Effective Marketing For A Successful Product Launch
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The tried-and-true process of awarding your franchise
Potential franchisees share a host of commonalities. They’re entrepreneurial in sprit, emotional by nature and are motivated by a combination of independence while doing something they truly love. Potential franchisees buy for their reasons, and their reasons only.
As such, when it comes to awarding a franchise to a potential franchisee, the psychology of the process is of paramount importance. Any franchisor should count on a few tried-and-true traits to identify the perfect fit.
Getting personal
While there’s no such thing as a
guarantee in selecting the right franchisee, franchisors can
capitalize on a few qualities in one’s personality and
character:
Intelligent and adaptable
It takes a certain level of
intelligence to be the owner-operator of a franchise, especially in
a turbulent environment that can fluctuate by the day. Ensure that
any prospective franchisee has the capacity to learn from their
experiences, and can make smart decisions with the well-being and
health of the franchise in mind.
Capitalization
Obvious, perhaps, but qualifying a
franchisee by their ability to pay all associated upfront fees and
initial marketing costs is at the top of the list. Ensure potential
candidates have sufficient funds to cover any unexpected
expenditures, while making clear the financial support the
franchise will provide.
Work ethic and commitment
Oftentimes, potential
franchisees may underestimate the hours and grunt work required to
open and operate a franchise. For those coming from a corporate,
nine-to-five environment expecting more of the same, the perils of
franchise ownership can be a rude awakening. However, those willing
to put in the time and energy, franchise ownership can be highly
rewarding.
Team oriented and trainable
Systems, processes and
rules are the name of the game when it comes to operating a
franchise, and those that embrace the franchise’s training methods
give themselves a leg up when it comes to hiring, training and
being part of their own team.
We like entrepreneurs … to a point
The entrepreneurial spirit is one that can and should be nurtured, and those that have an ambitious nature can make great franchisees. However, those that are very entrepreneurial often have difficulty in following the systems of the established franchise, and are convinced they “have a better way” to do things. These are the folks that can be especially frustrating for franchisors. When evaluating candidates, franchisors should ask qualifying questions that help to establish an entrepreneur’s wiliness to play by the rules, while still maintaining that tenacious quality that makes them tick and can help them be successful.
A fruitful endeavor
Maintaining brand integrity and driving growth are and should always be at the forefront when brands begin awarding franchises. In order to do so successfully, franchisors need to consider these tried-and-true traits in deciding whether the relationship will be mutually beneficial for both parties. It’s the brand and the concept that will suffer otherwise.
Robert Stidham is president of Franchise Dynamics, a full-service franchise sales outsourcing firm. Based in Chicago, Franchise Dynamics currently represents a number of emerging to large-sized franchisors in a wide variety of categories throughout the United States and worldwide.