One of the largest pieces of building and growing a franchise is recruiting strong, smart, and dedicated franchisees. For any franchise, especially new franchises, this process can be pretty difficult. The recruitment process should be the most well thought-out aspect of your business plan. Onboarding someone who isn’t the right fit for your business can set back growth by several years. After all, this is your company and you want someone as passionate as you are to help give it the potential to prosper.
Create a Strong Online Presence
Any smart, profitable investor is going to research a company heavily before partnering with it. That being said, a strong presence on the internet is imperative. Your website should be fully developed and have strong visuals and ample information about your company. This will likely be an investor’s first stop in the researching process. Think of it as a first impression. Make sure that any information posted on your website about franchising clearly describes your ideal investor. If you are constantly receiving applications from the wrong type of investor, you should probably rethink your messaging. Your social media should also be up to date. Most investors won’t expect you to have a large following at first, but your social media should exemplify involvement with your target audience.
Choose the Right Industry Events
Franchise industry trade shows can be a strong tool in attracting franchisees. For example, Gregg Koffler, Vice President of Franchise Sales for Corner Bakery Café, sends representatives to industry conferences and trade shows such as the Restaurant Finance and Development Conference. Attending conferences within the realm of your company’s industry will expose you to investors looking specifically to invest in a company such as your own. This often means that they are not only knowledgeable of your company’s specific industry, but personally interested in it as well. Koffler also says that it’s a good idea to speak at these conferences. Presentations will stand out amongst your competitors and give your company some extra exposure.
Create and Foster a Strong Company Culture
A franchisee is going to look for a company with a strong corporate support system. A strategy that provides a constant line of communication and a system of well-rounded and driven individuals will strongly influence investors to gravitate toward our company. Discovery Days are a great way to showcase your company’s culture and give a chance for a potential franchisee to explore the values and systems on which you’ve built your company. Think of this aspect of the recruitment process as the “personal touch”. It’s going to be the deciding factor for both you and your potential franchisee. If an investor feels good about the company culture on a personal level, they are likely to buy into your vision.