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Finding the Perfect Franchisee
A great amount of thought needs to go into defining the profile of your “perfect franchisee”. Each business will require different skills and personalities from their franchisees. You must understand prospective franchisee’s attitudes, core values and habits. With this information you will be able to determine whether they can bring success to your business.
Decide on your goals, concentrating on location and speed. You could distribute franchises from a central area, or franchises could be set up in significant locations nationwide. The recruitment process needs to work in a way which successfully draws in your target audience through the use of advertisements and promotions.
Documentation is a crucial part of this process. Your documents need to honestly represent your business and what it has to offer. You need to ensure that you, the franchisor will not be held responsible for any issues that may arise around dishonest business documentation.
There are a number of documents that you will need in order to finalise the process of recruiting. These may include a “Summary” of the opportunity, a franchise “Overview”, and the “Franchise Agreement”. Each of these documents plays an important role in the recruitment process.
Before you begin your search for franchisees you will need a marketing plan to locate people that will suit your business. Recruitment is all about quantity, meaning that pinpointing your target market will give you more access to the right franchisees for the long-term growth of the company.
Media is a sure-fire way of introducing your business to the target market. Sources such as newspapers, TV, radio and flyers are worth looking into as a start. It can also be beneficial to consider adding networking opportunities on your website to allow relations amongst staff, suppliers and customers of the franchisor.
Your advertisement needs to draw positive attention to your business in order to generate replies. It must be attention-grabbing, inviting the reader to discover more about what you do. It is useful to seek professional help when advertising so as to perfect the writing, layout, and placement of media before it is distributed to the public.
Those wishing to apply for a franchise must all undergo the same process, creating a level playing field. Discussions and enquiries are to be thoroughly documented for future reference in case of franchisor liability.
The most accurate way to designate franchisors is to create an extensive Assessment Form, laying out the most important factors to be considered. These may include attention to detail, psychological profiling and professional recruitment assistance.
LINK's Franchise Division specialises in the sale of franchises with a combination of the best franchisee selection skills and the best business broking skills.