Advisory Aug, 28 2009

Finding the right franchisee

Prospective franchisors may have a hard time when they are planning to expand their successful business as looking for a capable franchisee is not an easy job. Here are some probable mediums which can help the franchisors in their search for franchisees..

By Abha Garyali
Sub Editor
Finding the right franchisee

Once the franchisor decides on franchising than the next step will be to search for a prospective franchisee who can help the franchisor in achieving great heights. For an entrepreneur who is new to the road of franchising can commit a mistake by signing the franchise agreement with a franchisee without being assured of the franchisee’s dedication and passion in eagerness of expanding the business. This hampers the expansion of the venture. Therefore eradicating this shortcoming has become a necessity for which this article is a must read! Given below are some mediums which can make the franchisor’s work easier:

Search on the websites Long back the search for franchising information was far more physical, time consuming and expensive. Today, information has become more accessible and search has become easier. At a click of a mouse, we can log on to new websites of franchising, rapidly explore and compare franchises. The process of searching for the ideal franchisee can be successfully done even sitting at home. Once you log on to the internet and punch in the key words related to franchising there will be numerous sites available which especially cater for the matchmaking between the ideal franchisors and franchisees. You can surf all these websites that will help you get in contact with your aspiring franchisees.

Advertising in newspapers: The age old system of advertising in newspapers is timeless and evergreen. Search for an apt franchisee can come to an end by publishing an advertisement in any business newspaper. Aspiring franchisees can come in contact with you through this trusted and tried medium.

Franchise trade shows: Another option of locating your franchisee is through the franchised trade shows. These trade shows provide a platform to those who want to expand their successful business through franchising and those who want to take a franchise of that business. One can meet a large number of interested and passionate entrepreneurs. This face to face meeting can help you in clarifying your doubts and taking a decision.

Franchise journals: A number of journals which are into franchising can also help you in searching for franchisees. In these magazines and journals there is a list of franchising companies with their contact numbers, e-mail ids etc. The potential franchisees mostly are in the habit of reading these journals. Finding your business franchise interesting they can come in contact with you on their own. Therefore make sure to enroll yourself in such franchising magazines.

Social networking sites: The last but certainly not the least is the social networking sites which can really be of assistance in your search for the ideal franchisees. There are a multiple networking sites like linkedin, facebook, Orkut etc through which the probable franchisees can come to know about your business and can contact you for the same. Therefore it is essential to make your account on such social networks and also do not forget to keep updating as well so that the entrepreneurs become aware of your expansion. Through these sites the franchisors can also come to know about the many likely franchisees.

It is said that a best franchisee is one who is willing to operate within the guidelines of the established business model and is also effective at leading a team and making right decisions to further expand the business. Before looking for a franchisee we should also keep in mind and look for a specific category of people who are from a specific professional background. The military is one such profession. An ex-serviceman can be your ideal choice for a franchisee as there are some attributes which are needed in the franchisee. These may be decisiveness, perseverance, able to manage things, maintain a code of conduct etc. These skills are taught and inculcated in servicemen, thereby making them perfect franchisee material. If you know any ex-serviceman who is also interested in business, he may be one of your successful franchisee. All the best for your search!!

Related: How can a wellness franchisor safeguard its brand from dilution?

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