Choose the right franchisees for your network

You’ve got your leads in, asked all the tough questions and checked their references – so far so good. As the owner of a franchise company you’ll need to go even further to meaningfully grow your business.

Follow the three-point checklist below and you’ll find not just franchisees but partners, business owners and likeminded entrepreneurs you’ll be proud to share your brand with.

1.?????It all comes down to passion

A franchisee is more than a worker in a company – they’ll be claiming a piece of your brand and representing it to customers in the real world. As such, they’ll face all the challenges of an entrepreneur and they’ll need the requisite passion – the hunger, the drive, the love of what they do – to see it through the tough times and back again.

You may be selling pet care, travel, home improvements or hamburgers – your franchisees need an appetite for the product as much as the profit. Would they buy it if they were the customer? Is it their hobby and not just their job? Are they willing to roll up their sleeves and get amongst potential customers in their community? Look for those talking passionately about this business and you’ll find first-rate franchisees.

2.?????Money is no object – until it is

You may be able to cut costs this year and reflect that in your minimum fee, but at some point your franchisees will need to make a significant investment. They don’t have to be rich – if all goes well, they soon will be – but they do have to demonstrate a shrewdness with money and a certain clarity about the financial future of their part of this business.

Don’t neglect the obvious checks. A poor credit rating and a struggling bank account aren’t glaring problems in themselves but together, and combined with limited understanding of profit-making in general, and you should tread carefully with this candidate. On the other hand, if their financial situation puts you at ease, there’s every chance they’ll soon be earning handsomely and boosting revenue for your network.

3.?????Do they fit your brand?

A good franchise feels like a team and every franchisee plays their part. And that team is built on the core standards and practices you put in place when you started. Caring about the customer, giving expert advice, delivering a high-quality product – whatever you pride yourself on should be reflected in every new member of the business.

Have they sold effectively in the past? Are they here for the potential and not just a short-cut to a salary? Can they lead others? Are they on time, persuasive, enterprising, pleasant to deal with? Get them talking about their values and yours from the moment you meet. Do they match up? Great! You’re on your way to a meaningful new franchise partnership.