Will 2010 be remembered as the year franchising as we know it, went totally down the tubes?
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In an effort to boost sales of new franchises, a certain franchise coaching company has decided to offer rebates. (If you’d like to know more about coaching franchises, this is a must read.)
I’ll say it again. In an effort to boost the sale of new franchises, a franchise coaching company has decided to offer rebates. You know…
When I think of rebates, I think of receiving a $40 rebate from Sears for the installation of my castle’s new dishwasher, a couple of years ago. My Mitsubishi Outlander had a $1250 rebate, when I leased it.
But rebates for purchasing a franchise?
A children’s photography franchise just entered the fray, also. This particular franchisor is giving (for a limited time) a $10,000 rebate of the up-front franchise fee.
As several hundred franchise executives make their way back from the International Franchise Association’s Conference that was held over the weekend, I wonder if they’ll bring this new rebate bug back with them. Actually, I’m wondering if it will be only a little contagious, or if will turn out to be a fast-spreading virus.
I know that new franchise sales have been impacted by our choppy at best, economy, here in the US. I also know that things of high quality and value shouldn’t have to be discounted.
There are other ways to sell. Informational webinars, some well-placed articles in influential places, media interviews, and franchise social media marketing, are just a few ways to get the word out about your concept.
Using rebates as a short-term solution to make a few new franchise unit sales is weak. You may also be creating a long-term problem. Ask yourselves if new franchise candidates are all of a sudden appearing just because of price. If so, are you creating potential problems by allowing them into your system? What kind of franchisees will they turn out to be, two or three years down the line?
Will these price-shopping franchisees turn out to be winners, or losers? If they turn out to be under- performing franchisees, they’re not going to validate your system well, and they won’t even come close to helping you reach your revenue goals.
” But Joel, what do you expect me to do? I need to sell franchises, and grow my system.“
I understand. But don’t lower your prices. It’s probably not about price, anyway.
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