What is involved in developing and marketing a franchise to potential franchisees?
This is an excellent question because actual practice tells the difference between a well thought out offering and one that is merely in the business of franchising to create bigger numbers.
Many years ago I applied the word “profiling” to the marketing of franchises, and at the time I meant, as I still do today, that the franchisor should seek out a particular type of person for its opportunity. That person should represent the type of business being sold in terms of personality, not just have pockets deep enough to afford the cost of entry. Unfortunately, the concept is rarely applied even though the term “profiling” is tossed around often, but carelessly.
The truth is that, “if you can afford a franchise, it will normally be awarded to you”. This is bad business, but then again, my franchise industry is filled with holes just like most things in life.