You have waited for a long time and invested a great deal of money in the process of franchising your business.
It is only natural that you are excited when you talk with people who are interested in your opportunity. But, be careful that your enthusiasm does not lead you to reveal too much about your business. Although it does not happen often, it is a sad reality that there are some people who want to steal your idea and have no intention to join your system.
Selling franchises, especially for a new franchisor, can be tricky. You need to find the balance between providing too much and not enough information. It is critical that you create and follow a systematic approach to your franchise sales process. Paranoia and over enthusiasm can both have the unpleasant consequences normally created by extremes. A system will keep these emotions in check.
People who want to steal your idea simply do not see value in what you offer as a franchisor. They normally have an overinflated ego and believe they can do your job better than you. This experience is more common for new franchisors whose brands are still building. Prospect with dubious intentions tend to be more entrepreneurial and probing in nature than most franchisees. They ask many questions and demand numerous details. Read on…