What is the process of researching a franchise opportunity? Charles N. Internicola and Nick Powills provide you with insights to the holes you have to fill.
1. Narrowing down the interested brands when researching.
After starting with a quick Google search of a brand, you have to go through and narrow the amount of businesses down to between three to five that interest you and would be a consideration when becoming a franchisee.
2. Doing the due diligence.
By doing the due diligence, you specifically are able to look into the brand that you are interested in becoming a franchisee of and see the pros and cons for each business.
3. Having real connections to the franchisors.
Meeting with the franchisors and having that initial conversation on what the business is about is a great way to understand the business and the leaders that currently run it.
Now is always the right time to examine and re-examine your franchisee journey. How franchisee candidates interact with your brand, the connections they make with your team, and the decision making process that ultimately converts leads to franchisees.
– Franchisee journeys have different pathways and touch points – brokers, digital ads, organic connection…
– No matter the lead generation source, your website needs to support the candidate journey and answer the why you / why now questions
– As important as your Item 19, technology, and unit economics, is you brand culture and the connections between your management team and your franchisees
Take a moment right now, try this exercise:
– Ask team members and others to compare your website to two or three competitors and ask them in two of three sentences to describe the “Culture” of each brand and how do you stack up?
– Can someone genuinely describe your culture? How is it different from your competitors? Is it genuine? How is it demonstrated on your website!
Culture is the opportunity and advantage that you may be overlooking!
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