How can I find the right franchisees to expand my business?
This article first appeared on December 21st, 2011.
Franchising a business is something which requires systematic planning and expertise.
It’s all about ensuring the foundation business is suitable and stable enough for franchising, that all of the necessary operations, training, marketing, legal and recruitment procedures are in place.
It is also about ensuring that there is laser focus on fulfilling the compliance obligations of becoming a franchisor.
Once you have completed this task of creating the franchise model, you can then look at implementing best-practice in regards to franchisee recruitment.
In this regard, you need to ensure the ideal target franchisee is first modelled and identified, then a marketing plan needs to be designed and implemented in order to attract and ultimately secure these kinds of people.
In terms of recruitment channels, there are many and varied ways of attracting prospective franchisees, from traditional media advertising, to franchise trade-shows, to using franchise agents.
At the end of the day, it’s all about attracting the “right” franchisees, so think quality not quantity.
And remember, the success or failure of any franchise businesses has its origins in the calibre of the franchisees and the relationship they have with their franchisor.
United they can withstand pretty much anything, divided they will eventually self-destruct.