Marketing Your New Franchise Concept; Missing Something? Part 1

Joel Libava
Wed, 03 Sep 2008 02:15:00 +0000

Let’s say that you just finished setting up {with help, of course} your new franchise company. You did it as suggested, by using the right combination of franchise development experts, franchise attorneys, and financial/accounting specialists. Your documents are finished, and you can now legally sell franchises in all 50 states. {Maybe even in Canada} Now what?

The “now what?” is a problem for most young franchisors. As a new franchisor, you are eager to sell your 1st franchise. Selling your 1st franchise is a milestone. Sometimes however, this milestone can be quite elusive. It is indeed a wonderful feeling to develop a business concept into a franchise model, and actually have someone pay $25,000 for the right to use your idea. That’s right, your idea. How awesome is that?

Your enthusiasm is at an all time high. You feel like a Gold Medal winner. Phelps. Nadia Comaneci. Kroc. You are ready to sell 300 franchises! Wahoooooo!

Problem: Your franchise’s corporate headquarters phone system seems to be on the fritz. You call your in-house tech support personnel. “Please do a check of our new phone system. We don’t seem to be getting any incoming calls.” George over in tech support calls you back. “Boss, the phone systems are working perfectly. Incoming and outgoing tests were done.” You conclude that there could be another problem. No prospective franchise owners are calling. {One of my old bosses used to call a problem, “an opportunity”}

Developing a franchise model requires several steps. Looks like you may have missed one.

Next: The missing step that will get your phone to ring.

{Joel Libava is the President of Franchise Selection Specialists Inc. He is also a marketer.}