Are you planning to expand and scale your business by turning it into a franchise? While franchising is a tempting business opportunity, it requires commitment.
For starters, you will need to prepare your business for some major changes.
Here are a few tips on how to franchise your company.
Learn the Legal Requirements
Launching a franchise business is regulated by federal and state franchise laws. Your company needs to create a Franchise Disclosure Document with the Federal Trade Commission. You will need to provide numerous business details, such as its financial statements or an operating manual of franchisees.
Apart from the FDD requirements, some states have their own rules for starting a franchise business. For example, Illinois has a complex franchise registration process.
Consider hiring a franchise consultant or attorney to understand the legal requirements for selling franchises.
Position your Franchise Brand
Before you start investing in a franchise marketing strategy, you need to develop a recognizable franchise brand.
The goal is to establish and communicate your franchise company’s story, goals, and missions. Most importantly, create a unique value proposition that will attract franchisees.
Establish the key brand elements, such as its name, logo, tone of voice, color schemes, etc. You can also write a brand style guide. It should explain the brand’s goals and dictate how brand assets should be used for greater consistency.
Pick the Right Franchise Marketing Channels
Once you have started working on your brand image, the next step is building a marketing strategy. Casting your net too wide is not an option. Pick the marketing channels to attract the right franchisees.
Leverage Online Franchise Portals
Online franchise portals are the core of your online presence. These platforms are often a reliable starting point for franchise buyers. They go there to search through the list of franchisees and find ones that meet their business goals.
That is an effective way to position yourself as a credible franchise business and increase the overall brand visibility. These portals have a digital marketing strategy to attract relevant visitors to their website.
Build a Franchise Website
A website is the core of your online presence. It should be simple, user-friendly, and easily navigable. Make sure your value proposition is prominent there. Explain how your franchise business can benefit your prospective franchisees.
Next, provide downloadable franchise opportunity guidelines for potential buyers. That way, you will build trust with them and transform them into qualified leads faster.
Finally, have a contact form to help them reach out to you faster.
Invest in SEO
Search engine optimization is essential for any business aiming to gain a competitive advantage in the digital landscape. If you already have a business website, start by adding a franchise opportunity page to it.
Next, optimize your website for the right keywords that will attract potential franchise buyers. To get the most out of the process, invest in content marketing. The goal is to create valuable, informative, and relevant content that attracts prospective franchisees. With high-quality content, it is easier to optimize your website for search engines and generate qualified leads.
Generating qualified leads via SEO is your long-term investment. However, it takes time. To increase your franchise company’s visibility on Google faster, you will need to create PPC campaigns, too. The good thing about Google Ads or social media ads is that they provide advanced targeting options.
Namely, you can narrow down your reach and focus on the people interested in purchasing your franchise. You can target them by numerous criteria, including their location, age, income, etc.
Provide Franchisees with Support
Your work does not stop once you sell the franchise. If you want your franchisees to meet your company’s criteria and succeed, you need to provide them with loads of guidance. Never assume they know everything about your company culture and management. Therefore, offer continuous support and training.
Many brands offer their employees to purchase their franchises. They receive extensive training and support to thrive in a hypercompetitive business environment. Relying on experienced managers is an opportunity to grow your business strategically.
Over to You
Transforming your business into a franchise is a lucrative career opportunity. It helps you scale your business and build a recognizable, multi-location brand. However, to succeed, you need to have a strong franchising strategy. Develop a strong brand and adapt your marketing strategy to it. Above all, choose your franchisees carefully and provide them with continuous support.
We hope these insights will help you!
Contributed by guest author, Eve Anderson, who is a marketing specialist turned blogger.