Nov
4
Reducing Franchise Selling Costs – Part III
Filed Under Franchising, Uncategorized | Leave a Comment
10 Smart, Effective and Frugal Ways to Recruit the Right Franchisees
Reducing franchise recruiting costs is an increasingly difficult issue facing most franchise systems. In Part II, we explored the pros and cons of traditional methods used to recruit franchisees such as the Internet, franchise brokers, trade shows and publication advertising. In Part III of this series, we explore alternative recruitment methods to find solid franchise candidates at relatively low cost.
Whether good times or bad, smart franchisors continually find novel ways to stand out from the pack to find the best franchise candidates. Not every one of these 10 strategies will apply to every system; however, incorporating 1-2 ideas into the recruitment process will put you far ahead of the competition.
Write About It - If you are looking to recruit people within your industry, write an article about your company’s novel operations in an industry trade publication. You can also submit op-ed pieces or articles and casually mention franchising. Be sure to obtain reprinting permission to give out articles to potential franchisees.
Become Active in Professional/Trade Associations – Take a leadership role in industry associations where potential franchisees are likely to roam. Not only will you meet prospective franchise candidates, you’ll make a difference and gain valuable credentials.
Speak - Speak at events where the type of franchise candidates you are trying to attract will be in attendance. You’ll be seen as an expert in your industry, which can subtly change the dynamics when meeting with potential franchisees.
Expose Yourself – Get PR - If you have a compelling story, someone within the media might be interested in hearing about it. I’ve had clients featured in industry publications and on TV, speaking about their franchise concept. The media is always looking for something new and different. Do you have an interesting story to tell?
Advertise at Non-Franchise Trade Shows - Advertise at prospective franchisee’s industry trade shows where the main purpose has nothing to do with the sale of franchises. You will likely have the place to yourself because few franchisors think this way. (They’d rather advertise at business opportunity shows with 400 other like-minded exhibitors).
Sell To Employees/Managers – Franchise concepts that are labor and management intensive are perfect for this strategy. In these instances, the franchisor offers franchises to their corporate managers as an incentive to keep them in the fold and not lose them to another competitor or career opportunity. Domino’s Pizza has employed this method effectively for years.
Market To Life Changers/Contracting Industries - Position your brand to employees in shrinking industries such as construction, airlines, financial services, autos, etc. Some of these qualified people are leaving industries with a pool of money and bleak future career prospects. Show them another way to put their experience and talents to work.
Along the same lines, it might be worthwhile to target outplacement agencies, college alumni offices and veterans.
Go After the Independents/The Rollup - Franchisors in fragmented industries with few regional or national competitors can recruit independent business owners to join the system (assuming these independent business owners would make good franchisees).
Market To Non-Competing Franchise Owners - Many franchisees of mature systems desiring to expand often can’t because of lack of available territories. Mary Tomzack, President of FranchiseHelp, works with her clients to target existing franchise owners in systems sharing similar attributes.
Get Pre-Approved - Some systems have joined SBA’s pre-approved vendor list. You have to jump through some hoops and it’s pricey, but given today’s credit crunch, it’s a smart idea.
Conclusion
In this highly competitive market, to effectively and efficiently find franchisees, you have to pursue alternative methods to get the results you desire.
Nov
1
Shoot Your iPhone
Filed Under Leadership, Uncategorized | Leave a Comment
I’ve noticed a disturbing trend: We’ve all have become slaves to our smart phones.
As the gadget du jour, smart phones are supposed to increase productivity and reduce stress. And for 20% of you, this is true. Unfortunately, for the remainder, it’s only made your life spin more out of control.
It’s not Steve Job’s fault, it’s the operator. Without rules of engagement, a smart phone only further exasperates existing challenges. The following are several tips that will allow you to better harness the power of any smart phone:
Use a System. If you think your smart phone will get you organized, you’re sadly mistaken. Begin with a productivity or organizational system. There are plenty of ways to organize your “stuff”. For me, David Allen’s, Getting Things Done methodology has worked best.
Get Off the Pipe. Don’t feel the need to be in immediate and constant touch with the rest of the world. Respond during preset times in the day that make sense for your energy level.
Be In the Moment. This has become endemic issue for many of my clients. Don’t let the phone distract you from your current commitment, be it a meeting, lunch date, or simply a peaceful walk on the beach.
Make Time for Free Thinking. Along the same lime, set time everyday for “email/phone free” time for free thinking or strategic planning.
Use on Vacation Sparingly. While on vacation, let others know you’ll have limited access. Check your mail or phone 2x per day and stick to it. If customers, employers or colleagues demand you respond right away, save your money and stay home because you’re not “on vacation”.
What are your real objectives? If this email or phone call doesn’t help with your strategic goals, get rid of it fast.
Learn Key Features. Many of these phones offer features that dramatically increase the phone’s capabilities. Take the time to learn them.
Do you have any tips that work for you? Email me your ideas and I’ll post them.