Know-How Exchange : Strategy

I currently utilize FBook to encourage ultimate end users to comes to our stores. How would you use it to find prospective franchisees?

Thanks NuCoPro!

I think you could use LinkedIn for this purpose, or certainly use it as one of your Social Media tools.
Join relevant groups in LinkedIn where you think you will find your target audience.
A lot of these forums now have a jobs tab. You could certainly post your opportunity there. Lots of people post these opportunities as questions on the forums but I think that is more like spamming and not sure they get a good response. You could look into it with the forum moderator to see if it is appropriate.
You can also post links to good articles on franchising on the forums, and let people know to contact you if you are interested.
Also, do an outreach email to your contacts. Let them know what your opportunity is and ask them to refer anyone they think would be interested to you.

Good Luck
Linda Whitehead
Zuz Marketing

Good info. There is no reason you couldn't make it part of your marketing plan-- but don't make it all of your marketing plan. I have profiles on LinkedIn, as well as others-- but I only react to those who contact me. I'm looking to buy a franchise (in another industry), and coming close to making a decision-- and I found it by an ad in an industry related trade mag.

Joshua, I suggest you visit www.octanecorp.com/whitepapers to access a number of papers on social network marketing. This might help you decide.

I do think Linkedin would be good for finding Franchise candidates. There are a number of groups for franchises as well as for entrepreneurs.

Facebook and MySpace would be good for driving traffic to your stores, as would some mobile marketing. All of this is covered in the various white papers.

If you are serious about getting into the franchising business, you need to treat it as a business. Start by articulating your objective. Develop a rough business plan (including the marketing plan). See if you're comfortable that the numbers add up and the money mechanics work.

THEN decide whether you have the skills, time and energy to do this yourself (while still managing your current business). If so, you can flesh out the marketing plan to include social media.

If you start there, you could end up with great implementation of a flawed strategy ... and a really bad experience your first time out with franchising.

Hope this is clear and helpful.

Please be very careful. I would like to expand on what D4Demand has said. The franchise model is a very unique business model. There are extensive provisions built into contract law to protect franchisees. And the dangerous part is that you do not have to be a franchisor to be subject to these laws.

Have you ever heard the phrase, “ if it looks like a duck, and it walks like a duck, and it quacks like a duck, it is a duck”? this principle applies to franchises. If you set up something which resembles a franchise, you are subject to franchise laws, no matter what your corporate structure.

In addition, if you market something which appears to be a franchise, and is not a franchise, you can also be liable for certain penalties.

I am not an attorney. Please do not interpret this as legal advice. But I would suggest that you contact an attorney who is experienced in franchise law so that you can learn more about your current legal position and so you can avoid potential problems down the road.

Good luck to you.

Sorry, I have not responded sooner. My business is legally set up as a franchise and I only own 2 of the 8 locations. I think this forum has gotten off topic. I am looking at expanding my franchise business that is legally a franchise business. Otherwise, I'd be curious to know why I pay my lawyer so much :)

Linkedin-What ways would you use it?

I just got an invite to this teleseminar. I am not affiliated with them in any way and its free. The topic is social media like LinkedIn -- is it a waste of time or??

My focus is sales, and I read a lot of Art's books and articles. https://www.selfgrowth.com/smu/artseminar.html