Harry Truman said: “The Buck Stops Here”. In franchising the: “Buck Starts Here” and that’s having a thorough and complete understanding of the sales process. Harry was right and franchisors need to take heed to his words. If a franchisor wants to expand through franchising, he has to accept the full responsibility of the success of the sales effort.
Franchise Sales are very repeatable sale, and have very distinctive stages. While there are lots of skills, and tasks needed to complete a deal, it’s important to understand the sales stages.
It is important to know the stages of the sales:
- Sharing the process with you candidate is vital and show competency of the franchisor
- Setting the expectation of the sales/buying process helps candidate understand his requirement and commitment needed.
- Be aware of every stage with every candidate.
- Understand all steps need to be completed.
- The only two stages that need to take place in the exact order of the franchise signing will be Qualification and Grand Opening.
- Stage do not always have to be completed in the same order- but they must be completed
- If a stage is missed, the sales team needs to get it completed
- Understand that to move a deal forward you have to know next stage
All the great franchises have a GREAT franchisor that can sell. Whether a franchisor is driving an internal sales team, using outsourced sales or a broker network, it is important that the franchisor needs to direct the effort and be accountable for results.
Take the time to learn about franchises sales. All great companies are lead by a Sales Leaders, as a matter of fact 95% of the Fortune 500 are led by a strong Sales Leader. If you are not a great salesman, you can direct the sales. Understanding sales can help you acquire talent and skills.
If you want “Bucks” you need to sell!