When considering potential franchisees, what traits do franchisors look for? Well many of the qualities will vary according to the specifics of each franchise industry. For example, an estate agency franchise might require excellent sales skills; an automotive repair franchise might require certain mechanical abilities; a beauty salon franchise might require creative and customer satisfaction skills.”
Beyond the industry-specific traits, there are three key characteristics that all franchisors look for.
- Adequate capital.For most franchisors, having adequate capital is the first hurdle a franchisee must pass before other factors are even considered. A potential franchisee needs the ability to provide the necessary initial capital, plus a commitment for contingency funds.
- Willingness to follow the franchise system.More than anything franchisors would want a franchisee who is going to follow the system at a very high and enthusiastic level. For example, you don’t necessarily need estate and letting agency experience to join HomeXperts the Estate and Letting Agency franchise. What we’re looking for in franchisees is that they are happy to follow the already established system and implementing everything that is given to them.
- Willingness to work hard.If you think that buying a franchise means you’re going to have everything handed to you on a silver platter, think again. Franchisees must be willing to work harder than they have ever worked in their lives. There is no ‘easy’ business or franchise, despite what many believe. All start-up businesses are hard work, and starting a franchise, while it has much less risk than a nonfranchise start up, is still hard work.
Franchisors will attempt to assess when they meet you, whether you really believe in the system of which you are trying to join. Buying a franchise happens in a competitive arena, the franchisor has many applicants from whom to choose. So show them that you’ve done the research, and that you liked what you found when you go to meet them.
Joining a franchise is a two way street with both parties needing to feel comfortable with each other to ensure the franchise gets off to the best possible start. If you’d like to find out more about starting an estate agency franchise, Check out our brochure here: http://brochure.home-xperts.co.uk/