Private Franchise Partnership

Remember you need to keep motivated and it's not easy to start your own business and then try to keep it afloat. Vision alone is never enough. You must translate that vision into reality in order to achieve success. And that starts with the sale. Regardless of whether you'll be selling franchises, you must be a good salesperson, as there are many other sales to make along the way. First, you'll have to sell your family, spouse or significant other on a venture many will view as speculative at best. After all the struggles associated with building the business, you will need to go back to these same people again and sell them on the merits of investing $100,000 to $200,000 or more in the development of a franchise program before selling a single franchise. And of course, along the way, you'll need to sell customers, bankers, investors, lawyers and others on the merits of the business that'll be franchised. You'll need to sell key employees on why they should join a fledgling company rather than one of your better-established brethren--which probably offers a better salary, benefits and job security. Most important, as a new franchisor, you will need to sell franchises. To some extent, the early franchises are actually the easiest to sell. Often there's pent up demand for the franchises. And there's the allure of being among the first one in on an exciting new concept and the opportunities to get the prime territories. But, in selling the first franchises, you have to overcome a number of significant objections, including the lack of size, capitalization, buying power, name recognition, significant staff and a long-term track record. There are ways to overcome all these objections, and the skilled salesperson should have no problem getting past them, but even the best salesperson can't fake passion. The best salespeople are passionate about their concepts. You must start with a deep-seated belief that what you're offering is truly the best alternative. And you must be able to sell your vision of the future to many diverse audiences. The best franchisors are passionate about quality. While they may be open to innovation, the best franchisors are uncompromising when it comes to brand standards. They set these standards and are willing to spend the time and money to ensure these standards are strictly enforced. Great franchisors go beyond being detail-oriented. Often they border on compulsive. They know instinctively that their most important job is to duplicate a successful business model. And they take the task of "duplication" very seriously. They also know that to be successful as a franchisor, they need to be certain that their franchisees succeed. Successful franchisees help to sell franchises, cost less to support and pay more in royalties. Successful franchisees also help establish the "buzz" that surrounds fast-growing franchisors and can help propel a franchise to the next level. So scrutinize the myriad details necessary to be sure the franchisee values the brand as highly as you do.