Evaluate Franchise Prospects Using These Success Traits
by Ed Teixeira
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
- 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
- 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 email@example.com