Scout the Competition
Start your journey towards franchising by doing a competitive market analysis. This is where you identify your competitors and understand their customer base so that you can help your prospective franchisee see why your business is superior to others in the field and why it will be a success when franchised. In other words, why should the prospective buyer choose your business and how do they know it is better than other similar franchise options that might be on the table?
Architect your Game Plan
With the knowledge that you gain from your analysis, and knowing who the potential competition is, you can go on to create a strategic marketing campaign. A strategic campaign is one in which you put the potential franchise opportunity directly into the hands of the people you know who are potential franchisees, and even more than that, the people who you know you want to be the future face of your business. You can target your campaign so that it pulls in the right people and sets you up with the right franchisee.
To help with this, create a franchise opportunity website and franchise opportunity media channels. It is important that people know you are looking to franchise your business. Naturally, online is one of the first places potential franchisees will turn to when it comes to finding out about potential franchise businesses. Create a website – or link through your business website – where individuals can visit and find details about franchising your business. This includes results from your competitive market analysis, your business model and an overall picture of your business and why it would be a profitable franchise option. In addition, add your franchise opportunity to online franchise hubs, which house lists of franchise opportunities for potential franchisees.
Finally, encourage potential franchisees to reach out to you by creating a pitch deck for prospective purchasers. This is a template or “fill-in-the-blank” style prototype page where potential buyers are guided through the process of giving you the exact information you want as a franchisor. It helps you because you only get the information you need, and it helps the potential buyer because it boosts their confidence in knowing they’re giving you just what you want!
Next Play
As one of the first steps in franchising, these marketing details are important. But you don’t have to do it on your own: we’re here to help.
Here at Diffactory, we have built and sold several successful global franchises and know what it takes to find the right franchisee. We want to help you do just that, so reach out to us and let us guide you through the process. Connect with us for an online consultation or arrange to visit us for a one-on-one session in our office.
We can’t wait to help you find the best prospective franchisees!