Franchising can have its fair share of challenges. But its most vital part–expanding to new franchisees–doesn’t have to be impossible or difficult! You’ll just need to know what you’re looking for.
Choosing the right franchisees is utterly crucial to your franchise. A franchisee is the representative of your brand in a specific store. Their professionalism and work ethic (and that of their employees) will affect how customers see your brand, whether at all or in a specific area. That can make your business stronger, or possibly cripple it if you’re still starting out.
Know What You’re Looking For
Though franchisees aren’t exactly “employees,” you should use a similar start to your search. Create a job description before setting out to find your ideal franchisees. You’ll need to know exactly the kinds of people you’re looking for and the qualifications you need to match. And in turn, they’ll need to know exactly what it takes to run one of your franchises. Outline all the expectations from the start. You don’t want any nasty surprises for either you or your franchisee!
When you’ve attracted potential partnerships, interview them in person. You have to make sure they’re ready for the responsibility, and that you’ll be safe taking them on. Trust your instincts and don’t let the check for $30,000 blind you to a potential failure. Run background and credit checks on potential franchisees. Watch out for lawsuits, fraud charges, and bankruptcies.
Build a Relationship
Entering into a franchise requires building a partnership with your franchisees. It requires mutual trust, communication, and a desire to help your business grow. Choose people you can build that relationship with. This doesn’t mean you should be best friends with your franchisees, or only choose people with whom you already have a friendship. But a healthy relationship will keep things positive between you and your franchisees, and will help you both grow your business.
Still worried about finding the right business partners? We have even more tips!