Know How You Will Change the Game for Franchisors
Before you start conducting research and filling out application forms, you need to think of ways you’ll stand out amongst other franchisees.
Franchisors are looking for someone who can add value to their business. You need to be able to demonstrate exactly what you will bring to the table and how you would benefit the franchise. Think about:
A strong leader can transform a business. Be prepared to discuss how you plan to lead and back yourself up with examples where possible.
Think about how you will interact with your franchise team. Make sure you show how this would fit the franchisor’s brand values and how it would elevate them.
Don’t underestimate the importance of tackling tasks with realistic optimism. Show that you are confident in your ability to run a successful franchise.
Get stuck in, be present, and demonstrate your willingness to make a difference.
These skills and characteristics take time to develop, but they are important if you want to become a successful franchisee.
Of course, before you start the process of research, applications, and interviews, you need to be confident in your partnership and ensure you and the franchisor are the right fit for one another.
Choosing the Right Path
It’s always best to approach franchising deals with caution and ample preparation. Choosing the wrong franchisor or franchisee can spell disaster.
The ideal partnership consists of a strong brand that provides sufficient support and a franchisee that understands the business and can add value.
A franchisee that chooses a well-matched franchisor will receive the help they need to succeed and therefore have a greater chance of creating a franchise that flourishes.
This partnership is just as important for the franchisor as the franchisee. It is their brand name on the line. The company's reputation is at risk if the franchisor chooses the wrong franchisee.
It is vital that a franchisee understands the brand and can run the business according to those values so that brand impressions remain consistent and positive.
You know you need to choose your franchisor carefully, but how do you go about preparing for the process?
Where Should You Begin?
Before you even start sending out applications, you will need to conduct thorough research.
Familiarise yourself with the different opportunities in your area. And if you find any franchises that appeal, make sure you look into how they operate. Get to know their business model and consider how you would fit in and how you could add value.
It’s also important to attend franchise events. These will give you invaluable insights into the industry, showing which brands have opportunities and what experience they have. It will also give you a chance to investigate their reputation according to others operating in the industry. Some of the UK’s most popular events include:
You should also visit the franchise’s website. Where better to find essential information about the brand than on its website?
Invest in Experience
Experience is a two-way street when it comes to franchising. It will help you immensely if you choose a franchise brand that suits your personal experience.
Finding a brand that has experience setting up franchises and already has processes in place to support its franchisees will ensure that you begin your business on the right foot.
We also recommend consulting with a franchise expert before committing to anything. They will be able to offer invaluable advice and guidance to help you make the best decision for your business.
Prepare to Apply
Completing a franchise application can be a nerve-wracking experience. There are lots of aspects to consider, and you want to do everything in your power to ensure your success.
Submitting an application
Franchisors use applications to screen their prospects and determine which individuals have the qualifications and enthusiasm they desire.
You will usually find the application form you need to complete on the franchisor’s website.
The franchisor will want to know about your personal assets and liabilities to make sure you have the financial resources to run the firm in the event it falls into financial difficulties.
Aside from money, you'll be asked specific questions about your experience, education, history, and goals. These questions are intended to assist the franchisor in determining if you fit their profile.
In other words, they want to know if you're the type of individual who can operate a profitable business while still fitting into their franchise structure. Not only do they do this to preserve their brand, but they also do it to safeguard their existing franchisees.
Take your time going through the application and answer as succinctly as possible. If your application is successful, you will move on to the next stage of the process, interviews.
As with any interview, this will be your opportunity to leave a positive impression.
Prepare for the interview meticulously. Ensure you know everything about the franchise and business model. Consider what questions they might ask you and know what you can offer them. You should be able to tell them why should they pick you over other potential candidates.
It may help practice the information and answers you plan to share in the interview. Keep things to the point.
Dress appropriately for the occasion. You want to show franchisors that you take the opportunity seriously and first impressions matter.
Come to the interview on time, well dressed, and excellently prepared. Let franchisors see your commitment and build their trust in you from the first meeting.
Don’t forget your referrals
You will have listed referrals on your application, and presumably chosen individuals that you know will say great things about you. But don’t forget to let them know that you have listed them as a referral and prepare them to be contacted by the franchisor. This will ensure that your referrals give timely, well-thought-out, and relevant responses.
What Can You Expect From An Application?
Let's look at some franchisor examples to see how applications are done and what franchisors look for when selecting franchisees.
The McDonald’s application process typically takes between 3 and 6 months. They recommend that applicants attend a franchise event, go to an open day, or watch the brand's Webcast before beginning.
- The first official step is to submit an application.
- If your application is successful, you will be invited to interview. This will allow the McDonald’s representatives to get to know you better and affords you the chance to say why you would be a good fit for the brand and ask any questions you may have.
- Next, potential franchisees spend 5 days in a McDonald’s restaurant. Here applicants get to see an example of how things are run and can start thinking of how they might run theirs.
- After this, there will be a second interview. This interview will be conducted by the Head of franchising and regional VP.
- The last step of the process is a panel interview with three of McDonald’s Senior Vice Presidents.
Chosen applicants then move on to training, offer discussions, and the final handover.
Beyond proving sufficient financial funds to set up a franchise, successful applicants should demonstrate their commitment.
Experience in the restaurant industry helps, but more than that, applicants should be able to clearly state why they are a good fit for the brand and how they would run a McDonald’s restaurant of their own.
Those who want to become a Subway franchisee are asked to follow 10 steps.
- Request a brochure.
- Complete an application form.
- Meet the local Subway development team.
- Review relevant disclosure documents.
- Secure the necessary financing to open a store.
- Sign the Subway franchise agreement.
- Attend the training to become a Subway franchisee.
- Find a suitable location.
- And finally, open the store.
Subway selects candidates that are passionate about the brand. They look for those that already have the required financing and can prove their business acumen. They also prefer applicants who can motivate a team and show they are prepared to take a hands-on approach to running their franchise.
Opening up a franchise often requires significant up-front funding.
There are several funding options for those looking to become a franchisee. These include:
Are You Ready to Become a Franchisee?
Once you’ve taken the time to consider your options and have conducted some thorough research, it’s time to take the plunge.
While franchise applications can be intimidating, you have the tools you need to make yourself stand out and help franchisors see your value potential.
Once you have successfully applied to the franchise of your choice, you can begin the next stage of the journey, signing the agreement and opening a franchise store of your own.
Don’t hesitate to contact us for more information and assistance in pursuing your franchise dreams.