BEGINNING YOUR FRANCHISE SEARCH
These days the internet is full of franchise noise. Thousands of brands are all competing to be heard and are doing anything they can to have you notice their concept.
As someone who is looking at investing in a franchise it’s important for you to understand how any inquiries you may make will affect you. Sharing your information online has consequences.
“Many people make decisions almost entirely on the sales process instead of actual predictable results.”
WHO WILL YOU END UP SPEAKING TO AND WHAT IS THEIR MOTIVATION?
Understanding the motivations of people you are working with help you understand their behaviors. We think transparency is key and that you should know how each party works. We’ll discuss the main players you’ll be dealing with in detail later on in this lesson.
It safe to say that all of the people you’ll be speaking with are motivated to either find or sell you a franchise that you end up purchasing so they will be paid a % of a fixed fee.
You’ll never pay more or less when you work with these people, but each of them will provide much different services and overall experience.
GET TO KNOW THE PLAYERS
You Will End Up Talking With Either Of These Types Of Individuals
FRANCHISE SALES REPRESENTATIVES
They work for the franchise.
FRANCHISE BROKERS / CONSULTANTS / COACHES
They work for themselves.
After you submit your information to a franchise, website, landing page, etc you’ll be connected with a franchise sales person.
- These individuals are compensated by being paid commissions from the franchise system, out of their marketing budget.
- You will not pay more or less if you work with a franchise sales person.
- The reason why the franchises pay Franchise Brokers these commissions is because they help them to qualify and educate their candidates.
- When a franchise does the whole process on their own it can cost up to 3 times more to award a single franchise.
- This is because they have to go through many more leads before they find a qualified candidate who matches them and wants their system.