Finding the Right Franchisee
Posted on November 11, 2010 by My Franchise Law
As a franchisor, your first franchisees are an important part of your overall growth and success. You will want to choose these early partners carefully, so you can ensure that you will find the best fit for your company, and build thriving partnerships with people who will be in it for the long haul. So how do you find the best franchisees for your business? Here are a few tips to get you started.
- Consult with a franchise broker: Franchise brokers can be an invaluable resource when it comes to networking and attracting the right partners. They are often able to weed out unqualified candidates and recommend those that best mesh with your company profile. Some franchise brokers will even administer tests to the candidates to ensure their quality and ability.
- Media outlets: Advertise in newspapers, magazines and radio ads that you are seeking qualified candidates. By targeting specific publications that would appeal to your particular demographic, you will increase your chances of finding an acceptable candidate. Also provide franchise information, include as many details as possible about the franchise, and the necessary qualifications you will require of your candidates.
- Online: You can also advertise your franchise online, but carefully target your audience and only post in those places where you are likely to reach qualified candidates. Don’t post on job sites, but instead target sites that are directed towards entrepreneurs and small business investors. You may even wish to set up your own website advertising your franchise, so that investors can familiarize themselves with your company and the products and services you offer before they contact you. You can also summarize the minimum requirements you expect from your new franchisees, in regards to the franchise business opportunity.