TES Insights

Time Wasted or Time Well Spent? 3 Ways to Invest Time to Find Your Next Top-Performing Franchisee

franchise candidates finding the right franchisees franchise development

When it comes to money, we approach spending and investing very differently. The way we view the time spent with franchise candidates mirrors our perspective of whether we are spending time with the candidate or investing time with them.

We associate spending money with instant gratification. Impulse spending occurs when we feel pressure to take advantage of that Limited Time Offer, and very often leads to buyer’s regret. When we invest, however, we don’t expect to see a return on our investment for a much longer period, but we know that it will be well worth it in the end.

We brace ourselves for the slow game, but we are also confident that the overall ROI will be exponentially greater.

Investing time in the right franchisees is necessary to create possibilities that didn’t exist before. The moment we notice ourselves saying “I don’t have time to spend on this individual!” is the exact moment to flip our perspective 180 degrees. It can feel counterintuitive to put this into action, however, so here are some practical, tried and true ways to do this:

Lead with education.

The candidate is probably curious to learn more about your brand, but they don’t know what they don’t know.

Keep in mind that they are probably exploring an industry, business model, and service or product that they have never thought of before or even knew existed, and it will realistically take time for them to really understand the in’s and out’s, and get excited about the brand. You know that your brand is awesome, give the candidate time to realize that too!

While this may take more time up front, it will be pay off in the long run when the candidate becomes a die-hard, raving fan as a franchisee.

 

Allow the candidate to feel in control of their own schedule.

This may seem counterproductive, but this just means we understand that the candidate has other things going on in their personal and professional lives. Instead of asking them to work within a fixed timeline or date range, ask them when they would like you to follow up with them. This will allow them to move forward at a pace that works for them and will send a strong message that “You have their back!”

 People may not have the luxury of dropping everything to focus on taking ownership of their future – many are still working in a job and juggling personal and family responsibilities while simultaneously being committed to taking ownership of their future.

Giving the candidate space to do so will help them build trust in you, and ultimately, in your brand when they are ready to invest.

 

Don’t ask the candidate to make an immediate decision.

Mature franchisors will tell you they learned the cost of awarding a franchise too soon to the wrong person the hard way – too little, too late.

You wouldn’t ask someone to marry you before they fell in love, and you wouldn’t ask someone to put a down payment on a house they’d only seen the exterior of. Asking someone to invest in your franchise before they’ve taken the time necessary to make a choice with eyes wide open is just as ludicrous, and even more risky.

Take the pressure off the candidate to make a decision in a predetermined time frame. There is a good chance your next top performer is ready to move forward in twelve months, not six.

In our own organization, a franchise candidate fell in love very quickly with the brand and mission, but she wanted to stay at her current job through the end of the year so to be able to take advantage of the retirement package. When she officially became a Career Ownership Coach™ almost a full year later, she started generating revenue in record-breaking time, and continues to be a strong performer and advocate for a brand and mission she passionately believes in. We would never have had the privilege of working with her if we put an expiration date on our conversation.

Waiting for the right franchisee might feel uncomfortable and counterintuitive at first, but it will feel very short in comparison to bringing the wrong franchisee in too soon. Time flies when you’re having fun, but every minute feels like an eternity when we’re not in harmony with the people we’re spending time with.

The good news is we can choose who we spend time with, and sometimes all it takes is investing a little extra time up front. Thank You are on your way to the Future Of Franchising

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