If you are considering buying a franchise, you have probably done a great deal of research into the companies you might want to sign up with. What you may not have considered is that those companies are going to be evaluating you as closely as you have evaluated them. They are looking for specific qualities that they think will make a successful franchisee. You have to do more than simply expand their business for them; you need to be able to successfully represent and manage their brand, and they will try to evaluate you to figure out if you are capable of that.

What do franchisors look for? First and foremost, you must be able to deal with people. They want you to be comfortable with people because you need to be able to deal with employee problems to ensure good customer service. Chances are, if they think you get along well with people in general, they will think you're able to handle interpersonal management.

They also look for someone who is both an excellent leader and follower. This may seem a contradiction, but in franchising the nuance is very important. Of course, you must be able to manage and lead since you will be running your own business. But of equal importance, you must be able to follow the company's guidelines and rules. Franchises are so successful because of their consistency of products and service. If you seem like you will not be able to follow the company's rules consistently, the franchisor may think you will deviate from their consistent product. Franchisees that tend to deviate from the company guidelines are not as successful and can detract from the image of the company.

As you may have read in the research you have undoubtedly been conducting about franchises, buying a franchise can be considerably less risky than starting an independent business for a variety of reasons. However, franchises can still fail or have tough times. If the economy is in trouble, all local businesses will be affected, no matter how successful the franchise usually is. A franchisor is looking for someone who can take on that risk and who will keep working hard even when things aren't going well. This will improve the franchise's chance of success.

Most importantly, the franchisor will be looking for someone who can finance the franchise. You absolutely must have enough capital and/or liquidity to support the franchise in its beginning stages; otherwise the franchisor will not give you a second look. This can be financed through a bank, but getting a loan is certainly not a guarantee. The last thing a successful franchisor wants is a bankrupt franchise – this does not look good for the company.

Finally, you must be able to demonstrate to the franchisor that you have what it takes to be a successful franchise owner based on your past experiences and successes – your résumé is important to the company to know whether or not you will be able to successfully manage a franchise.