a result, she says, as many as the
chain usually sees in a year.
At HomeVestors, the company
att racts media attention by holding
house of the contests
and giveaways of fi xed-up homes to
deserving persons such as veterans, says co-president David Hicks.
Whenever the company enters a
new market and those Buy
Ugly signs go up, articles
and TV coverage usually follow,
as newcomers to the brand seek
to understand behind the
One important way you can
stand out from the pack and attract better franchisees is with
strong fi nancials. Strive for higher
profit margins or a faster return on
investment than other franchise
chains in your sector, says John
Reynolds, president of the Inter-
Educational Foundation. He recommends reading FDDs
and analyzing their profit margins
and fee structure.
need to understand what
the marketplace is he
says, then make those franchisees a better
6. READY TO BE IN A
When you have a successful business, already mastered the
art of, say, making pizza or how to
efficiently do taxes.
As a franchisor, in a new
business of making your franchise owners successful, notes Reynolds. You
need to help those owners grow
sales. nothing in common between fl ipping burgers and
a clear winner in
the mosquito bite
supporting franchisees who fl ip
You can make your new role
easier by choosing franchisees who
are a good fit for your organization.
want to take anyone as a
franchisee who you want
as a partner 10 years from
says Camp Bow Russell,
noting the term of a typical
Choosing early franchisees carefully is important, because critical that initial franchisees succeed,
Libava says. Most franchise buyers
want to talk to existing franchise
those fi rst owners need
to be happy and successful or your
dreamed-of franchise chain may
never get any traction.
Since your first franchisees
be able to talk to existing franchise
owners, need to sell them with
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