At times, lead generation can take franchisors on an emotional rollercoaster ride. And, for good reason. Franchisors expend hundreds of dollars and craft targeted messaging in hopes of attracting quality leads that will ultimately become valuable assets to their system. However, the worst thing a franchisor could possibly do is let the excitement of a new lead overshadow the need for a thorough lead qualification process – especially in the start-up phase.
How can start-up franchisors be sure that they’re doing their due diligence in assessing a candidate’s financial feasibility and professional qualities? Franchise Dynamics recommends adding the following questions to any lead screening checklist:
How do you intend to fund your franchise? Though it may seem like a delicate topic, assessing a franchise lead’s financial viability is vital to the lead qualification process. The earlier you evaluate, the better. Consider asking potential franchisees about their net worth and liquid capital and request supporting documentation. Listen to his or her plan of action for long-term funding down to the last detail. Even an ideal candidate with a winning personality can only go so far without sufficient capital.
What do you like to do in your spare time? Putting our best foot forward is natural when trying to impress. When asked if they mind hard work, few will say, “Absolutely not. My time management skills are poor, and I’ve never met a single deadline.” In order to garner the most accurate idea of a franchise lead’s work ethic, ask a more nuanced question: “What do you do in your spare time?” If he or she is the type to go to work, head home to bed and repeat, you’ll have a clue of how motivated they really are.
Tell me about a time you inspired a change. There’s nothing wrong with presenting new ideas in a franchise system. In fact, some of the top franchise brands’ most popular items and offerings were invented by franchisees. However, the best franchisees seize creative opportunities while still honoring the franchisor’s ultimate authority in decision-making on all brand-related issues. Ask a franchise lead to describe a time he or she inspired a change, and listen to what motivated them and the process they followed to make it happen. In doing so, you’ll discover whether they are one to rock the boat and upset the franchise structure, or play well with others.
Qualifying a franchise lead is a dynamic process that requires the utmost time and attention. By listening carefully and asking thoughtful questions, a franchisor can potentially reveal red flags early on in the process, saving precious time that is best spent engaging five-star franchise leads.
Looking to connect with the experts in FSO? Contact our team to learn about how Franchise Dynamics can help you attract and engage quality franchise leads.