NFA has found that many of our clients choose to franchise their businesses because they were approached by people interested in purchasing their franchise.
If you have been contacted in this manner, maintain a contact list of all interested prospects. Begin your franchise marketing to these people. Remember, these names cost you nothing.
When creating your franchise marketing plan, remember that your existing customers are the people most familiar with your company. These existing customers may be your strongest prospects for franchisees.
Similarly, current and former employees know your business, and you may find some of them to be promising target franchisees.
As you go through the franchise development process, put together your franchise marketing plan.
In order to create an effective franchise marketing plan, answer the following questions:
- How many franchises do you want to sell your first year? Second year? Fifth year?
- In what type market are your franchisees most likely to succeed? Large city? Suburban area? Smaller town? Upscale area?
- What customers does your business serve? The general public? Parents of young children? A minority? Senior citizens? The military? College students? Where are you most likely to find these customers?
- Is there a specific time of year that the business should be opened?
- Are you concentrating your franchise marketing efforts in a specific geographic area or nationwide?
- Where do you want to begin selling franchises? Near your current base of operations or do you want to reserve that area for company-owned units?
An important part of developing your franchise marketing plan is to build the profile of your target prospective franchisee.
Ask yourself the following:
- Are your franchisees required to have a particular skill set, profession or license?
- What sort of experience will the franchisee need to succeed?
- What are the required financial resources?
- What personality traits are desired?
Having determined the areas for your franchise marketing and the type of people you want to reach with your franchise marketing, you are ready to start selecting the most promising franchise marketing methods.
Again, start investigating:
- Are the best franchise marketing methods national, regional or local?
- Is there a particular medium that efficiently reaches your target prospects?
- What costs are involved?
- What frequency is necessary to achieve the desired results?
- What is your franchise marketing budget?
Armed with the answers to these questions, you should be able to spend your franchise marketing dollars most effectively.
Thinking About Developing a Franchise Support System?
NFA Franchise Consultants have the experience to help businesses franchise. Just watch and listen to some of our client case studies and video testimonials. We can HELP YOU and it doesn’t cost anything to call and talk to us!
So, if you are still asking the “should I franchise my business” question over and over with no clear direction, give us a call at (706) 356-5637, or contact us through our online form. We look forward to helping you take your business to the next level and beyond.