What are prospective franchise buyers looking for when it comes to buying into a franchise system? We opened this question up to some of our Shear Madness Haircuts for Kids franchisees, and this is some of the feedback we received. We hope it helps you as much as it did us!
1. Communication is Key: It may seem like a given, but it's true! Franchise communication is important through all aspects of franchising - from being able to effectively communicate with customers, to being able to have great communication channels between potential area developers, franchisors, franchisees, and everyone in between. As such, franchise buyers should be looking for a communication system that ensures consistency and timeliness of communication. Similarly, a means by which franchisees throughout the system can easily and effectively communicate with each other is also very helpful. Many franchisees join a franchise for the systems and support, so it's critical they get it!
2. Process Support and Education: Running your own franchise can be a challenging, yet rewarding experience. That's why when a Franchisee needs help, especially during the start-up phase, there's a tried-and-true system in place that gives them the support they need. This includes great communication channels with the franchisor and other franchisees, as well as franchise training provided through conferences and monthly meetings.
3. First Class Marketing: Franchisees want to know their marketing dollars are going toward creative, expressive messages that effectively reach their customers and help build their business. Some of these marketing efforts might include social media advertising, traditional advertising (newspapers, magazines, ads in sporting venues), posters for the store to use, banners for outdoor advertising, and much more!
4. Transparency: Franchisees want to clearly see evidence of the franchisor's support of the franchisee's efforts to attain and maintain success. There needs to be the feeling in the franchisee's heart that every day, everyone is working towards success.
5. Independence, Flexibility and Personal Challenge: Many franchisees are seeking to escape the politics, rigidity and frustration of working for others. But they also don't want the risk and harsh learning curve of trying to start a business entirely on their own. Franchisees are also highly motivated by achieving results directly linked to their own creativity and hard work. A successful franchise system allows for all these things!
6. Respect: Each franchisee is going to have different motivations, but ultimately they need to be treated like business owners, and not employees. Franchisees desire the respect of friends, family and peers, and are often a helpful force in the development of new initiatives and programs. Their experience and desire to succeed can also identify emerging trends in their respective industries.
7. Making a Difference: Franchisees often treat their staff as extended members of their own family, and take pride in helping them grow personally and professionally. They also get great satisfaction in helping customers and making a contribution to their local communities!
8. Utilizing Expertise: A franchisee wants to leverage upon the expertise of a franchisor, as well as using the name of an established brand that a franchisor has acquired. A franchisee also expects the franchisor to provide assistance in helping with staffing, training, business planning, operational and business related troubleshooting. This is so the franchisee can accomplish their business goals through an organized business mechanism in the minimum possible time!
There you have it! If you are evaluating several franchise opportunities this will give you an idea of what to ask about!
Are you interested in learning how YOU can join the Shear Madness Haircuts for Kids family and run your own successful small business? We are one of the fastest growing kids hair salon franchise systems in the industry today! If you would like to learn more about small business marketing, great marketing strategies, resources for small businesses, how to grow a small business, or how to become a successful owner of your own kids hair salon franchise business, please click below or call 1-888-98 GONE MAD!