Mike Pollock give us tips on how to build a franchise development system for your franchise. But it was more than just that because we also talked about how to take a warm lead through the process to close the deal.
Time Stamp
Mike Pollock Intro – 00:00:40
Segment 1 – 00:03:15
Get to know Get to know Mike
Segment 2 – 00:22:10
Topic Segment – Franchise Development 101 (Sales)
Segment 3 – 01:18:40
Quickdraw Questions
Topics discussed in this episode:
How to set up an efficient process for franchise development
- Brand Overview Presentation (45 minutes to 1 hour long)
- Develop a solid franchise prospect application that focuses on:
- Background
- Financial situation
- Have the Unit Economics Call
- FDD introduction call (15 minutes)
- Unit Economics (45 minutes)
- Receive signed Item 23 (Proof of receipt of FDD)
- Password
- Validation instructions
- Validation Debriefing Call
- Discovery Day
- Brand Overview Review
- Meet the Team
- Lunch and dinner are the best opportunity to visit with prospects
- Field Visits
- Voting Process
It is best to have multiple prospects attend a discovery day (between 4 and 5)
If you are going to hire a company such as FranLift to manage the franchise development process, then it is best to get them involved earlier rather than later.
Have a marketing budget set aside in advance. It typically costs between 8K and 15K to bring 1 franchisee in the door.
Mike Pollock
FranLift Franchise Experts
mikep@franlift.com
214-551-0261
Kit Vinson
FranMan Inc. (Franchise Manuals)
Kit.vinson@franman.net
214-736-3939 x1
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