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Be Eligible For A Franchise

Franchises are not at all sold, they are accorded. In order to be felicitated with a franchise, a candidate must qualify – personally and financially. In fact, the process is, or should be far more involved than qualifying for a home mortgage, where the company is only concerned about your credit history and financial ability to make payments. A mortgage company doesn’t care if your working style is collaborative, if you are good at managing people, or if you are a team player. But a reputable franchise definitely does care about these characteristics. So much so, in fact, that a candidate who is only financially well-qualified is usually not accepted as a new franchisee.

Entrepreneurs “shop” for business opportunities, and much like buying pants, finding the right fit with a business should be an important objective. But that’s where the similarity ends. And problems arise when entrepreneurs fail to acknowledge the differences. One common problem: entrepreneurs sometimes see themselves as the buyer and the franchise as the seller. Be clear about one thing: you are not “buying” a business any more than a franchise is selling one. Franchises are not looking for customers or employees. They seek good business partners with whom they can achieve a long term and prosperous relationships. What franchises do look for are candidates with

(1) An entrepreneurial passion

(2) Confidence in their own abilities

(3) A collaborative working style

(4)  Skills that are transferable to successfully operate the business.

 

So overall, this process is a two-way street – where both parties evaluate each other openly and honestly.

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