Posted on: 30 January 2015
According to the latest NatWest bfa franchise survey, franchisee recruitment continues to be the single biggest ongoing challenge of the sector. When so much rests on the success of each franchisee, it’s vital that the right individuals are brought on board.
As a franchise recruiter, Sarah Carlile recommends five key qualifying criteria for franchisors to look out for when searching for suitable franchisees.
1. Finance – “Does the individual really have enough money to buy the franchise?” asks Sarah. And are they aware of the funding that is available to them through GrowthAccelerator and by way of bank loans?
2. Time – “On average it takes six months for someone to decide to buy a franchise,” explains Sarah. The person making a snap decision based solely on the prospectus is unlikely to have fully researched the opportunity and understood what will be required of them to make it a success.
3. Interest – how interested is the individual in the brand and the industry? “Passion for the product or service or knowledge of the sector will go a long way to growing the franchisee’s business as well as that of the franchisor,” says Sarah.
4. Motivation – “If an applicant is obviously only looking for something to do, then becoming a franchisee is unlikely to reap rewards,” says Sarah. If, however, they are obviously motivated in the same way as the franchisor, their venture is more likely to succeed long into the future.
5. The Specifics – “It’s amazing how many applicants for a man and a van franchisee don’t have a driving licence,” says Sarah. So it is important to ask the specific and sometimes obvious questions early on.
Use the content guide below to answer your franchising questions:
I'm considering franchising:
- The experts introduction to Franchising
- What is franchising?
- How big is the UK franchising market?
- What are the advantages and disadvantages of franchising?
- Does my business suit the business model?
- What do I need to consider when setting up the franchise?
- What are my options for funding a franchise?
- How do I recruit the right franchisees? (You are here)
- What are the advantages and disadvantages for the franchisee?
- Will I suit the franchise model?
- Where do I find franchise opportunities?
- How do I choose the right franchise business?
- What questions should I ask before buying?
- How can I finance becoming a franchisee?
- How do I make my franchise successful?
The information and tools contained in this guide are of a general informational nature and should not be relied upon as being suitable for any specific set of circumstances. We have used reasonable endeavours to ensure the accuracy and completeness of the contents but the information and tools do not constitute professional advice and must not be relied upon as such. To the extent permitted by law, we do not accept responsibility for any loss which may arise from reliance on the information or tools in our Knowledge Centre.