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Qualities to Look for in a Franchisor
Written by: Michael HemenwayArticle Overview: The franchisor is the person who helps you to succeed as a franchisee. So, look for leadership qualities, experience and integrity while searching for a franchisor.
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Qualities to Look for in a Franchisor
Your franchisor is one of the biggest factors that determines your success as a franchisee. If the franchisor is not proficient enough, no amount of hard work or money can bring you the franchising glory you crave for. So, when you are looking for a successful franchising business in your chosen category, these are the qualities that you should look into before finalizing any one franchisor.
• First and foremost, take a look at the history of the franchisor. See how many years of business experience he has. Try to know the exact number of years he was into this business before starting the franchising chain, because you need to consider the amount of business experience it has.
• Know about his leadership qualities by looking into the relationship between the franchisor and existing franchisees. If you hear some incidents where the franchisees have joined hands against the franchisor, then it’s better to stay away from the franchisor.
• The franchisor is supposed to have a clear-cut vision regarding where he wants to see the company and his franchisees five years from now. A franchisee cannot develop until the parent company grows, so a franchisor with unambiguous vision is quite an important criterion.
• The franchisor must always uphold the integrity and goodwill of the company name. Franchising business sells on the brand-name of the franchisor, so it has to be maintained at any cost. The franchisor should not do anything that can tarnish the image of the company. Hence, having professional integrity is essential for a franchisor.
• The franchisor is required to know the tricks of guiding the company through hard times. He must know the proper ways of boosting up the sales in time of economic depression. Moreover, he ought to learn how to gauge the market mood and change the operation accordingly.
• An ideal franchisor always tries to listen to his franchisees. The success of one depends on the other; hence, the franchisor needs to take the franchisees into confidence while making every major decision. Moreover, a franchisor with excellent business-foresight is always welcome.
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Article Tags: brand name, business experience, confidence, criterion, economic depression, exact number, franchisee, franchisees, franchising business, franchisor, goodwill, leadership qualities, market mood, money, parent company, professional integrity, relationship
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re: franchising mistakes
- Great list Michele. I would expand on the first point re: due diligence, to call and speak with a number of existing franchisees. In my experience, I am amazed at *some* folks lack of due diligence... It's as if they are set on the concept, and have no desire to hear other opinions.
While you may get a list of references from the Franchisor, it wouldn't hurt to call a few franchisees that are not on their approved list. You may be surprised at what you learn.
I can think of a handful of franchise offerings (very recognizable brands) that, upon deeper research, would reveal a darker side that would send me - and any other sane entrepreneur - running in the opposite direction. Yet there are people still buying into the franchise concept with a glazed look in their eyes.
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