Are You Cut Out to Be a Franchisee?

You're doing your research to see what kind of franchise business opportunities are out there for you. Do you want to open Dunkin Donuts in the heart of Krispy Kreme country? Do you want to run a muffler shop? A nail salon? Whatever your dream, there is a defined process to follow if you want to open a franchise.

The application

You might think filling out a form is no big deal. But would-be franchisees should know that there's more to the application than meets the eye. Franchise companies use the application form as the first line of defense to separate the qualified from the clueless. Your application form makes the difference in whether they want to go into business with you or not. In addition to ordinary questions about your address, previous jobs, current salary, and available funds, the application lets the company evaluate your motivation to run your own business and your ability to be successful.

What does the franchiser want?

Franchise companies are looking for a "people person"-someone with good interpersonal skills. You'll need to be able to deal well with customers, employees, and the company's own upper management.

For the franchise company, collecting franchise fees is important but not their primary goal. They want to find people who can be successful. Well-run franchises that are owned and operated by qualified people with the right attitude create success for themselves and the company through increased market share, brand awareness, and ultimately profits.

Five attributes of highly successful franchisees

1. Are You a People Person?

Franchise companies can take a quick look at your background and determine if you're a people person. Retail experience, customer service, and working with the public on a regular basis would all be in your favor. Take advantage of the application process to highlight your experience and success in working with others: customers, clients, fellow employees, managers.

2. How Is Your Financial Status?

Franchise fees can run from run from a few thousand dollars into six figures. The franchise free is just the beginning. You'll also be paying for rent, advertising, marketing, design, hiring employees, etc. This doesn't mean you have to be rich in order to franchise, but you do have to show that you are solvent and able to raise the necessary cash to get started. The company will want to know about your current financial status, your financial history. A bankruptcy or other financial hardship might not mean you're ruled out for good, but it can hurt your application.

3. Are You a Self-Starter?

The application is your first chance to show the company your initiative. Let them know about your previous achievements. Were you employee of the month for a whole year? Do you have a dozen sales awards? Did you raise the most money at a charity telethon? Blow your own horn and show the company who you are and what you can do.

4. Can You Follow Directions?

It's very important for a franchise owner to stick to the plan, understand the company's directions, and carry them out. Use your description of previous job responsibilities to show that you have this ability.

5. Do You Believe in That Franchise?

Franchise companies are looking for people who want their franchise, not just a franchise. They want to know that you have done your homework and chosen their franchise because you believe in their product and their system. Look into the company, make inquiries, understand the business before you send in your application.

Stand out from the crowd

Take the time to be sure that your application will stand out in a positive way from the thousands of other applications the company receives. Even "small" things like neatness and good handwriting count. Take your time and answer questions thoughtfully. Use this opportunity to sell yourself-if you can do that, the company will be much more likely to believe in your ability to sell their product. That's what will put you on their team.