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Landing That First Franchisee

Written by: Michael Hemenway

Article Overview: For businesses wanting to get into franchising, finding the right first franchisee can feel like getting married. You've got to make sure your goals are compatible and that you like and respect each other. There are several other things that you should look for as well to make sure that you're in a long-term relationship

Landing That First Franchisee

Do you remember your first love? The period when you got to know each other over phone or through chatting? Then ultimately you went on a date and were at your impressive best (as was the other person!). Gradually, you started to understand whether you have common ground and how much adjustment each one of you was ready to make. Your relationship with your first franchisee will somehow be similar! When you are ready to franchise, you will advertise your product/concept in the market in order to attract potential franchisees. The promotional information outline of your franchising concept will certainly magnetize the interested candidates. Some may just glance around, but those genuinely concerned will make the all-important first phone call. That will start the relationship between you and your franchisee.

The first call is really important; how you answer it will determine whether the person will be further enticed or not. If you play your cards well, then the potential franchisee will ask for the UFOC and if he/she is further interested, then he/she will surely come down to your office for your “Discovery Day”. This is the very important “first date” and the franchisee is the one who will be in the driver’s seat. That does not mean you won’t do any digging; you are required to find out whether that person is suited to be your franchisee or not. After this vital step is over, you will know for sure whether the person will remain just a “potential” franchisee or become one of your team members. After the formal signing up happens, you start your journey as a franchisor.

The first few months will be spent in training the new franchisee regarding the operational processes of your business. Then you can assist him/her in the grand-opening and before you know, he/she will settle in a daily routine. You should also keep in touch with him through regular correspondence either through mails or over the phone. You are supposed to go for periodic visits as well. Make sure that someone from your company is there to address any kind of query from him/her. Soon, you will see that you have fallen into a mutually-beneficial pattern. In the meantime, you can search for new franchisees too and go through the same process all over again. For the next one to three years, your new franchisee will be a learner and after three to five years, he will transform into a skilled businessperson. Generally, from the sixth year onwards, your first franchisee will be your most mature one and a backbone to your entire operation. Moreover, the success will strengthen you as a franchisor and regulate the growth of your company.

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Article Tags: cards, common ground, correspondence, daily routine, discovery day, first date, first love, franchisee, franchisees, franchisor, grand opening, interested candidates, journey, operational processes, phone call, relationship, team members, ufoc



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