News & Updates

Developing Your Franchise Model

August 03, 2011

As you develop your franchise system, or more specifically the precise model which you intend to build out as a system, there are numerous factors which you need to consider.  One relevant consideration will be what your franchise will actually look like.  For instance, you may have experienced success in your single location or small handful of locations, but once it becomes time to grant someone the right to copy that model, you will need to ensure that you have a prototype in place which can be reasonably emulated.  If you are a retail store, what type of products will be sold each season?  If you are a restaurant, what will the menu be comprised of?  Franchisees will be looking to you for this guidance.

Another consideration will be where to find your franchisees.  Conventional advertising is a possibility for attracting prospects, and you may find that franchise brokers or consultants are useful in generating leads, as well.  Trade shows remain a very viable source of cultivating interest in your brand and attracting potential franchisees and there are a number of franchise organizations and associations which produce these shows throughout the year in cities across Canada. 

However, you may wish to jump on the social networking bandwagon in reaching out to prospects.  Certainly a franchisor’s website is an appropriate forum for generating leads and can be a very useful outlet for potential franchisees to find answers to some of the questions they may have about your system.  But reaching out via social networking sites, or setting your online presence up in a way that enables franchisees to reach out to you by way of these media, may accomplish a lot in terms of establishing your franchise system as fresh, modern and accessible.

Tags: Franchising