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Prospective franchisee? Here’s how to impress a franchisor

Prospective franchisee? Here’s how to impress a franchisor

Follow these simple steps if you want to stand out during the recruitment process

Buying a franchise is a journey, starting at the point when you first find out about franchising.

What some prospective franchisees don’t realise, however, is that a good franchisor will be doing their research and assessing you as well. As a result, you’ll need to impress a franchisor if you want to join their network.

If a franchisor tries to sign you up too quickly without getting to know you or taking you through the various stages of the recruitment process, it should ring warning bells.

But you should also consider the questions a franchisor is likely to ask you and how you can give yourself the best chance of being able to join the network of your choice. Here are my top tips:

Money talk

Prepare to be asked questions about how much money you have available to invest.

Although you should be able to borrow up to 70 per cent of the total start-up costs, good franchisors want to ensure that a new franchisee has sufficient funding at the outset, as being short of cash can make the difference between success and failure.

The cost of a franchise will vary depending on whether you’re looking at a premises-based or home-based business. You should establish your own personal financial needs to understand how much you’ll have to take out of the business in the early stages.

Sell yourself

Even though it’s not a job you’re going for, get your CV updated and think about your personal skill set.

Although you’re not normally required to have industry experience to become a franchisee, a franchisor will be looking for evidence that you have the transferable skills and ambition to build a business using their brand. It might be sales experience that’s needed or perhaps a background in building strong relationships with different customer groups will be an asset. Customer service will normally be key in any industry sector, so think about how you can demonstrate your commitment to this important aspect.

Be inquisitive

Ask questions, demonstrating that you have done some research and have a good understanding of the franchise.

Use the opportunity to explore the support and training available, not just at the beginning of your franchise journey, but as your business grows.

Be yourself

Don’t try and hide your true ambitions or change your personality. Buying a franchise is the start of a long relationship and similar to a marriage, so both sides should be clear about their priorities and goals.

Investing in a franchise is a big decision and there’s plenty of advice available about the research you should do and the questions you should ask a franchisor.

The author

Cathryn Hayes is franchise director at Revive! Auto Innovations.

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