Many people considering a franchise think that every franchisor will want them to be one of their franchisees as long as they have the money. That analogy is like buying a job because you can pay your way in!
You want this company to want you as much as you want them. It’s a mutual process. They don’t take everyone – just as there are thousands of applicants for any given position – there are thousands of inquiries for any given franchise.
While capital is important when buying a business, you must keep in mind it’s not all about the money. Franchisors want franchisees that are going to be successful – their success is your success and vice versa.
Let’s compare a job interview with the franchise process.
- Prepare for each encounter with the franchisor the same as you would prepare for an interview. This is a mutual process – you are trying to see if you want to work with this franchise – the same as you would an employer. The employer or franchisor wants to see if you are a good fit for their system – their workplace.
- Learn as much as you can about the company (employer or franchise) –explore their website, find some articles about them. Look for mutual benefits.
- When going for an interview, you need to put your best foot forward – be prepared, be ready and on time, and have well-thought out questions ready at hand. If you had an interview scheduled and didn’t show up or kept changing the time for the interview, you wouldn’t seem very interested in the job – it’s the same with a franchisor.
- Show enthusiasm. If you’re not excited about the concept or company – something that is gong to change your life, how can you do well? Franchisors and employers are looking for drive and enthusiasm – they want people who want to be there and doing what it takes to make the company successful.
- Follow the steps. Employers these days have many steps a person must go through in order to determine their fit for a company. Often there is an initial phone call, then two or three separate interviews. There may be a webinar about the company or some other informational sessions. These are all necessary steps that help determine if a potential employee is the best choice. Each franchisor has a pre-determined number of steps in the process. Each step must be completed to their satisfaction before moving on to the next step.
If you are approved and move through each step you can think of it as a milestone and as you get closer to a final decision, you should know the company and it’s culture very well. Again, this is a life changing decision – don’t make a hasty decision. You want this company to want you as much as you want them. You aren’t suitable for every job or every franchise – that’s why Select Franchise Consulting is here to help you select the franchise that is right for you.