Traits a Franchisor Looks for in a Franchisee

If you are interested in escaping corporate America and becoming your own boss, you have no doubt looked at franchising as the best option for success. You have looked at the franchise opportunities that check off the right items on your list and have narrowed your choices down to a few perfect picks.

 You know exactly what you are looking for in a franchised business. But have you asked yourself this: Do you have the traits that a franchisor is looking for in a franchisee?

There are certain characteristics that a franchisor looks for in someone before they bring them into their brand family.

 Leadership

It is important for a business owner to have strong leadership ability and communication skills. They need to manage employees, lead their business through good and bad times, deal with customers, and often network in the business community.

 Willingness to Learn

There are hundreds of details and processes to learn before opening a franchised business. The franchisor has spent time and money developing these processes to assure that their franchisees have every opportunity to succeed. They also want to make sure that their brand remains intact. So, if you are going to invest in a franchise, be prepared to “go back to school”!

The Ability to Adapt

The business world has its ups and downs. A great business owner knows how to adapt and is willing to make changes on the fly to survive and thrive. For instance, the COVID-19 Pandemic forced business to adapt in ways they never dreamed of. A franchisor looks at this as a particularly important trait for its franchisees.

Financial Aptitude

It always comes down to money, right? A franchisor needs to know that you can handle finances responsibly. They will want to know you can handle the books, create budgets, take care of taxes, and have a strong personal financial history.

Results Oriented

If you are driven by the thought of success, then you may have the right stuff in the eyes of a franchisor. They love candidates that can see the big picture and are ready to go all-in making their business the best it can be.

Patience

Even though you are driven to succeed, it is important to know that a successful business does not happen overnight. While a franchisor gives you the tools to succeed, it may take months, sometimes years, to experience the level of success you are looking for.

If you feel you have most, or all, of these traits, then you could be just the person that a franchisor is looking for. They want people that they can entrust their brand with, and that will do what it takes to succeed beyond their wildest dreams.

The next step is to find the franchise that is a perfect fit for you. The best way to accomplish that is to contact a professional franchise consultant who will guide you through the process of franchise ownership.

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Cindy Rayfield is a franchise broker with the International Franchise Professionals Group (IFPG). Since 2008, Cindy has been helping her clients find the perfect franchise match for themselves and their families. If you have questions for Cindy, contact her at 720-261-4391 or [email protected].