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 Corporate America for 30 or 40 years to culminate our careers with gold watches and the security of retirement plans and a strong Social Security system. Unemployment rates have continued to rise in the last few years and layoffs and retrenchments have become the reality for more and more people.  Adding to these economic woes, the decline in the stock market has drained most people’s savings; and, the real estate crisis has eroded their greatest asset, in some cases leaving them owing more in their homes than they are worth. 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 realized that their only option is to take their destinies in their own hands. They have become proactive and no longer rely on Corporate America 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 into something they control.   The growing distrust of those in control of the financial markets has evolved into a renewed confidence in their own ability to generate higher returns than leaving their financial future in the hands of others.

The current economy has certainly redefined the term “job security.” 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 beenmore 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. You need to learn how to improve your ability to “coach” individuals through the natural fear that occurs in our current environment.

  • 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 start the discussion about funding a franchise much earlier in the process. You MUST stop selling franchises and start awarding them.