Who doesn’t start the year off with a resolution or two to have ditched them by the time we get to February? Exercise more; lose weight; get organised. Here’s a resolution you’ll stick to year on year and we’re not just talking about dropping a few pounds having popped one too many mince-pies this Christmas!
In the blink of an eye, another year has passed and the New Year provides us with time for reflection We feel the need to make real changes in our life, start on a new path, do new things, and say goodbye to old habits, problems and difficulties. We ask ourselves ‘what makes us truly happy’…
Job satisfaction (or lack of it), means that people question their life-choices; they’re on the hunt for that new opportunity, the perfect job that they’ve been dreaming of, for many it’s about being master of their own destiny…so now is the perfect time to be reaching out to prospective new franchisees, even those who don’t realise that franchising is an option for them yet!
Strike while the iron is hot…
With so many potential franchisees out there, who could be the next ‘perfect fit’ for your franchise business; don’t just wait for the next industry event to come along before you start your recruitment drive, start the year as you mean to go on.
Identifying some brand advocates and creating a strong online presence is always a good place to start – as is identifying your market and reaching out in the right places. Remember, your next franchisee might not necessarily be looking in the obvious places. Think about advertising in National Franchise Magazines, but also consider that their searches might include areas far broader than that, so this could be a great time to invest in some Google Ads, for example, and get really good at posting regularly on the socials and telling everyone about the benefits of becoming your next franchisee. You might even want to re-visit some networking events.
January is a quiet month for a lot of businesses, so use that time to showcase your brand and tell the world how your business could change someone’s life for the better. Promote your business in the right way and your next prospect will be ready to snap up the chance to represent your brand faster than the offer of a discounted Gym Membership!
Alongside all your promotional activities, now is also the perfect time to find yourself a decent franchise network accountant: If you haven’t already got one, it’s time to get all your ducks in a row. Organise your tasks and schedule so that the onboarding process is as smooth as butter, sorry, low-fat spread.
Choosing the right Franchise Accountant can be hard; as with any franchise business you have specific needs…so, you might ask for recommendations from other franchisors, you might want to check out a brand who is prevalent amongst the franchising community; whoever you end up with, it is important you’ve made the right choice, as ultimately an awful lot of trust rests on your accountant’s shoulders.
An accountant who has experience within the industry is an absolute must. You are unlikely to find that with a local High Street Accountant as they would not necessarily know what a specialist knows or have the direction that only someone involved in franchising can have and it is this experience that you want to utilise, knowing that decisions are educated ones and not based on theory. Don’t be afraid to ask what franchise businesses they have worked with before and also how they can help pre-qualify your leads.
Pre-qualifying your prospective franchisee is vital as it saves you both time and money. A good Franchise Accountant will advise you to ‘be assertive’ by asking them difficult but vital questions, such as: Do they have a UK Visa or what is their credit status. Do you know what capital they have available, and where from? If you don’t feel comfortable asking in person, incorporate these questions into your Franchise Application form but whatever you do, don’t leave this until the point where the franchisee is seeking funding as you may find something brings the entire process to an abrupt stop.
Having put so much time and effort in to finding the right person, you’ll want to avoid any stumbling blocks and your Accountant is a real asset when it comes to spotting any red flags. They will focus on the financials to make sure the numbers work for a successful business. They know what banks and lenders need to be able to fund.
Needless to say that pre-qualifying is just as beneficial for the franchisee as it is the franchisor; since the costs of investing in a franchise business vary so greatly, individuals may not be able to afford certain brands and knowing in advance how much the franchisee would qualify for, so that they have a better idea of which brands they can access, will help speed up the purchase process and no one is left worrying about funding delays.
Recruiting franchisees can be a complicated process so prepare and look in the right places; reach out to those looking for a ‘New Year: New Career’ and help direct your potential franchisees career path by choosing d&t Chartered Accountants and Finance Brokers. With d&t you’ll hit the ground running and get your New Year off to a great start!