There’s more to buying a franchise than signing the franchise agreement and handing over the fee.
The franchisor will want to make sure you’re a good fit for their brand first. Each franchise has a profile of their ideal franchisee so you must furnish evidence that you meet their criteria.
The franchisor is selling you the rights to their business model and wants to be sure you’ll be a reliable custodian for their brand.
Once you’ve decided on a particular franchise system the franchisor will want to establish your credentials to run the business. Here are our three Ps to perfect your pitch.
Do your research on the franchise system and the industry in which it operates. Establish precisely what the franchisor expects from franchisees – in terms of character, skills
Research the franchise and industry – which you should do anyway as part of your due diligence – so you can demonstrate your commitment.
Secure funding and prepare evidence that you have the financial means to buy and sustain the franchise.
2. Practice makes perfect
It may feel awkward pitching in front of a mirror or friend/relative, but it’s absolutely the best preparation for a live interview or presentation.
Once you know your pitch inside and out, you’ll find it easier to come across as relaxed and confident – half the battle of selling yourself!
3. Present like a pro
While some accomplished interviewees have a natural flair for speaking well under scrutiny, for others it comes down to knowing their subject and being prepared.
Here are some tips for performing well during your interview and any preliminary phone calls – when the screening process effectively starts.
- Be specific about your skills and experience – and how they will benefit the franchise. But don’t oversell yourself: authenticity is key
- Have three or four main messages, with supporting evidence for each, that you can wield confidently without being repetitive
- Ask plenty of questions about the franchise – it shows that your interest is serious. Also quiz them about the industry, the competition, any misgivings you have about the franchise and opportunities as you see them
- Demonstrate that you understand how the system works and why you want to buy into it
- If you’re asked to do a presentation, go beyond death by Powerpoint and look at more interactive, design-driven tools like Prezi
- Dress to impress – an obvious one but worth
If your interview’s a success and both parties want to