosure Document) must list all your current Franchisees and a list of any Franchisees who left your franchise system in the preceding year. As a franchise consultant and franchise planning specialist, I endorse this requirement.
It allows your candidates to communicate with your Franchisees before committing to your franchise. This opportunity helps to ensure fair treatment of Franchisees.
As you work on this aspect of your franchise planning, always bear in mind it is a difficult obstacle to overcome if one of your first few Franchisees fails.
We always advise that while you are in the process of franchise planning, put together the profile of a desirable candidate. Such profile covers available funds, experience, energy, talents, temperament and character.
Franchise Planning Details
When franchise planning, always ask yourself about any candidate you are genuinely contemplating, “Will this person be an asset or detriment to my long-term growth strategy? Do I want this person on my team?” As you perform your franchise planning, structure your sales program to allow you plenty of opportunities to really get to know the candidate’s true nature.
When franchise planning, never forget that this is a long-term business arrangement, often lasting ten to twenty years or more. You cannot simply fire a Franchisee. While it is difficult to turn down that check for thousands of dollars for the Initial Franchise Fee, remember the Franchisee has considerable impact on your success as a Franchisor. This aspect of franchise planning is quite important.
Another key to successful franchise planning is to develop systems to verify the information a candidate provides you. Before committing yourself, determine if this is an honorable person with whom you want to be in business for the long term.
Thinking About Developing a Franchise Support System?
NFA Franchise Consultants have the experience to help businesses franchise. Just watch and listen to some of our client case studies and video testimonials. We can HELP YOU and it doesn’t cost anything to call and talk to us!
So, if you are still asking the “should I franchise my business” question over and over with no clear direction, give us a call at (706) 356-5637, or contact us through our online form. We look forward to helping you take your business to the next level and beyond.