Looking for a franchise? Here are some some top tips for approaching a franchisor…
So you’ve researched the industry you want to work in and the franchise company you want to work with, the next step is approaching the franchisor.
Preparation is key. Make sure you understand their recruitment process – what are they looking for, how long does it take and how many steps are there?
- Look at case studies of existing franchisees – do you fit these profiles? Are you a typical franchisee? Your personality needs to fit the industry and the company. Show that you’re compatible and that you would be the perfect fit for their franchise network. Do you love animals, like working with people or enthusiastic about food? You’ll need to demonstrate this through examples of previous work, achievements, your personality, life experience, hobbies, interests, passions, beliefs etc.
- Demonstrate that you’re able to run that type of business. Are you cut out to manage a busy restaurant environment with 100 plus staff, or on the road dashing about to meet customers, or happy to sit at a desk for hours on end? Do you have the right skills to own this type of business? Don’t worry if you haven’t worked in that industry before. People gain invaluable skills such as being organised through life experience e.g. juggling busy households or managing challenging commitments outside work.
- Franchisors will want to know how you will be funding the start up costs and whether you have enough capital to live on and to invest in premises, stock etc. Make sure you research funding options and have a plan in place for when the franchisor asks.
- Come loaded with relevant questions. It shows you’re serious about becoming a franchisee.
- Most importantly show willing and enthusiasm. Running a franchise is hard work and you need to have the guts and steely determination to make it a success.