3 keys of a perfect franchise fit

Here is a common fiction: There is a “right” franchise for the franchise owners. As a franchise consultant who has been in the game for more than eight years, I have learned the most important thing about making the “right” candidate with the “right” franchise that has no definitive fire equality for the success of a specific brand or concept.

Sometimes a candidate who fits a particular brand in each statistical category will completely reject a concept. Sometimes a candidate who is hell on a particular brand does not have the standard for investing. This difficult balance process is the place where I come and find solutions for the candidates and I have noticed that it is one of the most beneficial and compelling parts of my job.

So instead of trying to find a unicorn franchise to meet an individual, I turn the script. This is more art than science. I first focus on the individual. I have found that there are three levels that determine the business of a large -scale franchise/franchise.

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Tire 1: Hard goals

Difficult goals are absolute, no discount, it has no needs. Most important: The role of the owner of the franchise in the business. Specifically, what will the owner do off the offset and in the future, on a daily basis. Will they be full time? Part Time? Drive daily actions? Rent someone to run daily operations?

The pace of this character will weigh a lot on the franchise brand or the concept of question. This determines whether the franchise is self -employed (solo, professional and client), a owner operator (which means the owner will join directly, directly), an executive owner (daily, indirect joining) or semi -arterial owner (weekly, indirectly joining). Each of these models will reject some franchises and add to others.

More “strict purpose” questions to consider include deciding what the potential franchise is financially qualified, which may be different from their original budget. Although financial ability means that a lender or franchisor believes the franchise can be tolerated, the budget reflects on what the individual is personally ready or able to invest. Both of these numbers are often aligned but are not always the same.

In addition, the availability of the geographical area is very important. A candidate may have an ideal fit for a brand on paper, but if there is no area available in their preferred market, the opportunity will not be viable.

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Tire 2: intangibles

Now for “art” vs science. This second layer of quality breaks into the properties, experience and personality of the owner of the franchise. There are some important categories within this level.

Skills and Experience: What is the franchise owner’s professional background? Do they have sales experience? Accounting? This? Competing the talent with the role of the owner within this franchise makes a world of difference.

Another incomprehensible is their family situation. What kind of promises can business take time? A potential franchise may have six children and is jammed with activities over the weekend.

Many effects of business ownership on life are positive – sovereignty, flexibility, financial protection, goal – but the business owner must understand that the project will not replace the traditional 9 to 5. Weekends and evening calls, emergency and urgent needs will be demanded, which demands immediate attention. Your personal and professional life will be found. You will have more flexibility, but also more responsibility.

Flexibility in current job: Does the role of a franchise currently allow for business call in the middle of the day? I get this question all the time: Can I own a franchise and have a job of my day? Finally, it depends on your day’s job. There is nothing like the owner of the absent franchise, especially in the beginning. Like a new business, the franchise is a lot of work. Really, a franchise needs the flexibility of time to handle this new business plan.

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Tire 3: inward things

The list is the last inward things that have a surprising impact on a franchise stimulation and the ability to go behind a franchise concept or brand. These things include (but are not limited to them):

Cultural Fit: How does the franchise feel about the franchisor? Do they agree with their basic values ​​and principals? Are their communications style mesh? You should think about a franchisor as your business partner.

English as a second language: This can be a difficult thing. Depending on a business concept, a business owner may have to flow, while other businesses do not need it.

“Eye factors.” I have worked with many franchises in the past years and sometimes there are only objections based on “IC factors”. For example, sometimes people cannot just go behind the dirty daily businesses, even if the model is in accordance with their other standards. (Other frequent push comes from things like stomach care, children’s care, senior care, etc.)

In general, I tell people to evaluate these things their experiences/skills, interests and qualifications. From here, I can find franchises that support areas in which you cannot be so strong and do not strengthen these areas where you develop.

At the end of the day, these levels are not special in determining a franchise fit. However, in my experience, more often, these level franchisees serve as a framework to help candidates make a well -informed decisions based on a realistic and honest reflection of their opportunities.

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