My Podner on today’s show is Mike Pollock and he’s going to 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:
o Background
o Financial situation
· Have the Unit Economics Call
o FDD introduction call (15 minutes)
o Unit Economics (45 minutes)
o Receive signed Item 23 (Proof of receipt of FDD)
o Password
o Validation instructions
· Validation Debriefing Call
· Discovery Day
o Brand Overview Review
o Meet the Team
o Lunch and dinner are the best opportunity to visit with prospects
o 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
