Starting a franchise can be an intelligent business move, as it will allow you to monetise a tried and tested business model with less risk than if you were beginning a brand new business on your own from scratch. Yet, you will not be alone, as there are reportedly more than 900 franchise brands in the UK, and this number is on the rise. You’ll, therefore, need to make sure your brand stands out from the crowd and stands out quickly.
Understand the Franchise Buyers
Unless a franchise buyer has a lot of time on their hands, you can trust they will not spend their time analysing the 900+ franchises in the UK marketplace. Many will choose a franchise based on their desired industry. For instance, a buyer might have always wanted to own a successful restaurant. They may also choose a franchise based on its level of experience, or they may want to invest in an up-and-coming brand. Some may also not consider a franchise due to their investment amount. The more you learn about a prospective franchise buyer, the easier it will be to market your franchise to the right entrepreneur.
A Professional Office Space
Image is everything when launching a franchise, which is why you must develop a professional office space that embodies your branding and ethos. 360 Degrees can help you design an innovative office that not only projects the right image to prospective clients and franchise buyers, but it can also improve the company culture and internal efficiency and productivity each day.
The Perfect Image and Operation
Many franchise buyers are buying into a brand and a method of operation, which each make the business a success. You’ll need to not only invest in the right trade name, but you’ll need to establish elements of the business that collaboratively make an innovative franchise formula that people want to buy into. You’ll need to carefully consider everything from your marketing campaigns, accounting processes, and streamlined administration tasks, which should each be detailed in the franchise manual, and it must be easy for the franchisee to adopt into their own daily operations.
Identify Your USP
In addition to investing in your branding and operations, a franchise buyer will also be buying into your unique selling proposition (USP). You must identify what sets your franchise apart from its rivals. For instance, McDonald’s became a success due to its fast-food business model and clever branding. However, Burger King became a big rival by establishing the “Have It Your Way” slogan, which offered personalisation that McDonald’s could not offer without changing every kitchen operation. Look for an angle that helps your franchise stand out from its competitors.
Connect with the Community
Build connections within your community to increase your franchise’s exposure and visibility. For example, you could team up with other local businesses that complement your company’s image and vision, so you can embark on collaborative marketing campaigns that increase brand recognition and encourage prospective franchise buyers. You could also sponsor groups or individuals across your community to generate positive PR about your business and increase credibility.