Like every franchise brand is different, so are the requirements of the franchisor, meaning that each one’s franchisee profile will vary according to the knowledge, skills and abilities required to operate the franchise. While you will be required to do your homework to determine what specifics your chosen franchisor requires, there are some attributes universally sought after by them:
- A franchisee who will follow the franchisor’s system
- A franchisee who will represent their brand in the best possible light
- A franchisee who has at least some knowledge of the industry in which the franchise operates
- A franchisee who has good understanding of the community that surrounds the potential franchise unit
- A franchisee who has basic business skills
- And importantly, a franchisee who is financially qualified.
Franchising is a two-way street, so a franchisor will want to be certain that the individual he or she is inviting to join the brand is a good fit, and you need to make sure you’re comfortable with the values and positioning of the brand. While you and the franchisor suss each other out, be sure to ask pertinent questions as this will give you important information about your potential investment as well as show your interest in the business.