The Best Ways to Attract Profitable FranchiseesJune 22, 2007
First and foremost, prospective franchisees must already have some degree of knowledge of the franchise industry otherwise valuable franchisor time is wasted in explaining ‘wannabe’ business owners the logistics of a franchised business rather than the benefits of their specific franchise offering.
Identifying well prepared prospective franchisees is the first step in determining whether or not they are worth spending valuable time and resources on pursuing.
With this in mind, it is advisable to concentrate franchise advertising efforts towards on/offline channels which are designed specifically for franchisors. That way, franchisors should almost always attract a well-informed prospect.
Once a prospects knowledge level has been determined, franchisors must identify the driving forces behind their desire for a franchise. There are many reasons why individuals want a franchise but they all have one overriding reason; they are dissatisfied with their current situation. All prospective franchisees are looking for some kind of fulfilment, whether it is a change in career, daily routine, family life, relocation or just simply the desire to be their own boss.
When franchisors understand that every unique enquiry they deal with is from a dissatisfied candidate, their approach to them changes along with the chances of converting them.
I have seen many different types of ‘teaser and taster’ franchise information packs both good and not so good along with long winded and complicated ‘franchise steps’ and sales lead processes. Again, the overriding rule here is to keep it brief and keep it simple. Prospects need to be led, so don’t give too much away in the post, on the telephone or via email. To truly convince a prospect to part with their hard earned capital, YOU need them to want more information and you want them to experience it at first hand. A face to face meeting at your template franchise is the best way to achieve this (see my previous article on The Value of a Template Franchise).
Do YOU want them?
While it can sometimes seem a struggle to get those first few franchisees. Lessons can be taken from experienced franchisors who have reversed the mentally from pursuing every possible sales lead to considering whether those individuals are suited to their franchise. Much like a job interview process, these franchisors go through a selection process and only progress those key enquiries that truly fit the bill.
Some Do’s and Don’ts to Attract Profitable Franchisees
- Keep your offer simple and realistic
- Concentrate your advertising efforts on franchise specific channels
- Don’t turn a prospect off by quoting high potential turnover figures. Consider that the prospect is likely to be experiencing some degree of dissatisfaction and they are more likely to be pessimistic than optimistic while in this state of mind.
- Always speak to prospects on the telephone before sending them out any information
- Always stay in control of the process; they have come to you because they are searching for a solution. As long as your franchise is seen as a solution, the more chances you have of converting them into a franchisee