Starting any new business takes hard work. This applies equally when starting a franchise business. To successfully market a franchise system, it is necessary for the franchisor to gain the trust of prospective franchisees. To gain that trust, it is essential that the franchisor is completely prepared before going to market with the business to potential franchisees. What preparations should be done by the franchisor to be seen as a quality franchisor?
- Create a business concept that can attract interest from prospective franchisees. This can be done by having a very developed vision that is described fully in a disclosure document. Look for a concept that is filling an existing gap in the market and one that can be monetised easily. The business concept is the foundation stone upon which a franchise can be built.
- Form a team that can help in building this business. Surround yourself with sound professionals who have expertise in business strategy, legal skills and knowledge of the industry and market the franchise system operates in. This is also the team that will establish the format of the support that can be provided to the franchisee. The quality of this team is a selling point in itself; a great team means a potential franchisee is also purchasing a stake in this team, thus increasing the value of the franchise.
- According to the science of marketing, look for the uniqueness of the goods or services, because this uniqueness determines whether our goods or services would be accepted by the market. Find your point of difference or your unique selling proposition (USP). The one special thing which sets you apart and allows you to compete levelly with similar businesses and be competitive.
- Consult the experts – you may be the best accountant, or sales person, but when you franchise your business, you need those professionals supporting you with the best possible experience. It is crucial you use people such as Etienne Lawyers who are experienced in the field of franchise to ensure the success of your franchise venture.
- Finally, follow through. Follow your strategy plan; prepare you marketing and promotion focusing on your USP and your successful systems.
If you would like to find out how to successfully franchise your business call us on 02 8845 2400 or contact me at firstname.lastname@example.org