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What Information Does the Franchisor Want About Me?
Written by: Ken HollowellArticle Overview: All Franchisors have requires as they profile the potential buyer. This article may help you understand some of those requirements.
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What Information Does the Franchisor Want About Me?
When you request more information on a franchise, or meet with a franchise consultant they will generally all want a great deal of information about you. Half of it can seem like a job application and the other half more like a bank loan, but try not to let it worry you as it's something we all have to do and for the most part, you will be dealing with professionals who respect your privacy.
Why does a franchise need all this information about me?
Easy. Not all franchises are for all people. In fact, owning a franchise period is not for everyone. All franchises are different and require different types of people to run them. Different personalities, skill sets, experience, goals and of course financial positions. Finding the right owners and operators is just as critical to a franchisor as choosing the right franchise is to you. Both parties are facing significant risks with each new franchise.
"But I'm the only one investing any money so I'm the only one taking a risk" - Not true!
While franchises do incur significant costs with each new franchise developed it is true that you the investor is the one that actually lays out most of the cash for your franchise but the success or failure of your franchise will have an impact on every other sister franchise across the country. With each transaction you are not only representing yourself and your franchise, but the entire brand and all it's franchises. If you receive bad service from a business that happens to be a franchise you generally assume that all of those franchises give the same level of service.
To this day there is a certain fast food restaurant that I won't set foot in based on 1 single experience from 1 meal in 1 single franchise. Because 1 of thousands of franchises failed to maintain a certain standard it has damaged the reputation of everyone of it's locations. Now that's a pretty strong example, but it demonstrates the point.
In addition to a customer's point of view, your success or failure with a given franchise will impact the overall perception of that franchise as a business opportunity. A franchise with many success stories sounds like a better investment than one with many stories of failure. It's important that franchises find people who resemble the types of people behind their successes.
So - when you start your franchise information research and quickly learn that most want as much information about you as you do they - don't be surprised and don't take it offensively. They just want to make sure they have the right fit and that you are someone who could potentially succeed with their particular unique system. When you do finally find your perfect franchise opportunity you will be grateful that they use the same scrutiny in developing future franchises to protect what is now, partly your brand.
Qualities to Look for in a Franchisor
Franchisee checklist - assessing the franchisor
The Ten Golden Rules
Before you Buy: How to Interview Franchisees to Get the Real Scoop
Evaluating the franchisor
Article Tags: franchise consultant, ken hollowell, our business, profran consultants
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- I agree with topeyinka, Information products(how to's) are whats selling right now.
Re: Quick Ways To Utilize SEO Effectively
- There are many different types of content: blog content, website content, newsletter content, audio & video content, the list can be endless. I'll just list 10 types of website content here:
* Index/Introduction
* Product Descriptions
* Testimonials
* Reviews
* Resources
* How-to Information
* Downloads
* Contact Information
* Navigation/Site Map
About/Company Info
Anchor text as the others have said is the hyperlinked words on a web page - the words you click on when you click a link.
Anchor text is important because it tells the search engines what the page is about. Used wisely, it boosts your rankings in search engines, especially in Google.If you use "click here" as the words people are going to click on, you're telling people the page is about the subject "click here", which is not the phrase you want to rank highly for, the text you need to use is a keyword that you have chosen for your website, blog or article.
Take care,
Carol
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.
Re: Get Improved Sales Optimization
- Great Information Jason!
As per the online business perspective, every user looking for relevant information and user friendly website structure. You can also provide 24hr customer support to make your customer reliable and easy.
New topics
- Thanks Evan. A Human Resources section would be great. Information and templates for hiring the right people, training, retention ( always an interesting an useful topic), conducting performance appraisals, information on discipline and documentation, conflict resolution, exit interview information, etc.
This would be really useful because most small companies don't have set HR guidelines/policies.
Thanks!
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