4 Myths About Purchasing Your Own Franchise
So you’re thinking about buying a franchise – great decision! The franchise business is a lucrative, rewarding profession in which you can start your own business without needing to create your own business model or develop an entirely new concept. Your business has proven profitability and customers may already be loyal to your brand – so all the work is done, right? Wrong!! While buying a franchise means a reduced failure rate, more buying power, and external backing, it doesn’t necessarily indicate success for your start up. Read the following 4 myths about purchasing a franchise to help ensure your achievement of your personal and professional goals.
Just because you’re opening a franchise of a well-known company doesn’t mean you don’t have to worry about marketing or competition. While it’s comforting to think that the brand name will sell itself, your franchise needs a comprehensive marketing strategy in place to coordinate and plan how to get new customers. Without an all-inclusive strategy, a franchisee is likely to fail. Consider a franchise who has an established marketing team in place with experience in website and social media marketing, print management and strategic advertising for lead generation. Public relations and sales management training and support are also a plus.
While your franchisor will most likely provide you with materials, samples, training support, and tools needed to open your business, additional resources are critical to ensure your franchise launches successfully and remains consistent as you grow. Make sure your franchisor supplies customized operations manuals according to industry standards for you to study and review often. These materials will fill in the gap between generic advice and your individual circumstances, serving as an essential supplement to your parent company’s instruction. Ongoing training, webinars, and annual conferences are also a plus for the successful development and expansion of your business. Some franchises have an intranet, or private network, that is accessible only to its members. This forum is a beneficial tool for not only resourcing helpful information, but also to build strong relationships with your fellow franchisees.
Nothing could be further from the truth! Even if your franchise has a storefront in every shopping mall in America doesn’t mean you can ignore the omnipotence of internet search engines and the enormous significance of your web presence. If you’re not strategically utilizing your website development to employ search engine optimization, you’re missing out on an increasingly vast number of online customers. Whether they Google the nearest franchise, or search for your products, it’s imperative your potential customers find you. It’s not a matter of IF you use your website and social media to attract your customers, it’s a matter of how well you use them! Make sure the franchise you are considering has a strong web platform in place, so your online presence generates the business you deserve.
Unfortunately, it’s not that cut and dry! While print advertising has its place in your overall success, it is only one of many ways to generate new business. The best way to achieve higher levels of sales success is to find the most effective way to tell everyone who you are and what you do. This might vary from industry to industry. Personal networking can be most helpful in locating the “connectors” who will connect you to the right people who are in need of your goods and services. Again, social media and digital marketing are extremely effective tools to reach a greater audience faster! Your franchise should present a proven business model for the best sources of marketing and sales success for your particular industry.