Get approved for a franchise
Get approved for a franchise
When you approach a company to sign up for franchising with them, you may think all you need is to have enough money and the desire to work with them. However, having sufficient funds is not enough for the company. The company will want to discern if you can be successful for them. If you are serious about starting a franchise with them, you will have to deal with a lot of questions, discussions, and paperwork.
You should also think carefully about your own temperament. If you are very creative and entrepreneurial, most franchises are not going to be a good fit for you. It is important to them that you follow their system. Their system has been successful, so they expect you to be willing to work with it rather than doing your own thing. You will have to sacrifice some control if you want to be approved for a franchise. They want to maintain consistency among their locations, and if you think about businesses which are franchised, any given location will follow the guidelines set up by the franchisor. If you do not follow their guidelines closely, particularly in cases where the company has almost complete control, like many fast food restaurants, you will be in trouble.
What do franchisors want from a candidate? Several things are important, including personality, funding, and skills and experience.
Personality is something the franchisor will assess when they ask you questions and meet with you. Franchisors do want you to be somewhat entrepreneurial, but you need to be able to follow their guidelines, to ensure their formula for success. They also care about your personality in general; they want to know that you are committed and confident about working with them.
Funding is probably the most obvious and significant part of the equation. When signing up with a franchisor, you need to have your finances in order and be able to tell them what your net worth is and how much liquidity (assets you can convert into cash relatively quickly) you have. Borrowing money from a bank is more difficult than you might think, even if your credit is good. More importantly, it is considerably less appealing to a franchisor than having the cash yourself.
Finally, as with any job, your experience and skills matter. Franchisors want to see that you have management experience and the ability to market your business. They also want to make sure that you can handle the schedule that running your own business entails, which is much more work than the 9 to 5 job that most of us are accustomed to.
Get approved for a franchise - To learn more about this author, visit Sebastien Page's Website.
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So, you’ve decided to start a franchise. What now? Once you have made that big leap, it is important to figure out if you and the company are a good fit. Like any job interviewing process, you have to find out if the company fits your needs. More importantly for the approval process, you need to meet their guidelines to be a franchise owner. Otherwise, it doesn’t matter how much you like the company – they are in the driver’s seat, and they have to decide if they think you are compatible with their philosophy.
When you approach a company to sign up for franchising with them, you may think all you need is to have enough money and the desire to work with them. However, having sufficient funds is not enough for the company. The company will want to discern if you can be successful for them. If you are serious about starting a franchise with them, you will have to deal with a lot of questions, discussions, and paperwork.
You should also think carefully about your own temperament. If you are very creative and entrepreneurial, most franchises are not going to be a good fit for you. It is important to them that you follow their system. Their system has been successful, so they expect you to be willing to work with it rather than doing your own thing. You will have to sacrifice some control if you want to be approved for a franchise. They want to maintain consistency among their locations, and if you think about businesses which are franchised, any given location will follow the guidelines set up by the franchisor. If you do not follow their guidelines closely, particularly in cases where the company has almost complete control, like many fast food restaurants, you will be in trouble.
What do franchisors want from a candidate? Several things are important, including personality, funding, and skills and experience.
Personality is something the franchisor will assess when they ask you questions and meet with you. Franchisors do want you to be somewhat entrepreneurial, but you need to be able to follow their guidelines, to ensure their formula for success. They also care about your personality in general; they want to know that you are committed and confident about working with them.
Funding is probably the most obvious and significant part of the equation. When signing up with a franchisor, you need to have your finances in order and be able to tell them what your net worth is and how much liquidity (assets you can convert into cash relatively quickly) you have. Borrowing money from a bank is more difficult than you might think, even if your credit is good. More importantly, it is considerably less appealing to a franchisor than having the cash yourself.
Finally, as with any job, your experience and skills matter. Franchisors want to see that you have management experience and the ability to market your business. They also want to make sure that you can handle the schedule that running your own business entails, which is much more work than the 9 to 5 job that most of us are accustomed to.
Get approved for a franchise - To learn more about this author, visit Sebastien Page's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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For an online Car Loan Calculator and finance for a cheap car loan. Get approved on car loans or car finance in Australia with cheap bank car loans and finding a car finance broker. Commercial car loans including business car finance and car lease. Car Loan Calculator has information on finance companies and getting the right cheap car loan from banks at best car loan rates and a online car loan calculator for all finance in Australia. Get the best car finance with our help at Car Loan Calculator and Finance Ezi. - Visit Richard Jefferies's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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