It's every small business owner's dream for their company to grow up into a successful franchise.
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But the leap from a single or multi-location business to a big name franchise isn't an easy one. You need to be ready to take your game to a whole new level.
Your first hurdle will be attracting new franchisees. Here's how to do it...
Franchise Marketing Materials
The first step in building a successful franchise is to develop franchise marketing materials. However, you can't do that until you've nailed down the details of the franchise. Many new franchisors fail to do this effectively, and new franchisees are turned off by the apparent lack of organization and specificity in the franchise.
Once the details are in place you can begin compiling them into a quality promotional package. Keep in mind that your marketing materials will frequently be a prospective franchisee's first impression of the franchise, so resist the temptation to go cheap. A few, grainy photocopies won't make the cut.
More than ever before, franchises are achieving success by tapping into niche markets. If your franchise is having a hard time gaining traction, you may want to ask yourself whether or not it effectively fills a niche in the industry.
If it's too broad or too narrow, prospective franchisees will notice and may hesitate to become involved in a business venture that may not be able to remain competitive and attract a sufficient customer base.
Marketing can be an effective tool for increasing the number of franchisees in a franchise. With the right help, you should be able to develop a marketing campaign targeting entrepreneurs looking for a turnkey franchise business. Marketing strategies vary, but should always include participation in regional and national franchise fairs and other gatherings that attract would-be entrepreneurs.
Public Relations Campaigns
In addition to marketing campaigns, you can use the power of the media to attract new franchisees. With the right spin, local and regional media outlets may be interested in a story about a business that has achieved success locally and is now making the transition to a broader market through franchising.
Most new franchisees are brought into a franchise through word-of-mouth advertising and there are no better spokespeople for your franchise than existing franchisees. Equip existing franchisees with the tools they need to accurately represent the franchise and offer incentives for those who are instrumental in drawing in new franchisees.
The first place most people turn for information these days is the internet and prospective franchisees are no exception. Make sure your franchise has an established presence online and that your company website offers information about franchising. You might also want to consider listing your franchise on websites that special in information about franchising and small business opportunities. In fact, our site boasts the world's largest franchise directory, and unlike most franchise directories we will add you to the franchise directory for free.