Marketing your franchise opportunity
Before you start marketing your franchise opportunity, you need to look firstly as what you are offering franchisees i.e. what your franchise opportunity is. Doing this should help you to put together a profile of the right franchisee for you. This in turn should help you to create a franchise prospectus; if you know what you are looking for in a franchisee then you need to think about how to target them and what information may be relevant to them.
The prospectus should tell franchisees what you are offering and what they should expect to receive from you. The prospectus should therefore include:
• A detailed explanation of your product or service
• The geographical areas where you are looking for franchisees
• The cost of the franchise and associated fees
• The franchise package, i.e. what you get for your money
• Financial projections
• What skills, characteristics, experience you are looking for in a franchisee
• Franchisee testimonies and/or client testimonies if you have them
• Your background and history of the company
• The next steps and how to apply for the franchise
In order to create awareness to your brand you need to look at and research the various promotional opportunities available to you.
There are both local and national advertising opportunities available.
When launching a new franchise, you should look at local promotion. You could have an open day and invite local press along to help create awareness in the area; your franchisee’s target market. Distribute leaflets to local residents and maybe offer an incentive to entice them to attend. Word of mouth is the most powerful promotional tool, so doing something worthwhile will encourage them to spread the word. Sending press releases to local media in the run up to the event is also good free promotion for the franchisee. Advertising in local press can also be worthwhile as it is directly targeting your franchisee’s geographical audience.
National advertising is good for promoting both your brand to your consumers and your franchise opportunity to prospective franchisees. When looking to recruit franchisees there are many ways to generate leads including advertising on franchise websites and in franchise magazines and newspapers with a dedicated franchise section. Exhibiting at franchise exhibitions is also worthwhile. These can all be costly and so it is essential that you research all the different advertising mediums to identify which ones will give you the best value for your money.