Market Your Franchise
One of the greater challenges in franchising, and ultimately the one which will decide whether a franchise will succeed or not, is the question of how to market your franchise company. If you do this the right way, then you will have no shortage of potential franchisees applying for the opportunity to purchase franchising rights from you.
It is important to realize that many franchise companies have gone bust simply because they were not able to develop a large pool of franchisees. They failed to sell their respective concepts to their target audience. If you do not want to end up in a similar situation, then you must take the initiative to market your franchise effectively. Make sure that you are promoting it to people who are likely to be interested in it, and who will actually make the effort to invest their resources in it.
How Can You Market Your Franchise Effectively?
How will you identify the ideal audience for your marketing efforts? Well, it certainly won’t hurt to engage in some preliminary research. Find out who is likely to want to buy a franchise unit by talking to the franchisees of your competitors or of franchise companies similar to your own. The idea is to find out from them what exactly convinced them to buy franchising rights from particular franchise companies rather than others. What features did they find attractive in the proposed franchising deals?
One of the things that you are likely to find out in your research efforts is that, for every franchise company that has been successful in gaining franchisees, there is a feature that makes it stand out when it is compared to similar franchising companies. The product offered might be unique. Alternatively, it may be the services offered which stand out. Ultimately, the franchise company has to have a unique selling proposition. If you have one of these, then you will fare better in your attempts to market your franchise.
Another critical part of effective marketing entails paying attention to such details as your franchise trademarks and to the terms you offer your franchisees. Your franchise trademark should be simple, distinct, and easy to tie back to whatever it is that your franchise company does. This will make it easier to remember and will, consequently, facilitate your efforts to market your franchise to a sympathetic audience. As for the terms that you offer your franchisees, it should be obvious that, the more favorable these are, the more likely they are to want to read your franchise disclosure document and to eventually buy franchising rights.