For your franchise system to be successful, it has to be built on qualified and competent franchisees. Successful franchisees can help to promote your franchise brand while growing your network and increasing revenues, which are both key elements in attracting potential franchisees and help maintain the overall health of your franchise system.
There are various ways to attract franchise prospects, including figuring out which advertising mediums and messages resonate with the right candidates. It`s important that the quality of franchisee prospects is suitable for your franchise, which means your success as a franchisor is determined largely on qualifying, evaluating and selecting the right people to fit your business.
Here are some tips that will help you select franchisees that are qualified to join your system and competent enough to launch a successful franchise and further build on your brand:
By following these tips franchisors can minimize the risk of granting a franchise to the wrong candidate and instead increase the success rate for new franchisees.
New York Times investigation into the use of questionable practices by one its Franchise Development Agents that culminated in the agent acquiring two of a franchisees Subway stores.
Multi-unit franchising grows in popularity, in the Quick Serve Restaurant sector, this model continues to expand into other franchise sectors in popularity.
Detailed studies on emerging franchise success rates, errors in Item 20 disclosure and sector performance, Franchise Grade’s reports help you.
New franchise growth is the top priority for emerging franchise brands. Many of these franchises have an obstacle on the road to more franchise locations.