It’s a common misconception that buying a franchise is like buying a car. That providing you have the money and a driver’s licence, it’s yours. That is simply not the case with a franchise because it’s a commitment, typically over a minimum of five years to operate the business within the tramlines of the franchise agreement.
For that reason, most franchisors have a franchisor interview as one of the final stages before a franchise is awarded to an individual.
What is to be expected
The purpose of the franchisor interview is to ensure that the candidate is right for the franchise opportunity and has expectations that can be realistically achieved.
Don’t be surprised if you are asked about the following personal areas of your life:
Whilst it is a good indicator that there is a need to succeed, too much debt can become overwhelming, particularly when the franchise opportunity is yet to break even or reaches financial difficulties.
Some franchise opportunities are quite demanding on your time and a franchisor needs to ensure that the business won’t be negatively affected, nor will your home life, by the typical needs of the business.
Goals and expectations
The franchisor needs to assess that the candidate has sufficient drive and ambition to be able to move the business in the right direction, equally that their expectations can be met, if not exceeded.
Reasons for wanting to join
It’s good to understand the motivations for an individual wanting to join the franchise, whether it was the sector, area, brand or something entirely different. This is also a good opportunity for the franchisor to ask the individual what they intend to bring to the opportunity.
Whilst it’s good to know when an individual hopes to start, it’s also good to know when they want to exit. A franchise is not forever. Knowing this information up front can help to put plans in place for a smooth exit that is beneficial for all parties.
If you’d like to chat with us ahead of this point in your franchise journey, give us a call on 0116 275 9005 today.