Like any great business, the franchise company is going to want to populate their company with great people. Franchising has a solid foundation and a great brand name. The franchisor is going to look for franchisees who will give the brand the best name. They are going to want people who are willing to learn the system and do whatever it takes to make their business work.
Below are a couple of qualities a franchisor is going to look for when choosing franchisees:
Capital - This is the first and most important quality you must have when qualifying for a franchise. The franchisors have a liquid capital requirement and franchisors must have a minimum net worth that each franchisee must have. This may seem completely obvious- but there is other factors such as the length of time it will take your business to make money. Also, they take into account the living expenses you will incur during the start of your business.
Experience- Many franchisors prefer franchisees with industry experience instead of someone just has no experience in the industry. The franchisors provide complete and exact training, but there is no substitute to being involved in the industry before starting your own franchise. After all, do you think someone that has never fixed cars in their life is a good fit to open a franchise involved in fixing cars? Probably not.
Skills - The skills you exhibit is closely related to personality. If you like working with people, then the chance is you will be great at it. Do you enjoy customer service? Can you be a leader? Can you meet and set goals? Do you understand finance? You must understand how finance and business works to successfully run a business.
Personality - There are a couple of very important personality traits that are common with all franchisees. There are many other characteristics specific to individual businesses. Are you okay with following a system or do you want everything your own way? Are you decisive? Are you focused? Are you a problem solver? Do you work hard? These are all qualities a franchisor is going to look for when selecting a franchisee.
The absolute and most important goal of every franchisor is to bring in successful franchisees. Without it, their success is hard to obtain.
Keep in mind the important 4 traits I just discussed next time you are talking to a franchisor.
Below are a couple of qualities a franchisor is going to look for when choosing franchisees:
Capital - This is the first and most important quality you must have when qualifying for a franchise. The franchisors have a liquid capital requirement and franchisors must have a minimum net worth that each franchisee must have. This may seem completely obvious- but there is other factors such as the length of time it will take your business to make money. Also, they take into account the living expenses you will incur during the start of your business.
Experience- Many franchisors prefer franchisees with industry experience instead of someone just has no experience in the industry. The franchisors provide complete and exact training, but there is no substitute to being involved in the industry before starting your own franchise. After all, do you think someone that has never fixed cars in their life is a good fit to open a franchise involved in fixing cars? Probably not.
Skills - The skills you exhibit is closely related to personality. If you like working with people, then the chance is you will be great at it. Do you enjoy customer service? Can you be a leader? Can you meet and set goals? Do you understand finance? You must understand how finance and business works to successfully run a business.
Personality - There are a couple of very important personality traits that are common with all franchisees. There are many other characteristics specific to individual businesses. Are you okay with following a system or do you want everything your own way? Are you decisive? Are you focused? Are you a problem solver? Do you work hard? These are all qualities a franchisor is going to look for when selecting a franchisee.
The absolute and most important goal of every franchisor is to bring in successful franchisees. Without it, their success is hard to obtain.
Keep in mind the important 4 traits I just discussed next time you are talking to a franchisor.
Labels: Franchise Opportunity
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