In my over three decades experience as a franchise consultant, I am often asked “When franchising your business, what are some of the most important considerations?”
Here, I will examine one of those issues: when franchising your business, how to create a franchise marketing program for prospective franchisees?
While you are in the development phase of franchising your business, we strongly recommend that you take the time to begin determining your franchise marketing strategy. Some of the questions to be addressed include:
- When franchising your business, should your franchise marketing program target a particular size market?
- What attributes should these target markets have, such as income levels, education levels, age breakdown, family characteristics, home ownership versus renting, types of businesses and other qualities that could likely impact the demand for your franchisee’s products/services? For example, it might be unwise to sell a childcare franchise in a market that is predominately seniors.
- It is important to establish your franchise marketing goals. How many franchises do you want to sell during your first year? Second year? Subsequent years?
- Do you want to begin selling franchises in your hometown or elsewhere when first franchising your business?
- If elsewhere, what particular markets do you wish to target with your franchise marketing program?
- Does your franchise serve a particular type of customer, for example, small businesses, millennials or families with children?
- Should timing be considered? Is there an ideal time of year to launch one of your franchises? A time of year to avoid opening?
- Is your franchise more suited to a specific region of the country?