The New Breed of Franchise Candidates – Who Are They?

The new career economy is much different than what our parents’ generation experienced.

Long gone is the era of working for a corporate company in South Africa for 30 or 40 years to culminate our careers with gold watches and the security of retirement plans. Unemployment rates have continued to rise in the last few years and layoffs and retrenchments have become the reality for more and more people. Just like nature evolves due to conditions in the environment, this grim economic landscape has given birth to a New Breed of Franchisee Candidates.

Many people have realised that their only option is to take their destinies in their own hands. They have become proactive and no longer rely on corporate South Africa for their financial security. They no longer trust the reactive investment market and are now becoming more proactive in finding ways to take control of their economic future.. These are savvy and educated individuals who have reached a point of frustration with the current economy that makes them willing to be more self-reliant. Tired of the ups and downs of the stock market, this New Breed of Candidate is looking to diversify their investments away from the reactive stock market and into proactive business ownership. Owning a franchise looks better to them today than it ever did in the past.

Yet, these challenging economic conditions add fear to an already frightening process. Making important economic decisions during these uncertain times creates anxiety even in those individuals who habitually have been more risk tolerant; and of course, it increases the hesitancy of people in general. Traditional sales tactics and processes that put pressure on candidates to make decisions and move the process along are a sure bet to backfire. This New Breed of Candidates demands a different experience.

If you want to award franchises during this economic environment the pertinent questions are:

Are you structured to attract this new Breed of Candidate?

The New Breed of Candidates wants more control over their lives. They are willing to take responsibility and educate themselves. If you are not using technology to streamline your franchise award process, you will never be able to attract these individuals.

Are you using the same franchise sales process you’ve used for more than a decade?

If you haven’t changed your franchise awarding process to address the fear-gripping emotions of the current economic landscape you won’t be able to engage the New Breed of Candidates. Processes that worked in the past have become totally obsolete.

What do you need to do differently to create the different experience that the new breed of candidate demands?

You need to understand the consequences of the economic environment in which we live. You need to learn to understand the New Breed of Candidates, their needs and expectations. You need to forget what worked in the past and seek new strategies that leverage technology to educated candidates. You need to find ways to remove the barriers created by the lack of funding and coach your candidates through financial pre-qualifications.

You MUST stop selling franchises and start awarding them.