Now that the 2013 IFA Conference that took place in Las Vegas last week is complete, franchise industry professionals who weren’t present can still benefit from a few key highlights. Consider some of the following aspects of franchising going forward to boost awareness and brand relevance throughout the year and beyond.
Dina-Dwyer Owens, CEO of the Dwyer Group, at the IFA Convention in Las Vegas
Franchisors, Make It Easier for Franchisees to Find Out About You
Assisting potential franchisees in their hunt for the right franchise opportunity means franchisors must make information accessible without undue hardship thrown in. By requiring franchisees to share specific, reasonable personal information, thus ditching excessive demands for franchisees to fill out an extensive list of questions, franchisors can gain greater access to franchisees who are interested, viable, potential investors in the brand.
This approach to the initial meeting between both parties is less likely to waste time on both sides. The key to expansion is developing a system which promotes accessibility for potential franchisees, generating a faster connection between franchisees and franchisors that is authentic and simple rather than burdensome. Genuinely interested franchisees take it from there and the process evolves naturally as the right fit is established.
Bill Edwards, CEO of Edwards Global Services
Consider Franchise Income Potential
Many franchisees are considering entering the industry to generate primary and secondary income sources that are reliable over time rather than accrue equity, which is of lesser importance for some. Franchising has become a way to create a new career that replaces a former one, so franchisors do well to implement ways of communicating the value of entering into an agreement from this perspective, one that emphasizes specific ways that the franchise will enable franchisees to reach their profitability objectives. This is a critical aspect of what makes up strong franchise brands that consistently align themselves with franchise partners who can clearly see how the investment will better their lives.
Simplify for Incoming Younger Investors
With a wave of many younger franchise industry investors looking for career options beyond corporate positions, many franchise partners need special consideration and franchisors are being called upon to adjust and adapt. From altering investment costs from the outset and overall to updating and streamlining training and support, franchises must consider how to prepare their systems for franchisees that may even have little to no extensive professional experience. An exciting change like this is turning franchising into an even fresher way to make a living and invest in the future for many young and ambitious leaders.
Ralph Yarusso, Vice President of Operations and Business Development at Grease Monkey
Develop the Passion within Your Concept
Franchising is increasingly powerful when at its root lies a cause, something investors and partners and customers can believe in and consistently be a part of. This means making everyone who is part of the franchise feel a part, through mutually beneficial interchanges and involvement at all levels of operation, and integrating a component that speaks to the human need for connection and participation in something profound or simple, so long as it speaks. Each franchise has its own mantra, its own mission, its own propensity for charity and community involvement, so this varies widely from one franchise to another.
The critical aspect is that businesses with a cause at their root are even more sustainable, attractive, and affluent at all levels, from the point of sale with customers to the point of agreement with franchise partners. So, developing a concept means finding its “voice” which speaks to the world around it, and thus to its expansion, as it naturally generates attention.