Franchisor's checklist - evaluating the candidate
Below are some of the key factors a franchisor needs to consider before deciding to collaborate with a potential franchisee.
1. Achievements and past history | |
| Education | What Level of Education is Required for the Job? |
| Work | What Is Their Previous Work Experience? Is It Relevant to The Franchise? |
| Social/sporting | Are They Active in Their Communities? Do They Have A Large Social Network? |
| Business management experience | If The Business is a Management Franchise, Does The Candidate Have Enough Managerial Experience? |
2. Financial resources | |
| Equity available | Do They Have The Required Investment Upfront? |
| Access to funding | What Funding Options Are Available to Them? |
3. Is he/she interested in and committed to the concept? | Does The Candidate Share Your Passion & Vision For The Business? Will They Be Able To Drive The Franchise Unit Forward? |
4. Will he/she get along with your staff? | Are They A Team Player? |
5. Is he/she supported by a spouse? | Who Else May Have a Role in Running The Business? |
6. Is he/she suited to self-employment? | Do They Already Have a Background in Self-Employment or is The Candidate's First Time Being Self-Employed? |
The above checklist is an absolute must for business owners who are thinking about franchising their operations. More than anything, you need to have someone you can trust to not only run the business, but to represent and maintain the brand to the highest standards across the market. Both on a professional and a personal level, it is paramount that a franchsior takes the time to get to know the person they take on as a franchisee to ensure future success.
By asking these questions of a potential franchisee, you are giving yourself the best possible opportunity to decide whether a candidate is suited to running one of your franchises.
For more information on the initial selection process for new franchisees, you can follow the steps laid out here.