According to the Department for Business, Energy and Industrial Strategy there has been sustained growth in the total UK business population, with increases of 2.2m (+64%) since 2000 and 197,000 (+4%) since 2016. This expansion in the small business sector has provided franchisors with a strong opportunity to develop aggressive, low risk options for people looking to invest in their own business.
So how do you ensure you are talking to the right people?
Know who you are looking for!
Sounds obvious right? Well we are not just talking about soft skills and attitude, although you definitely should be clear on the key attributes of your prospective franchisee. We’re talking about interests, behaviours and ‘hangouts’. Identify the personality type and background of your prospect profile and make sure that your promotional marketing and channel distribution is sufficiently targeted. Understand the fast paced and changing advertising landscape, lead with design campaigns that draw attention through content marketing and story-telling. Video is particularly good and is proven to attract the audience engaging through all social channels more effectively than anything else.
Quality not quantity!
Beyond what is reasonable, don’t waste valuable time and resource filtering through weak leads. Careful consideration and design of a framework that provides a self-qualification element to the lead process will improve pipeline efficiencies. Once you do engage directly make sure you provide a compelling proposition that allows open conversations and the identification of key motivators and expectations. Today’s buyers are savvy shoppers, so be honest and timely with the answers to their questions.
If in doubt, STOP!
Huge amounts of time, money and effort go in to proving your franchising model in the early years. After all, the specific benefits and investment in your brand and business model is what makes investing in it so attractive, to the right franchisee. As a franchisor your return on investment will be largely defined through network growth and more importantly, optimum performance of this network. One bad recruit could not only cause both personnel and financial resource drain but could detrimentally impact reputation, resale values and future investment. Ensure you have the best recruitment mechanisms in place to secure the very best franchise partners for your business, it’s a sound investment that will pay you back many times over.
If these messages resonate with your business development needs or you are responsible for the above as part of your role in franchising, you should consider attending our ‘Recruiting the Right Talent for your Network’ Specialist Seminar taking place on Wednesday 14th March. Click here to find out more.
The Future is Franchising is an expert series of fortnightly guidance articles by The British Franchise Association’s Head of Operations, Emily Price QFP. Each part will focus on an aspect of franchising and give key advice with the aim to give the reader more understanding and confidence in that area.
Emily Price QFP holds a strategic leadership role at the Association and is responsible for membership recruitment, member services and the Association’s external relations and marketing strategy; she regularly contributes to industry media and is responsible for relationship management of high profile and international stakeholders.