5 Things You Need to Land The Franchise
So you’ve decided on purchasing a franchise, selected your franchise of choice, and sent in your application. As you prepare to hopefully land a spot as a franchisee, there are several things your franchisor is looking for that you’ll need to address. Keep reading to find out more.
Your financial situation will be critical to the success of your business. Not only that, it will signal to the franchisor that you have a solid plan in place for slower seasons and give them confidence that you’ll take the business to a great place. Franchisors will consider your net worth, including assets, savings, stocks, etc. and also your potential liabilities, such as student debt.
Why are you passionate about starting this franchise? What is motivating you and what will drive your success? These are all things a franchisor will take into consideration. You’ll need to prove why you are enthusiastic about this opportunity, and why you’re a good match for the business. Give the franchisor a good idea of how your personal and professional qualifications make you a great candidate for the franchise.
Do you have a clear understanding of all the responsibilities that come with running a franchise? Study up on the specific brand you’re going after and learn the ins and outs of what running a business for them will be like. Prove to the franchisor that you are aware of and committed to following the unique requirements for working within the specific brand.
Franchisors also look for strong educational backgrounds. While a college degree may not be a requirement, it certainly helps increase your standing by showing drive and determination, as well as commitment.
Of course, franchisors will want to know your employment history and how your previous experience may come into play for the franchise opportunity. Demonstrate experience and skills learned in previous work, and how they apply to the franchise you desire to run.
Nail these five things, and there’s a good chance you’ll be the franchisor’s next great franchisee running a very successful business of your own! Find out more about franchising and check out our franchising opportunities here at Coastal Angler Magazine!
By Hannah Rosenboom – Content Creator at Half Full Marketing