Investing in a franchise is a big step, and with so many franchise packages to choose from, prospects want to make sure they're making the right decision. I came across a recent study of what franchisees considered the most important when evaluating a franchise opportunity. Here are the results in ranked order:
- Potential earnings (7.2)
- Franchisee training and support (6.7)
- Initial investment amount (6.2)
- Operating territory (5.6)
- Brand name/recognition (5.4)
- Marketing Assistance (5.3)
- Industry the franchise is part of (5.1)
- Franchise term length (4.7)
- Size of the franchise (4.5)
- Company Age (4.4)
Take a look again. It’s not your size, how long you have been around, or the terms you offer, that are the deal breakers - It’s the franchise training and support you offer. Surprised? Franchisees are looking for your help in order to be successful. With a score of 6.7 out of 10, “Franchise Training and support” ranked second only to “potential earnings” as the most important item considered by a franchisee when evaluating a franchise. So the question is – how good is the support you’re providing to attract and convert franchisees?
Ask yourself three simple questions:
- Is my franchise manual easy to read and understand regardless of location?
- Do our tools and programs make it easy for franchisees to successfully handle local marketing and customer facing programs (…compliant with our rules and polices?)
- Is our workforce environment collaborative and is information available instantly?
If your answer is no to at least one of these questions, you should consider how to make better use of your franchise intranet. It’s no secret that a franchisee will investigate multiple franchises before making their franchise investment decision. Actually, it’s being said that 50% of franchisees evaluate 10 or more franchises before jumping the gun. And being asked to spend anywhere from $10,000 to upwards of $5 million to get off the ground, wouldn’t you do the same? Here is a great overview of what franchise software can do for your business – from collaborative communications, to better operations manuals.
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