Just like you are assessing a franchisor to ensure that it’s the right brand for you to invest in, so too do franchisors evaluate potential franchisees. It’s in their best interest to approve candidates that are financially savvy and eager to build the brand, since of course franchisors benefit when franchises thrive.
But don’t let that get you nervous. Knowing what franchisors look for, you can ensure that you’re well-positioned as the ideal franchisee.
1. They Want You to Have Money
The key to getting a franchisor’s attention is to be able to fund at least part of your startup and ongoing expenses on your own without financing. A franchisor doesn’t necessarily expect that you have the full amount in your bank account, but not needing to finance 100% shows that you have skin in the game.
2. They Want You to Be a Good Follower
Successful franchisees follow the franchisor’s prescriptive formula to a T because it’s one that works. How can you exude this quality? Try complimenting the processes and procedures of the franchise as you get to know the brand to show that you aren’t trying to go against the grain.
3. They’d Like You to be Passionate About the Brand or Industry
Whether you have experience in the industry you’re looking to franchise in or not (though experience always makes franchisors happy), they’d love to see your enthusiasm for either the brand or the industry as a whole. Enthusiastic and passionate people make excellent franchisees.
4. They Want You to Be Business-Savvy
If you’ve run a business before, so much the better, because you have the entrepreneurial experience you’ll need to do things like hire employees, market the franchise, and manage the money.
5. They Want to See You’re Committed
Buying a franchise isn’t a short-term project; it’s a long-term commitment, and the franchisor wants to be assured that you are willing to work hard to take the business as far as you can for as long as possible. If you might be interested in buying multiple franchises down the road, it never hurts to mention that up front, since franchisors love franchisees who own multiple units.
Remember that you’re being scrutinized during the buying process, and do your best to cast a positive light on yourself as a potential franchisee. Ask questions and show your enthusiasm to become a part of this franchise family.
Susan Guillory is the President of Egg Marketing & Communications, a marketing firm specializing in content writing and social media management. She’s written three business books, including How to Get More Customers With Press Releases, and frequently blogs about small business and marketing on sites including Forbes, AllBusiness, The Marketing Eggspert Blog, and Tweak Your Biz. Follow her on Twitter @eggmarketing.