Expanding on the Misconception of Fast-Tracking Sales through Franchising
Many people believe that opting to franchise their business would instantly fast-track sales, but this couldn’t be further from the truth. Though it’s true that franchising can save time since the franchisor doesn’t need to build everything from scratch, such as the product, content, market, or other materials, there’s still a possibility of encountering many errors and hurdles in building and executing a successful sales plan.
What’s more, most new franchise business owners lack the experience and expertise in sales since they may not come from a sales background. In fact, many people associate the word ‘sales’ with negativity, soon discovering that sales are, in fact, the most crucial part of a business. According to a 1,000 business respondent survey by Censuswide, around 31.1% of UK managers believe that ‘sales shame’ negatively affects their business growth, and around 27% of UK managers believe it’s holding back the UK economy.
To succeed in the first year of franchising, business leaders must realise that sales are the lifeblood of their company. Therefore, they must map out every type of customer journey in proactive and reactive phases, with a clear sales mindset. A well-defined sales plan could be crucial in avoiding common mistakes that business owners make when putting less-than-successful franchise plans together. These mistakes involve the overestimation of short-term goals and the downplaying of long-term ones, putting too much pressure on the business leader in the beginning and limiting their potential.
Another fatal flaw is that business owners revolve financial targets such as turnover or sales, making such goals limited in scope and challenging to accomplish. Business owners must ask themselves why they’ve set such targets and what makes them emotionally connected to such goals, as it helps in motivating them to make things happen. Besides sales targets, it’s essential to track activities to see what works best, like the best time to call or the most effective communications methods, and replicate these successes.
Furthermore, it’s recommended to break the sales process into more manageable chunks and hold oneself accountable for progress, like activities such as calls or meetings. By doing this, business leaders can take pride in their progress and continually adjust their strategies to keep them a successful franchise.
One of the most important things business leaders should learn in their first year is how to say ‘no.’ There will be plenty of times when they hear it, but they’ll find it challenging to give it back. The truth is that their product or service won’t be suitable for everyone, and if a prospect isn’t sure or making unrealistic demands, it’s best to nip it in the bud early. No one buys from the business as a ‘favour’; they do it because they see it as a partnership and that it adds value to their business. Therefore, it’s essential to determine early on whether a prospect is right for the franchise or not, saving the business leader’s most valuable asset in the first year, their time.
In conclusion, though there are many misconceptions surrounding franchising’s first year, the truth is that it takes hard work and persistence to succeed. Business leaders must prioritise sales and focus on creating a robust sales plan that allows them to track their progress, make smart adjustments, and take calculated risks. By learning how to say ‘no’ and focus on what works best for the franchise, business leaders can save time and energy, maximising their potential and growth.