Tag

Franchisee Engagement
A woman joins a virtual business meeting

Making Discovery Days Virtual: 3 Critical Tips for Success

In the franchise world, discovery days are critical to evaluating potential franchisee candidates. These events give you the opportunity to qualify each prospect, help him or her learn more about the business, and make a good impression — ultimately driving a final sales decision: Will you both agree to seal the deal?

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Making the Most of Discovery Days

While researching for this blog post, I came across the same basic description for franchise discovery days over and over again – an opportunity for candidates and franchisors to learn more about each other. According to this article in Entrepreneur, discovery days have four main purposes:

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Why Sharing Franchisee Financial Statements is Important

If you’re already franchising your business, you probably – hopefully – know what a chart of accounts is.

Chart of Accounts (COA) – a financial organizational tool that provides a complete listing of every account in an accounting system. An account is a unique record for each type of asset, liability, equity, revenue, and expense.” Each account is then broken down into subcategories.

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Engage Candidates During Every Stage of the Franchise Sales Cycle

Franchisee engagement is a hot topic. We’re seeing a progression away from the rule enforcer/disciplinarian franchisor-franchisee relationship toward one that places the franchisor as a mentor, teacher, or business advisor. After all, your success is dependent on that of your franchisees.

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Evaluate Your Franchise Recruitment Website

FranConnect has been a long-time partner of the International Franchise Association and Franchise Update Media to score franchise recruitment websites based on a set of best practices. Here you will find our most recent findings for franchise development performance using a franchise recruitment website as the main tool for driving leads.

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Three Franchise Field Operations Models for Franchisee Support

The success of your franchise depends on the success of your franchisees. Key to this success is partnering with the right people and focusing on franchisee engagement, but equally important is the support your field operations team provides to your franchisees from day one. As defined in an article in Franchising World, “Franchise support is the mechanism by which the intellectual property of the franchisor is transferred to the franchisee for the purpose of replicating the success of the business model.”

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