As a business owner, you know your company inside and out. You’ve recounted the brand’s history more times than you can count. You know what it took to finally reach the point where you could franchise. The financial status of the company is always top of mind, and you have goals and projections for your business ranging from the coming months to the next 10 years.
But how much do you know about one of your most important assets – your franchisees? It’s not uncommon to know who your top-performing and lower-performing franchisees are in your franchise system. After all, a consistently underperforming franchisee can be costly and is most likely on your radar.
Knowing and truly understanding “who” your best franchisees are, however, are two very different things. In other words, what qualities do your top-performing franchisees possess that make them ideal for your business? And conversely, why is it that certain franchisees require constant training and ongoing support over others?
Below we’ve outlined three things to consider with regards to identifying your best franchisee candidates.
In other words, if I know who my ideal candidate is, with online marketing I can better segment my audience so my message is targeted, relevant and timely. For traditional media, I can select the outlets that I know my ideal candidates read, listen and watch, ensuring my brand has a presence there. Or for tradeshows, be more selective as to where I present my brand so I’m actively targeting prospective candidates.
When you know where to find your ideal candidates, you can stop spending valuable resources placing your brand in the wrong places for recruiting the right people.
When a new franchisee fails or you experience a high rate of franchisee turnover, there is a cost to your system. Those franchisees that are struggling require ongoing support – an additional cost to your system in the form of time and money. At the same time, candidates possessing those qualities making them a natural fit for your concept can help you achieve:
- Quicker ramp-up
- Greater franchisee retention
- A reduced cost to acquire, train and support
Overall, bringing on high-performing candidates can lead to increased profitability and value across your entire system. This is a result that is built one franchisee at a time.
Understanding rather than simply knowing who your ideal franchisee candidate is can pay dividends by way of the success and strength of your franchise system. If you’re interested in learning more about how Proven Match can help you get started in assessing for your franchise’s success, contact us today.