Wondering how you can stand out from the crowd when pitching yourself to a franchisor? In this article, BusinessesForSale.com looks at some tips and strategies you can use to do just that, from thorough research to understanding the application process.
Step one – Research
Conducting thorough research about the brand you’re getting involved with is a crucial first step. You need to get to know their vision, mission and any relevant information about the franchise. Attending franchise events such as National Franchise Exhibition can give you an opportunity to do this while meeting franchisors face to face. Speaking to the brand’s existing franchisees can also give you key insights into how the business operates.
Step two – A strong application
Many franchisors will encourage potential new franchisees to apply through their website, before moving to an in-person interview. Whether you’re applying online or face to face, prepare some answers to a few key questions beforehand:
What made you choose this franchise?
What are your plans for the success of the franchise?
Do you know any franchisees that are unhappy? Why?
Remember that any interview is a two-way process. You’re also there to make sure this is the right investment for you, and uncover any potential roadblocks in the early stages. Asking some questions of your own will demonstrate your seriousness in becoming a franchisee, as well as your experience.
What profits can I expect in my first, second and third year?
What training and support do you offer new and existing franchisees?
Are there any marketing fees for franchisees, and how can I make the most of wider marketing campaigns?
Step three – Get excited
Highlighting any industry-specific experience you can bring to the table is important. But if you’re embarking on a new challenge and don’t have experience in the sector of your chosen franchise, don’t let that put you off. For many franchisors, a passion for their brand and alignment with their values is just as important as past experience – as well as having the finances to match, of course. Your enthusiasm and curiosity can help set you apart from other applicants.
Step four – Demonstrate your finances
There are many things you can do to stand out from other potential franchisees, but ultimately if you can’t back up your application with the necessary finances, it’s unlikely to progress very far. Remember that there are many options for financing a franchise, from business loans to small business grants. All the investment doesn’t need to come out of your own pocket, as long as you can demonstrate your financial backing. Check your credit strength, and make sure you thoroughly understand the terms of any loan you take on.
