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Are You a Potential Franchisee

Written by: Sebastien Page

Article Overview: If you are considering buying a franchise, you have probably done a great deal of research into the companies you might want to sign up with.

Are You a Potential Franchisee

If you are considering buying a franchise, you have probably done a great deal of research into the companies you might want to sign up with. What you may not have considered is that those companies are going to be evaluating you as closely as you have evaluated them. They are looking for specific qualities that they think will make a successful franchisee. You have to do more than simply expand their business for them; you need to be able to successfully represent and manage their brand, and they will try to evaluate you to figure out if you are capable of that.

What do franchisors look for? First and foremost, you must be able to deal with people. They want you to be comfortable with people because you need to be able to deal with employee problems to ensure good customer service. Chances are, if they think you get along well with people in general, they will think you’re able to handle interpersonal management.

They also look for someone who is both an excellent leader and follower. This may seem a contradiction, but in franchising the nuance is very important. Of course, you must be able to manage and lead since you will be running your own business. But of equal importance, you must be able to follow the company’s guidelines and rules. Franchises are so successful because of their consistency of products and service. If you seem like you will not be able to follow the company’s rules consistently, the franchisor may think you will deviate from their consistent product.

As you may have read in your research about franchises, buying a franchise can be considerably less risky than starting an independent business for a variety of reasons. However, franchises can still fail or have tough times. A franchisor is looking for someone who can take on that risk and who will keep working hard even when things aren’t going well. This will improve the franchise’s chance of success.

Most importantly, the franchisor will be looking for someone who can finance the franchise. You absolutely must have enough capital and/or liquidity to support the franchise in its beginning stages; otherwise the franchisor will not give you a second look. The last thing a successful franchisor wants is a bankrupt franchise – this does not look good for the company.

Finally, you must be able to demonstrate to the franchisor that you have what it takes to be a successful franchise owner based on your past experiences and successes – your résumé is important to the company to know whether or not you will be able to successfully manage a franchise.

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Article Tags: buying a franchise, consistency, consistent product, contradiction, follower, franchisee, franchises, franchisor, good customer service, independent business, nuance, risk, running your own business, tough times



Related Forum Posts
Protecting IP - Dear BigJim 22 Sure as long as it is in the Franchise agreement... ie wht you are offering as Francisor and what their obligations are as Franchisee It is all in the agreement........ take care Ian
Your age? - Hi Nana, Have you voted? You can give your age group a boost. What is your Potential? On another forum I read of a 17 year old, who always earned some money. He washed cars and had regular repeat income. Eventually he gave it to his friend, then he did the newspaper round. Then he learnt about the Internet and games. Got fed up and began to learn programming. Eventually he earnd a good income and by the time he was your age, he earned beyond 100,000 Australian Dollars. Give yourself a vote. Kindest Regards Beat "Unlock People's Potentials!!"
Re: Cold Calling - In my experience the problem with hiring cold callers is that many of the successful candidates already realize that they have a talent for sales and are already working for themselves. Most of the candidates that would take a job cold calling most likely do not have solid selling or client service skills. I used to work for a brokerage firm in Victoria and we hired co-op students to cold call. In my opinion that was a mistake. Potential clients can sense inexperience very quickly and without a seasoned cold caller on your team prospecting will be very challenging.....the key is to find someone with skills that isn't already doing there own selling....tricky. Good luck Phil
Manufacture of POTATO Flour / POTATO Powder - Manufacture of POTATO Flour / POTATO Powder About Project Setting up of a unit for manufacture of potato powder About Product and its use: Potato powder is increasingly being used in a variety of food preparations like snack foods (Mc Donald, Pringle, Haldiram namkeens etc.), soups, curries and other dishes as a thickening agent. Its use at present is mainly in hotels, restaurants, but acceptance in household is growing due to its inclusion in items like ready to cook soups, dals, curries, etc. Market Potential: The potato powder is supplied in bulk to the manufacturers of the various snack food items and restaurants/ hotels. The major demand is in cities like Mumbai, Delhi , Chennai, Nagpur , etc. The demand is much more than the supply at present and is likely to grow with the increasing popularity of the snack foods and other items where potato powder is used as input. There is good potential for its export also. Production process and technology: Procurement of potato -> Washing -> Cooking -> Pulping -> Drum drying -> Potato Powder -> Packaging -> Marketing The plant and machinery can be used for producing other products like fruit powder, tomato powder, etc. Key risk factors: Availability of adequate quantity of suitable chip varieties, which are used for powder making (like Kufri Jyoti, Kufri Chipsona) is the major factor which could affect the project. Availability of alternatives to potato powder for thickening like tapioca, corn starch etc., could affect the market of potato powder adversely. However at present there is no problem Quality control and Statutory Requirements The unit need to obtain a licence under FPO 1955 from the Ministry of Food Processing Industry Clearance from State Pollution Control Board Capacity of processing raw material (potato): a) Indigenous technology - 32 MT/ day of potato for 90 days per annum. b) Imported technology - 96 MT/ day of potato for 90 days Capacity utilisation is assumed on 90 days basis as the storage facilities for these varieties are not commonly available. However, capacity utilisation can be increased if the existing cold storages are modified suitably with an additional investment of about Rs 2000/ MT. Potato powder recovery: 17% of the raw material. Cost of raw material (potato): Rs 2500 per MT, Sale price of powder: Rs. 55000/ MT. Manpower requirement: a) Indigenous technology: Skilled and trained - 2 Nos; Unskilled - 3 Nos b) Imported technology: Technical - 2 Nos; Skilled - 2 Nos; Semi-skilled - 3 Nos. Power requirement: a) Indigenous technology: 40 HP b) Imported technology: 60 HP Water requirement: a) Indigenous technology: 1,50,000 litres per day. b) Imported technology: 5,00,000 litres per day. Contact Us for FULL Project Report and Project Implementation Consultancy alphabeta24365@yahoo.com


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