Developing franchisers spend a lot of time figuring out how to attract media buzz by getting their company’s name in magazines, newspapers, websites, blogs and so forth. To be noticed, new concepts and seasoned entities must make sure their brand is “out there” for people to see. Once you’ve successfully grabbed a potential franchisee’s attention, prepare to undergo the scrutiny of a well versed audience. The more experienced the franchisee, the more educated they will be -- and the more valuable. This means they will likely see through flashy brochures and emotional videos, and will focus on support systems, and of course, the numbers. Here are a few ways to ensure your numbers are solid and will translate in a compelling manner: Additionally, make sure you're reports display correctly on various platforms, such as iPads and mobile devices so it is easier to display in conversation.
A franchiser must decide whether it wants to communicate its financial performance to prospective franchisees during the formal franchise sales process. If a franchiser chooses to furnish this information during the pitch, the financial performance representation (FPR) must appear within the text of Item 19 of the Franchise Disclosure Document (FDD), and must be prepared following Item 19’s strict mandates. Using a reasonably priced franchising reporting software will help make this process much less painful and will ensure accurate reporting. Although there is no requirement that an FPR contain performance data from all franchised and company-owned operations, including data from only accurately-reported units may result in misleading information. Using a franchising reporting partner can ensure that all units report consistently and accurately. Then, touting your franchising reporting software during the sales process will instill an additional level of confidence in the prospective franchisee, insuring the information is valid and current.
Visualize Your Strengths
Having accurate data is only half the show. Taking time to visualize the data you collectand share will help better communicate, educate, and connect with your prospective franchisee. It’s been proven that visuals can be a lot more effective at persuading people and changing their minds than words. A study at the University of Minnesota School of Management found that presenters who use visual aids are 43% more effective in persuading audience members than those who didn’t use visual aids.
Display Trends, Patterns and Correlations
By taking the time to map out data visually, it’s not only a lot easier to digest and interpret information, it’s also a lot easier to find and recognize important patterns, trends, and correlations which would have otherwise been nearly impossible to see. Visuals will make sharing large amounts of data all at once with your audience much easier.
Acquiring franchise partners, especially seasoned or multi-unit franchise partners, will launch you as a front-runner in the most profitable markets.If franchisees love the concept, believe in the support system, and have confidence in the numbers, they will want to secure your emerging idea into a sustainable business venture.