Top Tips On Handling Franchise Buyers
Top Tips On Handling Franchise Buyers
Like in any sales pipeline the franchise sales manager must be aware of the managing of the buyer and his thought processes. Buyers of franchises are driven by ambition and want. The balance will often be driven by the current economy. When employment is at a high level and jobs are stable buyer enquiries normally deliver highly ambitious individuals. When there is uncertainty in the economy, rising unemployment and redundancy can result in buyers who have to find a new career.
In both cases the buyer is trying to seek out a better way forward for their career path. This can often be seen in times of an economic slowdown. At such times, those who are loyal and productive can lose their jobs even though they are not at fault. During times of redundancy, employee who was once loyal and productive can begin to explore a future where they take wish to take control of their own career path. Franchising can offer this possibility.
As a buyer researches a franchise opportunity, he is usually looking for reasons to buy and move forward. The nearer the buyer gets to committing himself the more he will look for reasons not to buy. This is typical buying behaviour. The cost and commitment required by the franchisee is huge. It may require the franchisee to put his house down as security to buy the franchise so confidence in their chosen franchisor and their business model must be absolute.
The Franchise Sales Manager must approach the prospective franchisee with great dignity and respect. The Sales Manager must present the buyer with clear information and be supportive throughout the buying process. This will educate the 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 system he puts his finance, time and work into. He must put his trust in the franchiser and have a good positive attitude with the system’s products, services and values. Remember that the most important qualities in any successful franchisee are:-
Enthusiasm
Hard working
A Follower of the proven system
Because of this, its important that during the whole process, the Franchise Sales Manager gives a clear road for the prospective franchisee to follow. The reason for this is to demonstrate that the buyer can effectively follow a system. A Buyer failing to follow a system early on should raise concerns for the Franchise Sales Manager.
Promoting a franchise opportunity should not be likened to a sale of a product. It can more be likened to a long term commitment such as a marriage. Its important that both sides can and want to work in partnership as splitting after contractually opting in can be a lot of work and costly for all parties.
When the sales process is managed effectively, both parties can do very well. Franchise business in the UK added £13 billion to the UK’s GDP according the the NatWest BFA franchise survey of 2008. Franchise business grew five times that of the UK economy during the same period the survey also reported. This all happened because motivated franchisees followed the franchisers proven franchise models with enthusiasm and dedication.
Franchises are most successful for the franchise brand owner, franchisee and ultimately the customer when they all believe in the system and in each other.
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