Franchise development consists of several stages in launching a new franchise organization. One of which is the most important, actually selling the franchise to a new franchise partner. If this critical stage of the franchise development process is mismanaged, all of the franchise setup and franchise documentation is a waste of time and energy.
So how do you sell a franchise of a new franchise program? As with selling anything, focus on the value. There is a saying that I heard from a very successful sales consultant, “Value Forward Selling”. The concept seems simple, but many times I see it being forgotten when franchise consultants and other franchise professionals who haven’t sold franchises begin giving advice.
Selling a franchise is about building a bridge. The buyer is on one side of the river and the franchisor is on the other. The sales process is about connecting the two through a marketing and sales campaign. As a new franchisor, building this bridge takes skill and careful consideration for what a buyer would want to hear in their position.
The first phase should be handled with the franchise marketing program. A good franchise marketing campaign should begin to build this bridge toward the buyer. Franchise marketing should play to a potential franchisee’s needs and concerns. A franchise buyer wants safety, stability, opportunity, a partner and someone they can trust.
The franchise marketing should be consistent and push the value of your franchise program forward so that it’s so evident it hurts.
When given the opportunity to speak with a potential franchisee, it’s show time. The buyer should be given every bit of your attention, focus and commitment from the first time they pick up the phone. It is important to look at a franchise buyer like a customer, they should be treated with respect and given every bit of your time and attention.
As with other sales processes, it is critical to remove any and all pride from your interactions with a potential franchise buyer. Too often, franchisors let their pride get in the way of good decisions during the sales process. Throughout the discussions and interactions with a potential buyer, continue to press value.
Why should they make this investment with you? Why should they trust you? Why is your industry the right one for them? These questions are continuously racing through franchise buyers’ minds as they interact with you. When selling a franchise, it is critical to have every aspect of your sales presentation in line.
Don’t miss a step or show a lack of professionalism at any point, franchise buyers are looking for these things and if they happen, odds are that your franchise is off the table.
For more information on how to franchise or how to sell franchises, contact a franchise consultant, (800) 610-0292.