Like in any sales pipeline the franchise sales manager must consider the managing of the buyer and his thought processes. Franchise buyers are driven by aspiration and need. Often this can be economy driven. When employment is at a high level and jobs are stable buyer enquiries normally result in high aspiration individuals. When there is uncertainty in the economy, rising unemployment and redundancy often provides buyers who are seeking out new career possibilities.
With either option the buyer is trying to seek out a better future for their working lives. This can often be seen in times of an economy in recession. During these times, those who are loyal and productive can can find themselves in a redundancy situation even when they have doing nothing wrong. When redundancy strikes, the once loyal employee can look to a future where their fate is in their own hands. Franchising can offer this possibility.
As a buyer researches a franchise opportunity, he is usually looking for reasons to buy and begin the process. The nearer the buyer gets to committing himself the more he will be looking for negative reasons to bail out. This is typical buying behavior. The commitment, both emotionally and financially, required by the franchisee is huge. It may require the franchisee to put his house down as security to fund the purchase of the franchise so confidence in their chosen franchiser and their business model must be absolute.
Its of utmost important that the Franchise Sales Manager must treat the buyer with great dignity and respect. The Franchise Manager should also provide the buyer with clear information and be available to support him during the whole process. This will educate the franchise buyer in just how he expects to be supported if he decided to become a trading franchisee. A proven business system on its own is not enough. The franchisee is a ‘disciple of the brand’ he invests his time, money and effort into. He must trust the franchiser and have a good positive attitude with the franchise brand’s products, services and values. Remember that the most valuable personality traits in a successful franchisee are:-
Enthusiasm
Hard working
A Follower of the proven system
You can see why its important that the Franchise manager presents a clear road for the prospective franchisee to follow. The reason for this is to prove whether the prospect can work to, and follow, a system. If a buyer fails to follow at these early stages it should set alarm bells ringing for the Franchise Sales Manager.
Selling a franchise opportunity should not be likened to a sale of a product. It can more be likened to a contractual agreement such as a marriage. Its wise to ensure that both sides can and want to work in partnership as separation after contract can be a lot of work and costly for all parties.
If performed well, both seller and buyer can do very well. UK Franchise business added £13 billion to the UK’s GDP according to the 2008 BFA/NatWest annual franchise survey. Franchise business grew five times that of the UK economy during the same year according to the report. This all happened because motivated franchisees followed the franchisors proven business models enthusiastically and effectively.
Franchises are most successful for the franchisor, franchisee and ultimately the customer when they all believe in the system and in each other.
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Tags: franchise opportunities