And how do you stay away from the bad deals and time wasters?
After working with thousands of franchises, here’s what I found.
There is a “formula” that you can use to get more ideal recruits. This formula lets you paint a clear picture of who to attract and avoid.
????Step 1- You’re sitting in a gold mine of data. Start digging.
Data is a great foundation for making smart decisions. If you’ve operated for at least 3 years, you should have data to know the following.
These are:
✔️The Performers
✔️Those Doing OK
✔️The “Never agains”
Few people immediately come to mind? Good.
Step 2. Identify key indicators based on the data you have
Pop open a spreadsheet and put in your list of current and past franchisees in the first column.
Then rate each Franchisee as A – Performers, B – Doing OK, and C – Never Again.
Then, fill in the data in the other column headings with traits that may be relevant.
Step 3. Connect the dots
After listing down the traits, look for clues. Which traits are common to Never Agains and performers?
Soon, you’ll start to see a pattern emerge for each of these groups.
And when you do, congratulations!????
You’ve found the qualifications of your ideal franchisee. ????