WHAT’S NOT RIGHT

IN YOUR FRANCHISE?

“Franchise companies experience stunted growth for a myriad of reasons, almost all of

which are down to internal processes that need sharpening up. Thankfully by having the tools to

identify the pertinent problem you can take proactive steps to get right back on that pathway

to profit” - Sean Goldsmith

LETS TRY IDENTIFY WHATS NOT RIGHT IN YOUR FRANCHISE?

YOUR OFFERNOT RIGHT?

The structure of your franchise offer is absolutely critical to the continued growth of your franchise. It needs to be carefully crafted and kept up to date with the hopes and aspirations of your “target

franchisee”. If you fail do this you will fail to attract the attention of the right kind of candidate.

Constantly evaluate the offer you have out there. Use an “avatar” (An Ideal franchisee profile) as your baseline and then adapt your offer to be more appealing. Look at it as “evolution” rather than “revolution”. Small, subtle changes may be all it takes to supercharge your growth.

YOUR SUPPORTNOT RIGHT?

Franchisees plateauing prematurely is often as a result of a support team that has lost its mojo. This could be due to support processes

that need updating, a team that is needs training, a team that is too small or just because you have the wrong people.

Remember; Don’t make the common mistake of hiring “Glorified Administrators” to take care of franchise support. Your Franchise support team need to be made up of great motivators, forward

thinkers and process driven implementers. They are the heart of your business and must be looked after.

YOUR BRANDINGNOT RIGHT?

Within 10 to 20 seconds of seeing your website/advert/brochure a potential franchisee will have decided:

a) Does this company look like a good investmentb) Does this company know what its doingc) Are they here for the long rund) Will my wife/husband like the look of ite) If I was a customer would I go here.f) Should I go for it or move on to the next opportunity

DOES YOUR BRANDING MAKE THIS INSTANT IMPACT?

YOUR MARKETINGNOT RIGHT?

Your marketing communication adds substance and personality to your brand. You have to carefully manage this in order to attract the right type

of franchisee.

In too many cases franchise companies place “brochures” and not adverts. These brochures are fact based, explain the features, tell you

about the potential but have no clear value or benefit proposition.

What bad franchise marketers fail to see is that 80% of marketing a franchise is all about selling to the heart. The other 20% is all about

telling the head the heart is right.

YOUR PRICENOT RIGHT?

The price of your franchise is obviously critical. But why does it seem to go wrong so often? For the most part it is because franchisors are

not targeting anybody in particular.

If you know your “ideal franchisee” you can reverse engineer the perfect price for your franchise. Never forget that a price is only

“scary” if there is no value to substantiate it. It is also worth noting that in many cases higher priced franchises out sell and out perform

low priced franchises. Thats because they can afford to do so.

YOUR FRANCHISEE NOT RIGHT?

The wrong franchisee can become a literal “spanner in the works”. They draw down a huge amount of support resources for very little

return. They can have a negative effect on the network moral, support staff effectiveness and most importantly customer

perception of your brand within their territory.

How to solve this? Well firstly, make sure you are 100% clear on who you want to take on as a franchisee. Secondly, ensure that your sales process is designed to target that specific franchisee profile.

If your process is strong, your franchisees will be strong too.

YOUR MINDSETNOT RIGHT?

Being a franchisor should inspire the same profound sense of duty a President feels for his country. In fact, your decisions have a much greater and more direct impact on the lives of the people you lead.

Come to grips with the great responsibility you have shouldered. Be aware that you hold real peoples hopes and dreams in your hands.

Surround yourself with smart people who are loyal and true. They will give you the time and self confidence to be an inspirational leader and

successful franchisor.

YOU NOT RIGHT?

Not every successful entrepreneur should or can be a franchisor. It requires a unique skill set which includes patience and persistence.

If you begrudge your franchisees or find yourself getting annoyed with their questions then you may be the thing that is holding back your business.

If this is the case, immediately hire a Franchise Director. Trust them, support them and don't interfere. You focus on building your

business and let him/her build the Franchise.

NEED TO FIXWHAT’S NOT RIGHT?

Contact me through LinkedIn

I would love to help!

http://uk.linkedin.com/in/sgoldsmith/