TES Insights
3 Effective Strategies to Strengthen Your Franchise Development Efforts
As brands look for ways to regain or continue building momentum in franchise development in 2024, it can feel overwhelming to try to determine which efforts will reap the highest return on investment in a time when every dollar counts, and time is valuable.
The ultimate goal is quality over quantity, but allow us to specify that when we talk about quality, we’re not talking about how much money someone has, or how soon they’re able to start.
We are interested in answering the question: are you able to have meaningful conversations with someone who is eager to learn, has an open mind, and is motivated to do something different than what they’ve done in the past?
To help you get started, we’ve outlined 3 strong methods of franchise development outreach here:
1. Have a Strong Franchise Development Website
In today’s world where consumers prefer to take a self-directed approach before making any major life changes, investing in a strong franchise development website is crucial.
This is the first place that franchise candidates will go to learn about your brand and is often where they will decide if they want to find out more.
Be sure to include enough information about your brand’s history, vision for the future, and support for franchisees to effectively convey your franchise’s culture. You can include investment information at a high level but encourage these individuals to speak with you first before they select themselves out based on financials.
People are looking for ways to take control of their financial and professional futures, and your existing franchisees are the perfect people to tell that story on your behalf. Share stories about franchisees who have achieved their personal Income, Lifestyle, Wealthy and Equity goals through their relationship with you.
In this way, people will feel informed and educated about your brand, not as if they’re being sold a franchise, and it’s very likely that they will be intrigued to learn more about your brand in the future.
2. Develop Your Resume Mining Skills
There are more people than ever looking for something that will allow them to take control of their professional lives, and a good indicator that they are in the right mindset to search for something different is if they have their resume posted.
There are a variety of places you can find people’s resumes online — the thing to keep in mind when reaching out is that these individuals are usually in the mindset of looking for another job, and do not have business ownership on their radar….yet.
They are, however, highly motivated to make a change in their professional lives.
Rather than jumping right into the details about your brand, consider having a much more conversational and educational discussion about the power of business ownership, and what is motivating them to make a change in the first place.
Conversations with these individuals might take longer, but if you’re committed to being patient and a reliable resource for them, it will be very natural to then share with them what you do, what your brand stands for, and how your franchise just might be the vehicle to help them achieve their own personal goals of Income, Lifestyle, Wealth and Equity.
These types of conversations will not only positively impact the growth of your franchise, but will also strengthen your franchise system in the long-run.
3. Leverage Career Ownership Coaches®
Coaches invest a large amount of time with their clients, providing education, awareness, and providing a safe space for them to explore possibilities that will aid them in achieving their personal goals. In doing this, they cultivate relationships with clients who are eager to explore franchise possibilities that they might not have considered otherwise.
While these clients may not know exactly what they want from the get-go, they are adamant about making a positive change and taking back control in their lives, and this motivates them to learn more about potential vehicles that will allow them to do this.
This presents franchisors with unique opportunities to speak with franchise candidates who they might have never have the chance to speak with before, but who have the potential to become their next top-performing franchisees.
In fact, 95% of clients who work with a TES Coach admittedly end up in something they never would have looked at before or looked at but prematurely dismissed prior to working with a Coach.
When both parties commit to keeping an open mind and learning more about each other, the possibilities are truly endless, and the potential to gain another top-performing franchisee increases by nearly 10x.
To learn more about becoming a franchise member with The Entrepreneur’s Source, reach out to us today.
Thank You,
Future Of Franchising
The Entrepreneur’s Source and Career Ownership Coaches are registered trademarks of The Entrepreneur’s Source.