For years I’ve been reading articles about franchisors’ desire to select franchisees that are not too entrepreneurial. Recruiting business people, who are interdependent rather than independent. Of course, there is some truth to this notion, but overall, franchising requires that franchisor and franchisee work together as a team. In this context, the concepts of entrepreneurship and franchising complement each other nicely.
The franchisor is expected to provide the proven business model, trademark, marketing image, branding, and systems. The franchisees are expected to provide intimate knowledge of their specific region, strong marketing efforts, and a â€œfollow the rulesâ€ mentality. But for most prospective franchisees to take the leap into business ownership, they also need to develop an entrepreneurial spirit.
Consider a prospect from my own experience in franchise sales. This prospect was well qualified in many ways to take on franchise ownership. There was only one problem: He had a really hard time making the decision about whether to buy into the opportunity.
Let me set the stage. He had done a thorough job of due diligence. He had reviewed the franchise disclosure document, or FDD, with his attorney and his spouse. He had created a list of questions for franchisees of the system, asked his questions, and received responses.
He had even visited two or three of these franchisees, getting a real-life feel for the workings of the business and the pluses and minuses of the franchise system. Yet he felt unable to come to a decision. As I guided him through this decision-making process, I finally said this… read on.
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