In my over three decades experience as a franchise consultant, I am often asked “If I am franchising a business, what are some of the most important considerations?” Here, I will examine one of those issues: when franchising a business, the importance of determining the profile of your target franchisees.

 

Knowing where to direct your marketing is one of the cornerstones of developing an efficient franchise marketing program when franchising a business. No one I know has an unlimited marketing budget, particularly when initially franchising a business. If you can figure out the characteristics shared by your more promising franchisee candidates, you can decide how to best spend your marketing dollars to reach those prospects.

When franchising a business, there is a second compelling reason to careful think through your target franchisee profile during the franchise development process. Knowing the key characteristics of your target franchisees allows you to incorporate elements they will find attractive while you are going through the process of franchising a business.

For example, if your target franchisees are mothers with children at home, you can build time flexibility into your franchise offering.  What type of people are you seeking as franchisees?

Some of these questions may help you begin developing the profile of your typical franchisee:

  • Do I want single location owner/operators, multi-unit franchisees or investor owners?
  • What type and how much experience are needed?
  • How much money will be required by franchisees to open this franchise? Can any of this investment be financed?
  • If franchising a business, what is a fair return on investment for your franchisees?
  • What type of person do you think will find your franchise opportunity attractive?
  • When franchising a business, do you anticipate your franchisees will have to invest additional capital? If so, how much and over what time period?
  • How much income will my target franchisee expect to generate?
  • Does this franchise require a particular educational background, skill set, work experience and/or license/certification?
  • When franchising a business, do you consider having multiple owners of a franchise as beneficial? For example, in a restaurant, one owner could oversee the kitchen while the other manages the dining area.
  • What character traits do you believe would lead to success in this business?
  • When franchising a business, does the concept provide any emotional or other intangible rewards to franchisees?
  • How does your franchise program compare to other directly competing franchises?
  • What type of person would you like to avoid as a franchisee when franchising a business?

Thinking About Franchising?

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.