If someone is interested in buying into your franchise, it’s an exciting time. Any franchisor wants to grow and see their business succeed, replicating their winning formula in a new area. However, even if a new lead seems keen, things can quickly go wrong before they reach their decision. Your actions are critical to converting a promising enquiry into a new franchise partner.
Be transparent to build trust
Creating trust is a vital aspect of the decision-making process. If someone is going to invest their money in you and your business, they need to feel they can trust you. Being open and honest, providing all the information they ask for quickly and efficiently, and answering any questions are essential. There’s simply no point in trying to hide anything. Dealing with an underperforming franchisee further down the line is much more complex than both of you realising they are not the right fit from day one.
Expect that a potential franchisee is considering other options, not just your franchise. They wouldn’t be doing their due diligence otherwise. Ask them about their decision-making process and encourage them to speak to alternative franchises. It shows absolute confidence in your business and ensures they have done their homework.
Meet face-to-face if you can
We can do everything on Teams these days, and the potential franchisee might be located miles away, but I strongly believe in authentic connections, which are much easier when meeting in person. Making an effort to travel and meet potential franchisees demonstrates your commitment to them. It enables you both to get to know each other faster. Over the years, I have learnt to trust my gut to know if someone is suitable for my franchise, Get Ahead. Meeting face-to-face helps me to determine if I think they are the right fit for my business, and it assists them in deciding if the opportunity is right for them.
Suggest they speak to existing franchisees
This is fundamental. I have done it for many years, and new franchisees often comment on the impact these conversations have had on their decision-making process. It allows prospective partners to ask the questions they might not want to ask you and gain honest insight into what running the franchise is like. I always encourage my existing franchisees to share the highs and the lows so that new franchisees can decide, knowing all the facts.
Nurturing a new lead is a two-way process
People buy people, and building a relationship with prospective franchisees is critical. They need to decide if your franchise is right for them – and as a franchisor, you need to decide if they are right for your business. I love sharing my experience with other women as I get to know them during the prospecting and onboarding phase. I send prospective franchisees a copy of my book, ‘Virtually Yours, ‘ as it allows them to learn more about me and my franchise and consider what they want from working life. It is so rewarding to see that lightbulb moment when people realise they can have the flexibility they want and do something for themselves.
My colleague Charlie Dickson, a fellow franchise consultant at Ashtons, often reminds me that as franchisors, we should think about ‘awarding’ a franchise to a new franchisee. It’s not just about selling an area or signing a contract. It’s about sharing a piece of your business with someone in recognition of the dedication, enthusiasm, and application they have shown towards becoming part of your franchise family.
Franchising is a fantastic option that can enable people to enjoy the benefits of running their own business with the support of a network around them. Helping prospects do their due diligence during the prospecting process can start you both on the path to franchise success.
