As a franchisor, one of your main goals is to attract quality franchisees to carry out your brand. But sometimes, that is something easier said than done. Recruiting the wrong franchisees can cost you money, time and resources. Even worst, it can negatively impact your brand.
If you need any ideas of what you need to do in order to attract better franchisees, keep reading.
Have an Online Presence
A successful investor will do their research before deciding to buy into your brand. And usually the Internet is the easiest way to do that. You should manage and monitor your company websites, social media channels and other online domains regularly in order to guarantee the company’s online presence reflects the business’ values. Make sure these pages are geared toward franchisees and their needs. Having the answers to their initial question will make them more likely to reach out and engage in your process directly.
Have a Profitable Business Model
If the franchisees are not successful, neither are you. It’s that simple. Ultimately, the whole point of becoming a franchisee is having the system and support provided by the franchise. In order to make your brand more appealing to franchisees, you need to have an adequate strategy that is easy to implement. The whole point of buying a “business in a box” is that it takes away some of the risk. Make sure prospective franchisees are aware of all the tools and support available. Assure your potential investor that you are doing everything in your hands to make sure they are successful. The easier you make it for your franchisees to succeed, the more likely they are to want to be a part of your brand.
Attend Industry Events
Making yourself visible and available at industry conferences and tradeshows such as the Franchise Expo West or the Emerging Franchisor Conference, can help attract the right type of franchisee. Having a company’s executive team participate in discussion panels and roundtables can help increase brand visibility at these event. Usually investors attending these types of event are further down their buyer’s journey and are more likely to be ready to invest than people visiting your website.
Promote Franchisee Referral Networks
Ultimately, the most efficient way to promote your franchise is word-of-mouth. Having other successful franchisees share their success stories is more likely to convince a potential investor about the potential of investing in your brand. Be sure to recognize franchisees who send new franchisees your way, that way you ensure they are motivated to do so.
As I have said before, one of the main appeals of buying into a franchise is that there will be demand for business due to brand credibility in the consumer’s eye. Corporate should implement practices such as NSO kits in order to give the franchisees everything they need to succeed.