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Evaluate Franchise Prospects Using These Success Traits

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Successful franchisees share certain traits. Armed with this information a franchisor could more effectively evaluate franchise candidates. 

Although there are various franchise opportunities that represent numerous industries there are certain characteristics and attributes that successful franchisees share. Franchisors should include these in their franchise candidate checklist when evaluating franchise candidates. In some cases a direct question is appropriate while in others an open ended question would be more effective. 

Here are the traits that successful franchisees share. 

  • Qualified for the Franchise Business- successful franchisees have a basic understanding of the franchise business. Whether itís a combination of matching business skills and experience to the franchise, these franchisees should be able to assimilate into the franchise operation quite easily. This one speaks for itself. 
  • Focus and Commitment- they are highly committed to the franchise and they focus on the important details of the franchise.  
  • Active Involvement in the Business- They intend to be actively involved in the franchise. Tend to expect to have a well-trained, competent and motivated staff. Whether the individual is purchasing a unit or multiple franchises they plan on being an active franchisee. Be wary of absentee owners. 
  • Awareness of Competition- they exhibit knowledge of their future competitors. If one were to call about their marketplace and competitors the successful franchisees have the answers. Those franchisees that are unaware of the market often find out after itís too late and after they are losing sales.
  • Knowledge of the Franchise Network- the more successful franchisees are interested and show concern for the overall success of the franchise network. Rather than having their head in the sand, these individuals find the time to learn how well the network is doing. Determine if the franchise candidate has contacted existing franchisees.  
  • Maintain Communications with the Franchisor- The successful franchisees find a way to maintain a dialog with the franchisor in good times and bad. Iíve experienced many situations when my most successful franchisees would make a point to ďstay in touchĒ. This is a reason why these same people are usually the ones who get called by their peers during troubled times. The other franchisees know that the more successful franchisees are, by their results and efforts, in touch with what is going on in the network. Use some open ended questions to determine if your prospective franchisee exhibits this trait. 
  • Leadership and Commitment to the Network- successful franchisees have a strong commitment and affinity to the franchise network. Regardless of the innate leadership skills these particular franchisees may have, their loyalty to the network causes them to rise to the occasion when necessary. This is an important trait of successful franchisees and identifying the leadership skills and experience of your franchise candidate could provide a look into the future.

During my franchise career Iíve observed certain attributes that successful franchisees share. When evaluating future franchisees including these attributes as part of the evaluation process can be an asset.

© 2013 FranchiseKnowHow, LLC

Ed Teixeira is the President of FranchiseKnowHow, LLC. He can be reached at franchiseknowhow@gmail.com

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