Blog | Pinnacle Franchise Development

What Are the Steps to Sell a Franchise?

November 28, 2022/in Franchise Sales/by [email protected]

As a seasoned franchisor, you know that the success of your business lies in the franchisee’s success. So, it’s not enough to sell your franchise opportunity to the highest bidder—you need to award it to the right candidate to grow your brand and establish your reputation.

Ready to get started? Here’s everything you need to know about franchise sales development and how to navigate the sales process so you can take your business to new heights.

Kickstart Your Lead Generation Campaign

Before you dive straight into sales, you’ll need to start a lead generation campaign to build brand awareness. For most franchisors, the biggest obstacle to franchise development is brand recognition. You need to spread the word about your business and highlight the opportunity for new entrepreneurs. But where do you start?

While there are several effective organic marketing methods to drive leads, it’s also a good idea to build an advertising budget. This way, you can get in front of the right people at the right time with an irresistible opportunity.

Follow Up with Franchise Leads

Once you’ve transformed your franchise business into a lead magnet, it’s time to follow up. At this point during the sales process, your main goal is to contact potential buyers and encourage them to schedule their first call.

It might seem simple, but it takes consistency to guide your leads to the next stage of the buyer’s journey. If you don’t have enough time to follow up with your prospects, a dedicated team can help you every step of the way. At Pinnacle Franchise Development, our franchise development services can help you engage new leads and expedite the sales process.

Choose the Right Candidates

As a franchisor, part of your success lies in your ability to choose the right candidates to represent your brand to customers. Beyond traditional interviews and background checks, create a profile of your ideal franchisee to help guide you. You’ll also want to look for franchisees who are passionate about the business and the brand. At the end of the day, their commitment will motivate them to work hard and deliver your brand promise to customers.

Discovery Day and Awarding

Selling an independent business is different from selling a franchise, and you’ll need to give your buyer a copy of the FDD 14 before awarding the franchise. You will also host a Discovery Day, it can be either virtual or in person. This allows the candidate to get an inside look at the model and corporate support, and also gives you an opportunity to get to know them better. Now that you’ve found some qualified candidates, you can draft your franchise agreement and start the awarding process.

Take a New Approach to Franchise Development

Here at Pinnacle Franchise Development, we’ve developed a proven franchise development process to guide franchisors and candidates every step of the way. From promoting your business through different marketing channels to building brand awareness, we’ll help you reach the next level of success. Contact us today to learn more about our comprehensive franchise development services and how we can help grow your franchise.

Type of Franchises: Which Is Right for You?

November 15, 2022/in Franchise Types/by [email protected]

Building a business from scratch isn’t easy, but what if you could have all the benefits of entrepreneurship with the resources of an established brand? Franchises are excellent investments, giving owners access to a dedicated support team and a proven business model. With so many available, understanding the different types can help determine which opportunity best suits you.

Which Franchise Type Matches Your Style?

Different franchises offer varying levels of responsibility, operating costs, personal freedoms, and more. Though franchises may fall within any number of industries, the different types are distinguishable in three clear categories.

Hands-On vs. Semi-Absentee

When it comes to franchise ownership–ask yourself how much you want to be involved. For example, if you want to spend time managing the day-to-day tasks of growing your business, your best fit will likely be a single-unit franchise (e.g., operating one location). On the other hand, if you’re a big-picture person who wants to be involved in the business but not the day-to-day tasks, you could invest in a multi-unit franchise and hire day managers while overseeing the overall growth.

A semi-absentee franchise model could be ideal if you’re looking for something to help bring in extra income while still working your day job. You can do this by either hiring a manager to operate your business or selecting a franchise that requires minimal management, like a Clothes Bin.

Remote vs. Brick-and-Mortar

Do you want to work remotely or from a physical location?

It’s important to think about this before you invest in a franchise. For example, would you prefer a brick-and-mortar storefront, like a restaurant such as Go Go Curry? Do you want the responsibility of managing leased premises and operating equipment? Perhaps you would rather have a business that you can run from anywhere. Knowing how you want to work will help you decide on the right strategy.

If you’re looking for something in-between, mobile franchises provide services to individuals at their homes or business, so you don’t have to be concerned with a physical location. If this sounds like the ideal model, Shine or Vanity Fur Mobile Pet Grooming could be excellent options.

Service vs. Retail

Do you like interacting with customers? Do you have experience working in a storefront? Retail and service franchises tend to draw investors who enjoy interacting with the public. In addition, they often have a background in the brand’s industry, making it a natural fit. Whether your interest lies in fashion or food service, brick-and-mortar store operators will be in daily contact with their customers. If that’s not for you, neither is this model. If you want to be a people-person without a storefront, service franchises such as ManageMowed or Joshua Tree Experts could be the way to go.

How to Choose the Right Franchise

What’s the secret to growing a successful franchise? It all starts with your passions, business acumen, and skillset. When you launch it, you’ll benefit from a proven product or service while still being your own boss. But you’ll still have to dedicate time and effort to growing the business. Whatever your path to success looks like, choose a franchise industry that aligns with your interests. Then, you can narrow your franchise opportunities by management style, franchise costs, support options, and other factors.

And remember: You don’t have to do all the hard work on your own. Whether you’re an ambitious self-starter or searching for your next investment, our professional team is here to match your unique interests and goals with the ideal business model.

Reach New Heights with Pinnacle

Searching for a fresh approach to franchise development? Ready to invest? At Pinnacle Franchise Development, our team works with all franchise types to drive leads, build custom marketing plans, outsource sales, and more.

Check out our franchise brands and reach out to our team to learn more about our innovative franchise opportunities.

Should I Use a Broker to Sell My Franchise?

November 7, 2022/in Franchise Sales/by [email protected]

As a business owner in search of franchisees, you already appreciate the importance of candidate selection. You also know the many steps involved, from finding the right prospects to vetting them. Because the process is so detailed, it is highly recommended for business owners to work with franchise brokers, also known as franchise consultants, to help find ideal franchisees.

Throughout our long history in the franchise development industry, Pinnacle Franchise Development has built strong relationships with a network of trusted brokers. We use these relationships to benefit franchise owners in search of buyers.

What Are Franchise Brokers?

Franchise brokers serve a critical role in the relationship between franchisor and franchisee. When it comes to finding qualified buyers, a broker will search for prospects and perform all the due diligence necessary to ensure a good fit with the seller’s enterprise. If they find a match, the broker will reach out and share the opportunity.

Regardless of whether you are looking to sell your franchise or purchase one, it’s the franchise brokers who can deliver sound opportunities for parties on either side of the transaction. In the franchising services industry, broker assistance significantly widens the playing field.

Franchise Broker Benefits

Some businesses forgo brokerage assistance to save money. However, consider the financial risk you take without the broker’s connections. How well do you know who’s in the market? And remember, it takes a lot of time and effort to navigate the sales process on your own. Those are hours that could be spent on your other business objectives.
With this in mind, think about the following benefits you receive when you retain the services of a broker:

Greater Chance of Success – The quality of your franchisees is a non-negotiable point. Fortunately, brokers typically have a wide network of candidates to choose from, which increases the likelihood of finding the right candidate. It is challenging to identify a suitable buyer on your own, but a brokerage firm will already have a reliable process in place. Based on the 2020 Franchise Sales Index: Lead-To-Deal Ratio statistics – the second largest source of leads that turned into deals was from brokers (after referrals). Leads from brokers have a high conversion rate at 4.25%, which is why working with franchise brokers is so lucrative. Learn more about this data by listening to the franconnect webinar.

Help with Due Diligence – Once you find a prospective franchisee, the next step is to vet them. Due diligence is vital to the success of the sale, and a broker already has the skill and tools on hand to thoroughly evaluate and verify financial records, credentials, and other revealing information.
Time – In addition to the complexities of the due diligence process, it can also take a lot of time. With a broker’s assistance, you can rest assured of a reliable process without taking time away from other vital business processes.

For nearly a decade, Pinnacle Franchise Development has been a leading force in the industry. We have established relationships with a variety of broker groups and know the best practices to effectively working with them.

Our team has connections to a variety of brokers whose services we recommend and who will be happy to introduce you to qualified franchise investors in their network. Let Pinnacle continue to support you through every step of the sales process, while you focus on other essential business matters. Please contact us to learn more about our services or to schedule a consultation.

The Obstacles to Selling Your Franchise

November 1, 2022/in Franchise Sales/by [email protected]

When it comes to the company you poured so much time and effort into, it’s natural to want only the best and brightest franchisees to come onboard. However, finding quality buyers is often easier said than done, especially when you factor in all the other tasks and responsibilities that you face as a business owner every day.

There are numerous challenges that can impede a franchise sale, which is why it helps to have a trusted partner in your corner. Pinnacle Franchise Development provides essential assistance to businesses when it comes to the sales process. We also offer helpful tips and guidance to help businesses clear the hurdles standing in their way.

Here are a few of the challenges we can help you overcome.

Securing Quality Candidates

A franchise is only as good as the franchisees, which is why candidate selection is so important. In addition to financial considerations and candidate experience, you want to ensure that the buyer you choose embodies a sincere representation of your business and values. A good vetting process helps you determine which candidates are worthy of further investigation, as opposed to sitting down with every person that expresses interest in the sale.

Performing Due Diligence

Of course, candidate selection is just the beginning. From there, you must perform extensive due diligence to ensure the candidate has what it takes to successfully run the franchise. Proper vetting can be extremely time-consuming when performed correctly, and not all business owners will have the time and patience to devote to the process. A lack of time can result in cut corners and oversights, which may come back to haunt you in the form of costly delays and missed opportunities.

Overseeing Technical Details

The work continues even after you’ve chosen the best candidate. Next, you must navigate through all the technical details involved in onboarding the potential buyer. While not necessarily complicated, there is much room for error when it comes to filling out documents and filing items in a timely manner. Among the many other franchising services we provide, we can also handle all the technical aspects of the transaction. For instance, our team can cover application processes, create marketing materials, and resolve other practical matters crucial to a timely sale.

Pinnacle Franchise Development Welcomes Challenges

Here at Pinnacle Franchise Development, we’ve developed a trusted, streamlined franchise development process to benefit franchisors. By doggedly promoting your business via different marketing channels and enhancing brand awareness among the leaders in your industry, we will find the best candidates in your industry and vet them thoroughly.

When we find one, we’ll strike while the iron is hot and arrange a meeting as soon as possible. Meanwhile, we will remain in your corner until we secure a positive outcome. Please contact us today to learn more about our services and how we can facilitate the sale of your franchise opportunity.

Most Popular Franchise Industries

October 21, 2022/in Franchise Growth/by [email protected]

One of the United States’ most significant contributions to the world of business is the franchising model. When John S. Pemberton began issuing licenses to sell Coca-Cola in 1886, he gave aspiring entrepreneurs a glimpse at the money-making potential of this industry. Today, there are nearly 800,000 franchise establishments in the United States alone.

What Is the Franchise Model?

Under the franchise model, an established business owner–called the franchisor–issues a license to another individual called the franchisee– to use their branding, business model, and trademarks. In exchange, the franchisee typically agrees to pay the franchisor a royalty fee and a percentage of their sales revenue.

Top Franchise Industries

Franchising has proven to work exceptionally well in the following industries:

Food and Restaurant Franchises
Many of the most well-known franchise brands, such as Coca-Cola and McDonald’s, operate in the food and restaurant industry. With many restaurants, the replicability of the food and its preparation lends itself well to this model. In addition, providing a quality, uniform product across a restaurant’s franchise locations allows it to build a broad and loyal customer base.
Vending Machine Franchises
Vending machines have a significantly lower investment than many other franchise businesses. Therefore, many savvy entrepreneurs diversify their income stream by investing in this type of franchise. And since vending machines can be placed almost anywhere, it is considerably more flexible than other industries.
Senior Care Franchises
Senior care is a rapidly growing sector in the U.S. economy. An article in Forbes states that a large portion of the 67 million Americans over 60 need care, and with 10,000 baby boomers turning 65 every day, that number will grow. Senior care is a complex business because it is an industry that has unique healthcare needs. That’s one reason why senior care franchises are popular–the franchisor has already worked out the issues and complexities in the business plan.

Most Profitable Franchise Industries

Some franchises can be immensely profitable, particularly if they have a well-established brand and market share. Some of the most profitable include:

Fast Food Restaurants
Many of the most popular restaurants in the nearly $300 billion fast food industry generate impressive revenue yearly. However, fast food is also a notoriously difficult industry to enter for startups. As a result, many entrepreneurs choose to open franchises with already-established restaurants.
Education Franchises
As a result of the impact the COVID-19 pandemic had on education, the education industry is expected to grow at a 10.7% compound annual growth rate in 2022. In addition, these service franchises are often incredibly profitable due to low operating costs.
Hair Salon Franchises
The hair salon market grew 19.6% as COVID-19 began to wind down in 2022 after falling precipitously when the pandemic started. Hair salons are among the most profitable service franchises due to their low operating costs and high retention rate.

Discover Franchising With Pinnacle

Pinnacle Franchise Development has helped numerous entrepreneurs invest in and grow franchise businesses in many of the most profitable and popular industries, including senior care, hair salons, retail, restaurants, and more. Our team has over 40 years of combined experience and can provide franchising services to assist you with everything from marketing and branding to lead generation.

Whether you would like to grow an existing business or learn more about one of our strong franchise brands, contact our franchising experts to find out how we can help you.

How to Position Your Brand for Franchise Sales

October 7, 2022/in Franchise Sales/by [email protected]

If you’re interested in growing your business through franchising, it’s essential to consider how you’ll position your brand against other franchisors. Moreover, it will help you to stand out by articulating what makes it unique and why it’s a good investment. This is necessary to attract the right franchisee. At Pinnacle Franchise Development, we are equipped and ready to assist franchise brands with their development needs to reach the next level of success. Contact us for more information.

Tips for positioning your brand

As noted, positioning your brand so that it’s ready for the franchise sales process means you’ll attract the right type of franchise leads for your business. Here are some tips to consider:

1 – Start with your product

Review your products or services and ask yourself what differentiates them from your competitors. If it’s significant enough to distinguish your brand, it’s worth exploring. Whether you’re selling products or services, there are always ways to elevate it to make it appeal to franchisees over a competitive investment option.

2 – Assess your business as a potential investor

As a business owner, it’s essential to consider how your brand appeals to potential investors. For example, does your franchise offer lower risk than investing in other areas like the stock market? Can it yield high returns? What lifestyle will it provide to franchisees? Assessing your business through the eyes of a potential investor can help you determine how realistic your franchising goal is and where to focus to help make it more attractive.

3 – Consider your niche

If you’re operating in a category competing with many other franchises, finding a niche market your business can own is vital. Offering something unique helps you to stand out amongst a sea of possibilities. For example, many pizza franchise options are available, but some have carved out niche segments to succeed. This niche can relate to the type of pizza, the dining experience, or the price point. Again, there are plenty of options to consider.

4 – Assess your culture

Your work culture can be essential in attracting the correct type of franchisees for your business. First, assess your values, goals, practices, and shared attitudes, all of which make up your corporate culture. Then, make sure it accurately represents your brand; if it doesn’t, make the necessary changes. Many potential franchisees research a company’s culture and look for alignment with their professional goals when making investment decisions.

5 – Review your customer service

While many brands say they value customer service—what makes it unique for your business? For example, what do you do that goes above and beyond what your customers expect?

Sometimes it can be the simple things that make a difference. For example, consistent messaging with your frontline staff so that all your customers experience the same level of service at any touch point. Alternatively, you might offer flexibility, so your employee’s personality has the opportunity to shine, which allows them to develop strong relationships with your customers. Use of technology is also a major asset when it comes to improved customer experience and convenience for the franchisee. Whatever it is, look for opportunities to optimize your differentiation for customer service–so that it appeals to franchisees.

6 – Compete against well-known brands

If you’re a small business in an industry with large established companies, consider what your size offers and play this to your advantage. For instance, as a smaller operation, you may have excellent relationships with suppliers, or offer personalized support to franchisees. Find your strengths that you know larger competitors can’t compete with and use these to attract the right type of franchisee for your business.

7 – Get professional advice

Implementing multiple strategies to promote your brand to franchisees may be tempting. But it’s better to consider your most vital point of differentiation and enhance or improve this element.

That’s where using an industry expert can help. An experienced franchise sales team understands gaps or opportunities to help create a unique value proposition for franchise sales. They can help you develop your positioning as an investment opportunity and use the right marketing strategy and tools to create high-quality leads for your business.

Need help with your brand’s positioning?

At Pinnacle Franchise Development, our experienced team has helped new and established franchisors perfect their brand positioning, so they’re ready for a streamlined sales process. Our team members are experts at branding, value propositions, franchise marketing, and accurately representing your brand to brokers and prospective franchisees.

Contact franchising experts at Pinnacle to discover our full range of franchising services and find out how they can position your brand effectively to expand your franchise.

Benefits of Franchise Sales Outsourcing

October 7, 2022/in Franchise Sales/by [email protected]

Opening a successful franchise can help to increase brand awareness and generate more business. While most owners are experts at managing their businesses, franchising can be complex. If you’re considering franchising your business or are looking to expand your existing franchise system, outsourcing your franchise sales is worth exploring. Contact us at Pinnacle to see how we can help you grow your business.

What is franchise sales outsourcing?

It refers to outsourcing every aspect of your sales process to experienced industry experts. They would be responsible for lead handling, distributing sales materials, database management, marketing automation, lead qualification, preparing documents, and all associated sales support. As the franchisor, you’ll be able to decide on the final candidate after reviewing all the qualified leads.

The sales process requires a different skill set than managing a franchise, including a good understanding of lead qualification. It also typically requires a good level of patience, as deals can take time.

Benefits of outsourcing your franchise sales

There are plenty of benefits of franchise sales outsourcing, including

1. Focusing on what matters most

An experienced outsourced franchise sales team understands how to generate high-quality leads because they have established networks. This saves you time and money so that you can focus on successfully managing your business.

2 – Saving you time

Franchising is typically a long sales cycle, particularly for new ones. Proving the worth of your business to investors requires significant effort. If you take on this role, you won’t be able to focus on running your business. Outsourcing also offers the benefit of narrowing down the list of potential franchisees to get the best outcome for your business.

3 – Faster growth

When you outsource your franchise sales to a professional team, they’re likely to have an established system, which means you’ll see sales faster. They’re also more likely to understand your specific business requirements from the beginning so that they can implement the right strategy.

At Pinnacle Franchise Development, we have established relationships that can be crucial to sales. For example, our broker relationships can access leads more quickly, significantly speeding up the sales process to help grow your franchise faster.

4 – Keep costs down

Some franchise owners consider employing dedicated salespeople when franchising their business, which can cost you more money. An experienced franchise development manager can require a large salary, and typically a commission for each sale. Not only can this drive up your costs, but it can also pressure you to grow faster than you may be comfortable with.

However, using an outsourcing team means you can set the terms. Whether you want to sell one franchise a year or 20, your team will work with you to tailor a plan that’s right for you with less risk than hiring an internal team member.

5 – High-quality marketing support

Positioning your business as a potential investment opportunity requires a specific strategy that differs from what you are used to with consumer marketing. An outsourced sales team will have an established process in place to effectively position and present your model to candidates. Franchise sales teams work with you to strategize, write, and publish high-quality content quickly and efficiently to clearly educate viewers on your model. Outsourcing also allows you to leverage marketing tools, such as automation. Efficient systems can make all the difference in lead generation and sales.

6 – Industry expertise

Don’t look for someone with just sales experience. It’s essential to find an experienced team. Franchising is highly regulated, and it takes a high level of finesse and skill to encourage someone to invest into a new business. You’ll need a compelling sales presentation to help you stand out from competitors. An industry expert can help you to formulate the right sales pitch to showcase your brand to potential investors while keeping you within the legal limits of franchise offerings. Get started with Pinnacle Franchise Development

Outsourcing can free up your internal resources while accessing an established sales process from an experienced team. At Pinnacle, we’ll work with you to study your brand, leverage relationships with brokers, host webinars, and attend conferences on your behalf. In addition, we offer non-stop support to ensure you’ve got a steady stream of candidates to keep your franchise growing. Our goal is to let you and your executive team focus on building an outstanding franchise model and keeping franchisees happy, while we work to find ideal fit candidates to grow your franchise system successfully.

Pinnacle Franchise Development specializes in helping new and established franchisors with our franchising services. Our proven strategies have grown brands and reinvigorated existing ones. Contact franchising experts at Pinnacle to find out how we can help you.

Why Franchising Is Growing in Popularity

October 6, 2022/in Franchise Growth/by [email protected]

After working hard to grow your business and make it successful, you’re beginning to think about setting up a franchise. Franchising has always been a popular way to expand a successful business beyond its original geographic footprint, with good reason. Business owners simply can’t run dozens of locations, but offering franchise opportunities to other aspiring entrepreneurs is good business sense. It’s a great time to work on setting up – or purchasing – a franchise, as this business model continues to grow in popularity.

The popularity of franchise business models

Franchise models are popular among both franchisors and franchisees. For franchisors, this model allows for virtually limitless growth and skyrocketing revenue without worrying about taking on debt in order to fuel that expansion. Franchisors are using the financial resources of the franchisees in order to expand the company while limiting their own potential liability. Furthermore, business owners who decide to set up multiple locations on their own are faced with the unpleasant task of trying to hire, train, and retain managers to operate those locations. In contrast, franchisees are already highly motivated individuals who want their locations to succeed.

For franchisees, choosing to buy into an established brand is a no-brainer compared to attempting to launch a new brand on their own. The established brand provides them with instant name recognition, extensive marketing capabilities, a proven system, and training resources.

How have franchises fared during pandemics and recessions?

For these reasons and more, franchises have been growing in popularity for quite a long time. In recent years, all types of business owners have faced challenges due to the pandemic and the threat of a recession. Yet, the franchise business model has held strong. Consider the following statistics from the 2022 Franchising Economic Outlook report published by the International Franchise Association.

• In 2021, franchise output grew by over 16% for a total of nearly $788 billion.
• In 2021, franchisees increased their hiring by 8.8%, adding more than 46,000 jobs to the economy per month.
• In 2022, the growth rate for franchise locations is expected to be 2.2% (over 792,000 franchise locations compared to about 775,000 in 2021).

It’s clear that franchise businesses have rebounded well from the pandemic, when many franchise restaurants, retail stores, and other types of businesses had to shut their doors or operate under reduced/modified circumstances. How exactly have franchises proved so resilient to adverse conditions? One reason is that, unlike individually owned businesses, franchise businesses share one thing in common: robust, well-established, time-tested infrastructure. Because of this, franchise businesses can withstand not only pandemics, but also economic recessions.

You’ll still need expertise to make your franchise business successful

As popular as franchises are these days, they still require quite a bit of work to set up and market successfully. For best results, contact franchising experts who can provide franchising services ranging from consulting to lead generation to marketing and beyond.

Pinnacle Franchise Development offers a full spectrum of services to elevate franchise brands. Contact our experienced industry professionals today to find out how we can help fuel your success.

How to Manage Labor and Food Costs While Growing Your Franchise

September 14, 2022/in Franchise Growth/by [email protected]

It’s no secret that food prices have been rising significantly. There are several major factors fueling inflation and the sharp increase in food prices, including the pandemic, supply chain disruptions, and increased fertilizer and fuel costs. The Russian invasion of Ukraine has jeopardized the global supply of grain, sunflower oil, and other core commodities. All of this means that restaurant owners must cope with pricier inventory. On top of that, labor costs are also rising, thanks to the elevation in the cost of living.

Here’s a look at how you can continue to grow your restaurant franchise while keeping food and labor costs manageable.

Capitalize on the desire for quality

Surprisingly, the cost of eating at home has been soaring faster than the cost of dining out. You can take advantage of this and entice more people to eat out at your restaurants by helping them to justify the decision to dine out. One effective way to accomplish this is to sub in higher quality ingredients—and then advertise the adjustment. For example, if you sell burgers, offer a brioche bun instead of the usual white roll.

Launch new promotions

During times of high inflation, savvy consumers are always on the lookout for a great deal. Use the opportunity to craft new promotions in order to fill more seats. For instance, consider offering early bird specials to extend the peak dining hours.

Reduce portion size

Restaurants customarily provide diners with large, heaping plates of food, quite a bit of which ends up wasted. Consider reducing portion sizes slightly. If you’re concerned that your diners might be upset about the change, it may be helpful to purchase new, smaller plates and bowls that have a similar appearance as the old ones.

Substitute ingredients

Another option is to swap out certain, pricey ingredients for less expensive ones. Try to do so in a way that doesn’t draw attention. Alternatively, you may want to increase the portion of certain meal components that are less expensive (e.g., breadsticks) while decreasing the portion of the more expensive components (e.g., meats).

Raise prices, carefully

If your profit margins are still less than desirable, you may need to consider raising prices. Price changes are what consumers will notice most, so do so carefully. It may not be wise to raise prices on all menu items. Instead, consider testing an increase on a couple of the most popular items. If diners are already in love with those particular meals, they may be willing to continue ordering them despite the increase.

Manage labor costs with caution

By and large, restaurant employees are some of the hardest workers in our economy. They’re on their feet all day doing a demanding job and dealing with customers who may not always remember to use their manners. It’s crucial to pay restaurant employees well to help them cope with rising inflation. It’s not generally recommended to cut employee wages, as staff turnover can cost a restaurant franchise more money. Instead, consider the following:

Use POS technology to increase efficiency.
Crunch the numbers to decide if hiring delivery drivers is really worth the revenue that delivery orders bring.
Track peak service times for each day of the week to better inform your staff schedule, and make staffing adjustments as needed.

Would outsourcing franchising tasks alleviate your burden?

Pinnacle Franchise Development is comprised of a team with over 40 years of combined experience in the franchise industry. We provide outsourced franchising services to all types of businesses, including companies that are just beginning to explore the franchising process and those that have been established for many years. From franchise lead generation to sales development to marketing, our talented team will elevate your brand and drive you toward greater success. Contact Pinnacle Franchise Development today to request a consultation.

Top Tips for Attracting the Right Franchisees for Your Concept

September 7, 2022/in Franchise Growth/by [email protected]

You’ve poured countless hours into growing your business, and now you’ve built it into a franchise system. Congratulations on preparing to take the next step in your entrepreneurial journey. One of the many hurdles to leap over will be attracting potential candidates who will become your franchisees. It’s important to note, however, that not every aspiring franchisee will be ideally suited to running a business, much less to running your particular franchise. While you’re working on franchise lead generation and marketing, keep in mind the following tips.

Develop your online presence

When aspiring franchisees research potential business opportunities, they do it primarily online. They’ll compare websites, requirements, and processes, looking not only for an opportunity that looks financially sound, but also for one that is transparent and clearly explained. It’s essential to curate your online presence, such as by developing web pages and downloadable materials that clearly articulate what is expected of franchisees and what sort of support they’ll receive from your company.

It’s particularly important to articulate your requirements, such as financial requirements, role of the owner,, or whether they need to be located in a particular territory.

Meet potential leads where they’re at

Although much of the work of researching a franchise opportunity is done online, many potential franchisees do still value the experience of attending industry conferences. Consider setting up a booth at a few conferences to network in person. Remember that flashy giveaways and gimmicks won’t draw in the most dedicated franchisees who are serious about starting a business. Instead, rely on solid presentations chock-full of vital details about your company. Consider signing up to do a workshop or a panel, as well.

Invest in your corporate culture and support resources

There are lots of great franchise opportunities out there, including those with low overhead, reasonable initial investments, and excellent revenue prospects. You’ll need to find a way to set your company apart from the herd in order to attract the right franchisees. One effective way to do that is to focus on improving your corporate culture.

Put yourself into the shoes of a lead. What would you look for in a corporate culture? Chances are, you’ll be interested in one with a mission statement and set of values that resonates with you, as well as a company that is committed to the success of their franchisees. Focus on building strong support systems and resources for your franchisees, which may include back office technology and ongoing training opportunities.

Know when to ask for help

Although you can launch your own marketing campaign to draw in franchisees, you may quickly find that marketing alone takes much of your time, leaving little to spare for other essential steps in the franchising process. Know when to ask for help. Franchise sales outsourcing is an excellent way to tap into the expertise and experience of an established franchise development team, while simultaneously freeing up your own time for other important activities. Look for a franchise development company that has a robust franchise broker network as well as experience in the industry.

Grow your business with Pinnacle Franchise Development

With over 40 years of combined experience in franchising services, the team at Pinnacle Franchise Development is fully equipped to help your brand identify quality franchise candidates . We bring a strong franchise broker network to the table, along with extensive experience in the franchise industry. From start to finish, our team will manage the entire spectrum of the franchise sales process with each potential franchisee, including assistance in strategizing your franchise marketing.

Are you ready to leverage our expertise and network? Contact Pinnacle Franchise Development today to discuss the possibilities.