The eternal question: “How do I find the right franchisee?” In my opinion, this is no different than trying to find the “perfect” employee. Either way you are taking a chance; the difference is how well you target franchise candidates and interview the person. You will be surprised that many franchise systems have brought on what they first considered to be weak franchisees and yet they have turned out to be stellar business owners. Is there a magic formula? NOPE.
Every franchisor wants the magic formula to profile the ideal franchise candidates (learn some tips on how to find ideal franchisees). In some cases it is easier to identify the right franchisee. Especially if the franchise requires a professional or specialized license (more on franchising a business that requires a license). Now the field of franchise candidates is narrowed down. For example, let’s say that you own a real estate business that has a very unique way for licensed real estate agents to capture listings (as we all know in the real estate game it is all about listings). So when you are ready to offer franchise opportunities it is likely that you will be targeting real estate brokers, mortgage brokers and attorneys. In this example your unique selling proposition will not only attract such professionals, but will make your model “conversion friendly”. Meaning that existing businesses can easily convert to your franchise model.
Don’t be fooled, it will still take work to market and find franchise candidates, however this makes it easier to target your franchise candidates (see how you can market for franchisees). If you are able to identify businesses that can easily adopt your way of doing business or complement their existing operations with your “unique selling proposition” that will make the process of targeting franchise candidates easier.
So if you are thinking of franchising, ask yourself “Is my business model conversion friendly?” If you’re not sure call The Franchise Maker directly at 1-877-615-5177 and let’s talk about it. You can also send us your information. We will be more than happy to talk with you about franchising your business and whether or not a conversion model may make sense for you.
