- Front Page
- Biz Tools
The Franchise Owner's most trusted news source
Far too often the responsibility for matching the right franchise prospect to the most appropriate franchise falls upon the prospect. Franchisors have a significant responsibility to take those steps necessary to ensure that they grant franchises to those with the highest probability for success.
A key ingredient for a successful franchise system is qualified and competent franchisees. Quality franchisees promote the franchise brand; add vitality to the network and increase franchise revenues and market penetration. However, it’s easier said than done.
A great deal has been said about the various ways to attract franchise prospects, including; what advertising work best and how to sell more franchises. Not enough has been said about how to qualify, evaluate and select the right people to fit a specific franchise. Here are some tips to follow for selecting new franchisees that are both qualified and competent to successfully operate your franchise:
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.
About the Author: Ed Teixeira has over 35 years of franchise industry experience as a franchise executive and franchisee. He has served as a franchise executive in the c-store, manufacturing and home healthcare industries and has licensed franchises in Asia, Europe and South America. Ed operates FranchiseKnowHow which provides information and advice to prospective and existing franchisees and franchisors. He publishes newsletters for the franchise community.