Aside from buying a home, selecting which franchise to purchase can be the biggest financial decision of a franchisee’s life. There are always plenty of franchises available on the market at every imaginable price point, which begs the question: how can a franchisor set themselves apart from the pack?
What makes a franchise successful in the long term comes down to screening your prospects well and then giving your franchisees the training and guidance they need. Screening a candidate is not only about their financial qualifications, but also determining if this person has enough grit, will, and determination to be responsible for a business. The surest road to failure for a franchisor is giving out a franchise to everyone who has the means to sign the check.
The next common mistake some franchisors make is taking the check, and forgetting their main responsibility: giving the franchisees the tools they need to succeed. These include everything from great training and a rock solid operations manual to teaching them the correct marketing techniques to help their unit succeed.
At Francorp, the mentioned items are stressed and built into the Franchise Development Program, which is why more than 20 percent of the Best Franchises to Buy list assembled by Forbes is comprised of Francorp clients.
Franchising companies like Jimmy John’s, Culver’s, and Auntie Anne’s Pretzels all started franchising while they had only one or two units, but went on to enormous success due in part to their reliance upon the Francorp system of franchise development.
The process begins with a business plan designed for the franchise company, one that lays out who the competition is and how they are doing, projected cash flows for the next five years, and what kind of support will be given to new franchisees.
Following the business plan, necessary federal and state franchise documents are prepared to make the franchisor legal to sell franchises.
From there a comprehensive operations manual in crafted, both for what the franchisee has to do to get their company successfully up and running and for what everyone within the unit must do every day.
Lastly, our marketing team creates a marketing plan of action for how to generate leads as well as marketing and advertising pieces to complement and express the value of the franchise system being presented.
Call Francorp today and become a thriving franchisor with happy franchisees, ensuring the long term success of your company.