Franchisors are looking far and wide for that special someone who shares their values, complements their strengths and, most importantly, is looking for a long-term, harmonious and successful relationship.
But how can franchisors separate franchise flings from best-in-class businesspeople? Here’s how to spot quality franchise leads and keep them engaged during the recruitment process.
Make sure your profile looks great
Whether it’s dating or business courtship, human beings are often guilty of being instinctive. In fact, the Association for Psychological Science states that it takes us a tenth of a second to judge someone when first meeting them. Business is no different, so franchisors must ensure their online profile looks well-manicured and is in tip-top shape.
Franchisors also need to be mindful not to cast their net too wide and should be selective when picking the websites and partners to promote their opportunities. Having a profile in too many places can come across as a bit too prolific, and the upkeep and maintenance of many different online presences can be unwieldy. Think ‘quality, not quantity’.
The qualification process – or ‘the getting to know you’ phase
Just like during the early stage of any relationship, franchisors must ask interesting questions and be good listeners for things to blossom eventually. Seasoned franchisors will often have initial screening questions to ask potential franchisees.
Some franchise listing websites – like BusinessesForSale.com – allow franchisors to include their own qualifying questions when setting up their profile page. This allows the franchisor to filter for things like previous experience and working capital and oftentimes results in a more optimised, whittled-down list of candidates.
Moving towards commitment – or ‘the proposal’
By this stage, after many meetings and much due diligence, the franchisor might feel like the lead is ready for the next step. This next step is a big moment in the franchisee’s journey: being presented with the franchise agreement. While this might seem like the franchisee is a hair’s breadth away from becoming a bonafide business owner, negotiations can often still break down at this point or flaws can be exposed.
It’s imperative that the franchisor presents the agreement in a clear, transparent and appealing manner, so they can help instil trust and set the foundation for a positive long-term relationship with the franchisee. Some red flags you might want to look out for include:
- Reluctance to provide information
- Unrealistic expectations
- Poor understanding of the franchise model
- Financial red flags
- Misalignment with brand values
- Communication issues
- Legal concerns
- Lack of commitment
How to live happily ever after
So, the franchisee has made it through and the franchisor has welcomed them to the fold, and it’s now officially the ‘honeymoon period’. However, this shouldn’t be a short-lived moment of enthusiasm: reputable franchisors need to ensure that support and collaboration continue after the lead has signed on the dotted line.
A comprehensive onboarding program needs to be in place, so franchisees understand their roles, responsibilities and operational standards. Proper training will equip them with the skills and knowledge needed and confidence building is essential to help instil a proactive approach to running the business.
