It’s not easy to establish a name in the franchise market, especially if you’re a new to this industry. Franchises rely on reputation and branding so the more popular you are, the better your chances will be. A lot rides on your marketing and sales strategies because you need to reach your prospective customers. At Franchise Life, we recommend that you consider the suggestions mentioned below if you want to succeed in making sales.
Do Your Research
This is especially important if you’re just entering the industry. When you decide to sell a franchise, your business immediately turns into a product and you need to treat it as such. Explore the landscape and look at other competing franchises in the market. You can learn a lot from other franchise businesses in your industry. Research will also help you determine if this is the right time to enter the sector and then at what investment level and what to include.
Appraisal is one of the most important aspects of franchise sales in the UK. Before you place a price tag on your franchise, you need to know how much it is worth. A professional franchise consultant such as Lime Licensing Group is familiar with the market and will have experience with franchises in numerous sectors and price points. They’ll study your business methods, products, services and processes before they recommend the investment level and what to include. This will help your prospective buyer because they will get finance more easily from a bonafide business.
Make Sure Your Business is Franchise Worthy
Not all businesses can be easily franchised. To be franchise worthy, your business process, products, marketing strategies, etc, should be replicable and easy to implement in different locations. Franchises need to be consistent and offer customers a uniform experience and reliable quality. If your company can’t provide an easy-to-replicate system, you won’t be able to make many franchise sales in the UK. Your business needs to set up a trial franchise to prove it’s profitability before you place your company on a franchise directory.
Register with a Franchise Directory
Franchise directories are a great way to connect with a large number of potential buyers. If you want your franchise to grow, you need to establish branches in different locations. That will improve your brand value and you would be able to sell your franchises at a higher price at a later date. If you have a good network of franchisees, you company will have a solid footing in the franchise market. The best way to build this network is to register with a franchise directory and connect potential franchisees from different locations in the country. They are the best platform to carry out franchise sales UK.
How to Carry out Franchise Sales by asking three quick questions
Franchising is a powerful way to turn your small business into a major brand and to secure its long term prospects.
The number of franchisee-owned businesses in the UK has increased by 14 per cent to 44,200 in recent years, with over half now claiming an average annual turnover of more than £250,000, according to the NatWest/British Franchise Association Survey, 2015.
If you are considering the opportunities that franchising can provide, it is vital before you begin to understand why your particular business would benefit as a franchise and to be clear on how to carry out franchise sales.
You need to know if your business is really capable of becoming a franchise. There are THREE quick questions you must ask which will help you determine if franchising is a viable option.
To be a franchise, your business needs to be:
This means you cannot franchise a business “idea”. You must be able to show potential franchisees that the business actually works, and in a way in which they can make the enterprise operate profitably.
Your business should be capable of operating in multiple locations. It should also use the same operating systems, brand and quality standards.
The way a franchise needs to be run must be able to be taught to all prospective and eligible franchisees, which is crucial for widening potential business growth.
Franchise Sales Contact
If you want to know more about our franchise directory and how it works, don’t hesitate to give us at Franchise Life a call on 01274 662001 or contact us. We’ll be happy to help.