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Finding Your Perfect Franchise
As a franchisor, you must first define - what is your ‘ideal franchisee’? You need to put in a lot of time outlining the characteristics, skills and experience needed for your franchise to excel. However, it is not simply skills and competence which your franchise will need to be successful.
You must also examine the potential franchisee’s attitudes, values and habits – all of these components must align with the core values and expectations of your franchise.
Formulate a Recruitment Strategy
Once you have defined what type of person you are looking for, you will then need to know where to find them. You must decide where you want your franchises to be located. Do you want to have them all based around a centralized point? Or do you want them strategically placed throughout the city or country? You will have to tie in this plan with your advertising strategy to ensure you are targeting these kinds of people.
This is crucial, your documents need to suit your company image and draw in decent prospects. Your documents need to create a real picture of what the franchising opportunity has to offer whilst being careful not to leave you, the franchisor, exposed to any obligation in the future.
You will need to create document for each of the steps in the recruitment process. This will include things like an overview of the opportunity and the franchise, the franchise agreement, the confidentiality agreement etc.
Design your marketing plan around the ideal franchisee profile which you have developed. You need to get your message out there to your target market, bridging the gap between you, and the people looking for you.
The media outlets you choose to use should align with your specified target audience. Other than traditional sources like magazines, TV, Radio and newspapers, you should also consider attending Business expos and networking events.
The majority of people search for franchising opportunities online. This is where LINK business can help, with over 15 years’ experience in online business selling, we are the experts on connecting franchisors to their ideal franchisees.
Every one of your applicants must go through the exact same recruitment process – receiving the same information at each stage. You will need to keep comprehensive notes of all inquires and exchanges as well as your answers. This will reduce the risk of possible liabilities bought about through miscommunication.
To sum up, when searching for the perfect franchisee you need to employ a combination of defining your ideal psychological profile (attitudes, experience etc.), enlisting professional recruitment assistance and advertising through different media avenues.
LINK's Franchise Division specializes in the sale of franchises. We focus on a combination of best practice franchisee recruitment and business broking skills to ensure that you are grouped with the right franchisees for your business needs.