So you have talked to your lawyer and bank manager and you’re ready to buy a franchise. Congratulations! But how will you choose which franchise to invest in?
Of course, there are countless things to consider. Franchise Direct’s Information Center is one of the top destinations online for info on how to go from an ambitious entrepreneur to a fully-fledged franchisee. There are a few articles online about this subject, including this insightful one that explores an undiscussed aspect of this matter.
Deborah Sweeney, CEO of MyCorporation.com, has described the four stages of buying a franchise for Business Insider. She breaks the process into four steps:
- Choosing The Right Franchise
- Impressing The Franchisor
- Negotiating With The Franchisor
- Financing The Franchise
Now three of these four steps are well-discussed on our website, but perhaps the area of “Impressing the Franchisor” does not get enough publicity. Here’s what Deborah says about making yourself more attractive to the franchisor: “The best thing a franchisee can do to improve his chances of being selected is to thoroughly research the company and arrive promptly and prepared for all meetings. This conveys the impression that the franchisee is dependable and sincerely interested in the franchise, two key qualities cited by franchise hiring departments.”
Good advice to keep in mind when you’re having those critical talks with the franchisor. It’s not just your financial track-record that franchisors are interested in. They want to see that you are a good fit for their system.