Just as you're looking for the right franchise opportunity,
franchise companies are looking for prospective franchisees with
the best chance for success. Though not all franchises require the
same qualities in a franchisee, there are a number of attributes
common to successful franchisees--any good franchisor will look for
you to bring these to the table.
Here are attributes all franchise companies are seeking:
A Good Attitude. Do you have a positive and focused
attitude? Are you results-oriented and generally considered
wonderful to work with toward a common goal? Franchisors will be
watching you during the research and investigation phase to see if
you have this in you.
Content Continues Below
Smooth Operator. Successful franchisees are not "fly
by the seat of their pants" entrepreneurs. To catch the eye of
the franchisor, you must portray yourself as a careful operator who
wants a system of operation that tells you the best way to run the
business, avoid mistakes and reduce risks.
General Skills and Experience. Franchisors are looking
for franchisees who have developed common characteristics during
their prior business and life experiences, including strong
leadership skills, successful business experience and good
communication abilities. Since, as a franchisee, you'll be the
"boss" of your new business, these general
characteristics are considered vital for success.
Risk Aversion. Communicate to the franchisor that you are
risk averse and want whatever risk you assume to be as small and
controlled as possible. The franchisor is going to do everything
possible to eliminate the riverboat gamblers from consideration as
new franchisees.
Coachability. Look for opportunities to learn from others
in the franchise system. Constantly ask advice of the franchisor
support staff and other successful franchisees and follow the
advice you get. You must show the franchisor that you understand
you don't know all the answers and are willing to ask for help
when you need it.
Affinity for Effort. Do you have a willingness to do
whatever it takes to get the job done? This attitude will show in
your every action--as a franchisee, you'll be putting in long
hours and handling multiple tasks. No matter what franchise
you're interested in, you can be sure it's going to take a
lot of work to make it successful, and franchisors look for this
type of diligence.
Strong People Skills. You must have excellent
interpersonal skills and the ability to effectively interact with
employees and customers. You'll use these skills to create
loyalty, value and trust.
Adequate Capital. Franchisors want to know you have the
capital necessary to minimize the financial risk associated with
starting a new business. You may be required to source any required
financing prior to final approval as a franchisee.
Common Values. You should have a value system that fits
with that of the franchisor. This allows you to easily assimilate
into the culture of the organization in a productive manner.
And, by the way, here's one attribute franchisors don't
necessarily look for:
Specific Skills and Experience. It's a very common
misconception that specific skills and experience in the industry
are a desirable attribute. In reality, most franchisors consider
getting you to unlearn specific skills that don't match their
operating system much more difficult than just having you start
from scratch.
While these are certainly not all the attributes that franchise
companies want, it's a great list to start with. If, as you
read through these, you see yourself, chances are you'll be an
attractive prospect to the franchise companies you look into.
Jeff Elgin is the "Buying a Franchise" coach at
Entrepreneur.com and has almost 20 years of
experience in franchising, both as a franchisee and a senior
franchise company executive. He is currently the CEO of FranChoice Inc., a company that provides free
consulting to consumers looking for a franchise that best
matches their needs.