Frogs and Princes...
Recent NatWest/BFA surveys have suggested that the number of new people coming into the franchise industry – those who have never worked for a franchisor as an employee or as a franchisee – broadly equates to one new franchisee recruited per franchisor. Whilst that sounds good for the new franchisee, the problem is that most franchisors are looking to recruit nearly 10 times that number each year. The lack of suitable franchisees still continues to be a significant barrier to franchisors’ growth.
The success of the franchisor is inextricably linked with the success of the franchisee network and each year the quest to identify high calibre candidates to fill or refresh the network intensifies. As a franchisor you invest what seems like a disproportionate amount of time and resources to recruit the best candidates who will add significant value to the brand.
To recruit one franchisee, the figures speak for themselves:
- Approx £5k in advertising costs
- 100 enquiries to be sifted and short-listed for interview
- 10 initial interviews to meet candidates
- Further meetings to agree business plans & financing
- Signing the franchise agreement….at last!.
Now add to this the number of staff and their time to achieve just one new franchisee. But you want 10 franchisees each year!
We work with franchisors to implement more efficient and effective ways of recruiting high quality franchisees.