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Franchisors have many questions to ask you. Why do franchisors ask all these questions? Put simply, a franchise is a long-term commitment by both parties, and the franchisor wants to understand how well the applicant matches the franchisor’s notion of the ideal franchisee. As part of the initial screening process, an applicant can expect to receive questions that explore their educational background, their previous places of employment, their motivation for seeking a franchise, and their understanding of the franchise model, as well as questions that pertain to their character or personality. It is not uncommon for a franchisor to confirm these answers by requesting personal references.
Here are some questions you can expect.
1. Do you have a “curriculum vitae” ?
Summarizing your credentials or having a complete resume helps paint a picture of how well you match up with this particular franchise.
2. Have you ever been in this industry before?
Although it is not mandatory that you have been employed previously in a position within a particular industry with which you are considering a franchise, it is beneficial to have that experience. Not only will you know what to expect, but obtaining financing for your franchise will probably be easier, since you will have a more convincing case as to what you can bring to the table in successfully operating that type of business.
3. What is your net worth?
Quality franchisors are interested in more than whether the applicant can simply afford the initial franchise fee. They’re concerned with the applicant’s potential for long-term viability and success within their franchise system. Many factors go into deciding whether you fit their financial criteria. Knowing your net worth is just the first step in completing your financial picture.
4. Please take our questionnaire?
Franchisors may choose to include their questionnaire in their first response to your inquiries. They may want you to consider some of the issues involved in being a franchisee. This can cool down the dreamers. It is not a bad idea to ask other people who know you well to complete it too. Then the franchisee will have two perspectives on themselves. You might even want to discuss them with the franchisor in the interview stage.
You might get the questionnaire to complete in private or during a face-to-face interview with the franchisor. This allows the prospective franchisee to explore specific topics at the interview stage.
There’s even a chance that the questionnaire might not be broached until well after discussions have begun. This can be used to give both parties an additional check-up on their understanding of each other.
Some franchisors use this as a recruitment technique. Only a few well qualified prospects get through this reality check point. If you do, you are on your way.
5. How are these replies interpreted?
The point of filling out the questionnaire is so that both the franchisor and the franchisee can analyze your ability to be successful with this new business opportunity. Self-assessment allows the franchisee to see if they are a good match for this business opportunity.
Here are some of the questions you may find on a franchisor questionnaire. Each one matches up with the characteristics needed for that unique business opportunity. Often this type of questionnaire is accompanied with multiple choice responses like “very often”, “moderately so”, “not sure”, and “never”.
- To what degree can you cope with the isolation of self-employment?
- Can you exercise self-discipline?
- Are you willing to work long hours under pressure?
- How do you process learning from failures?
- Do you compete with self-imposed standards?
- How willing are you to make unpopular decisions?
- Can you resist impetuous or emotional behavior?
- Do you take a balanced view of events?
- What is your level of tolerance of uncertainty?
- How well do you accept advice?
- In what ways do you demonstrate support of spouse?
- Have you had an enterprising background?
- Are you success driven ? What is your motivation for success?
- What are you sales skills? Can you demonstrate sales skills to others?
- Are you receptive towards franchisors training?
- Are you growth oriented?
- Are you able to demonstrate a favorable attitude towards task delegation?
- Is this your long-term view of your future?
- Do you demonstrate the belief that individuals can ‘make things happen?
To find out more about Nardelli’s franchise opportunity, go to www.nardellis.com/franchise.html