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Here is a standard delusion: There’s one “proper” franchise for aspiring franchise homeowners. As a franchise marketing consultant who has been within the recreation for greater than eight years, one of the vital essential issues I’ve realized about matching the “proper” candidate with the “proper” franchise is that there is no surefire equation for assured success at a particular model or idea.
Typically a candidate that matches a sure model in each single statistical class will reject an idea outright. Typically a candidate who’s hellbent on a sure model merely would not have the mandatory standards to tackle the funding. This difficult balancing act is the place I are available in and discover options for candidates and I’ve discovered that it is one of the vital rewarding and compelling components of my job.
So as an alternative of looking for the magic unicorn franchise to match a person, I flip the script. It is extra artwork than science. I deal with the person first. I’ve discovered that there are three tiers that largely decide profitable franchise/franchisee companies.
Tier 1: Laborious aims
Laborious aims are these absolute, no exception, gotta-have-it necessities. A very powerful one: the franchise proprietor’s position within the enterprise. Particularly, what’s going to the proprietor be doing on a day-to-day foundation, each on the offset and sooner or later. Will they be full-time? Half-time? Run day-to-day operations? Rent somebody to run day-to-day operations?
The trajectory of this position will weigh closely on the franchise model or idea in query. This determines whether or not the franchisee will be self-employed (solo, skilled and client-facing), an owner-operator (which means the proprietor can have each day, direct involvement), an government proprietor (each day, oblique involvement) or a semi-absentee proprietor (weekly, oblique involvement). Every of those fashions will rule out some franchises and embrace others.
Extra “arduous goal” questions to think about embrace figuring out what the potential franchisee qualifies for financially, which can differ from their precise price range. Whereas monetary qualification refers to what a lender or the franchisor believes the franchisee can afford, the price range displays what the person is personally prepared or capable of make investments. These two numbers typically align however should not at all times the identical.
Moreover, it is essential to look at geographical territory availability. A candidate may be an excellent match for a model on paper, but when there is no accessible territory of their most popular market, the chance might not be viable.
Tier 2: Intangibles
Now for the “artwork” versus science. This second layer of standards breaks into the franchise proprietor’s traits, expertise and persona. There are a couple of essential classes inside this tier.
Abilities and Expertise: What’s the skilled background of the franchise proprietor? Have they got expertise in gross sales? Accounting? IT? Matching up the skillsets with the position of the proprietor inside that franchise makes a world of distinction.
One other intangible is their household scenario. What sort of time commitments might take time from the enterprise? Possibly a potential franchisee has six children and the weekends are jammed with actions.
Most of the results of enterprise possession on life are constructive — autonomy, flexibility, monetary safety, objective — however it’s essential for a enterprise proprietor to know that this enterprise won’t substitute a standard 9 to five. There will probably be weekend and night calls, emergencies and pressing wants that demand fast consideration. Your private {and professional} lives will intertwine. You’ll have extra flexibility, but additionally extra accountability.
Present Job Flexibility: Does the position a franchisee is presently in enable for a enterprise name in the midst of the day? I get the query on a regular basis: can I personal a franchise and hold my day job? Finally, it depends upon your day job. There isn’t any such factor as a very absentee franchise proprietor, particularly to start with. A franchise, like several new enterprise, is a number of work. Realistically, a franchisee must have time flexibility to have the ability to handle this new enterprise enterprise.
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Tier 3: Esoteric Issues
Final on the checklist are esoteric issues that make a surprisingly sturdy affect on a franchisee’s motivation and talent to get behind a franchise idea or model. These items embrace (however should not restricted to):
Cultural Match: How the franchisee feels concerning the franchisor. Do they agree with their core values and principals? Do their communication kinds mesh? You need to consider a franchisor as what you are promoting accomplice.
English as a second language: This is usually a difficult one. Relying on the enterprise idea, it might be essential for a enterprise proprietor to have fluency, whereas different companies don’t require this.
“Ick elements.” I’ve labored with a number of franchisees over time and typically there are merely objections based mostly on “ick elements.” For instance, typically individuals simply cannot get behind soiled on a regular basis important companies, irrespective of how nicely that mannequin could match with their different standards. (Different frequent push again comes from issues like pet care, baby care, senior care, and so on.)
Usually, I ask individuals to rank these items to judge their expertise/abilities, curiosity, and aptitude. From right here, I can discover franchises that help the areas you might not be as sturdy in and bolster the areas the place you thrive.
On the finish of the day, these tiers should not unique in figuring out a franchise match. Nonetheless, in my expertise, as a rule, these tiers work as a framework to assist franchise candidates make well-informed choices based mostly on real looking and sincere reflection about their alternatives.
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Here is a standard delusion: There’s one “proper” franchise for aspiring franchise homeowners. As a franchise marketing consultant who has been within the recreation for greater than eight years, one of the vital essential issues I’ve realized about matching the “proper” candidate with the “proper” franchise is that there is no surefire equation for assured success at a particular model or idea.
Typically a candidate that matches a sure model in each single statistical class will reject an idea outright. Typically a candidate who’s hellbent on a sure model merely would not have the mandatory standards to tackle the funding. This difficult balancing act is the place I are available in and discover options for candidates and I’ve discovered that it is one of the vital rewarding and compelling components of my job.
So as an alternative of looking for the magic unicorn franchise to match a person, I flip the script. It is extra artwork than science. I deal with the person first. I’ve discovered that there are three tiers that largely decide profitable franchise/franchisee companies.
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