I was invited to host a number of round tables last week for the British Franchise Association, specifically to discuss the use of profiling in franchisee selection, and the support given to a franchisee once they have made their investment.
I was surprised that the vast majority of franchisors do not use any kind of profiling process when they are selecting franchisees. This is obviously missing a trick. Profiling enables both franchisor and franchisee to see if they are matched to the business, based on the profile of an ideal franchisee. It shows the skills and character traits that are need for success. Without profiling, franchisee and franchisor are really just taking a punt, hoping they will be right for each other, but facing the consequences down the line if they aren’t – worst case scenario being that they are ill matched and the relationship must end. At Jasper’s, profiling has helped us establish what we need in franchisees – highly capable, motivated, positive people (ideally a partnership) with strong sales skills.
When hosting the round tables I was also surprised to discover that most franchisors do not consider offering any structured emotional support once a franchisee has invested in their business. It is a fact that once you become a business owner, stress levels shoot up. This is to be expected – suddenly, after the excitement of investing in your own business, it’s down to you to lead it, run it and make it a success.
But once you get to the point where you embrace and accept this responsibility you can enjoy all the positives that come with it – not least that you no longer have a boss! And, an ongoing basis, you can enjoy the increased freedom you feel and the increased wealth you will gain in the long run. I don’t believe it is fair or productive to expect someone from outside of franchising to acquire all the knowledge they need and manage their emotions over the short and transitional period of setting up in business. That’s why I am passionate about including the support of a professional high performance coach to help every franchisee who joins our network. Franchisees tell me the support has been invaluable in keeping them focused, confident and motivated.
So when you explore the world of franchising start by asking the question – what support can you as a franchisor offer me? After all, the whole point of franchising is to have your own business but without feeling alone!
