In this video, we discuss how to sell a franchise business. And just a quick disclaimer that I have never sold franchises but have some thoughts after receiving a cold email from a salesperson on LinkedIn. Whenever I receive emails or calls from salespeople, I try to think about how could their approach have been better and I have some ideas that might help here.
Prospects are Likely Not In Buying Mode
Regardless of what you sell, I believe that you should assume that prospects are not in buying mode for what you sell at the exact time that you call or email them. This does not mean they do not need what you sell or that you cannot sell to them, more so I am saying that they are likely not searching on the internet for what you sell at that exact moment.
This assumption is even more important for how to sell a franchise business because, while there are many people that will be interested in buying this, it is likely to be the furthest thing from their mind when sending a cold email. And recognizing this could drastically impact what you say.
A Sales Message for How to Sell a Franchise Business
When you take that assumption into consideration, you can modify your approach to be a little less direct with trying to talk about the franchise opportunity and shift toward just trying to talk about starting a business. Using our sales message brainstorming process, I came up with this sales message for how to sell a franchise business.
Product – Franchise
The first step in the process is to brainstorm so details on the product or the franchise business opportunity.
A packaged business under an existing brand
Provide everything needed to start (instructions, training, materials, documentation, etc.)
Back office systems and support
Our brand is the market leader in our space
Our franchisees’ success rate is close to 100%
Our customers love us
Identify the Target Audience
The next step in the process is to identify the target audience to the sales message (or your outreach). We will focus on people that want to start their own business.
Identify the Value You Offer
The next step in the process for how to sell a franchise business is to brainstorm the value that the product has to offer.
Start and run their own business
Be their own boss
Make starting a business easier
Decrease the time it takes to start a business
Increase the odds for success
Increase the amount of income they can earn
Identify the Pain Points Addressed
Use those improvements to think of pain points that you can make go away for the target audience.
Difficult to make the leap to being a business owner
Not fun working for others and as an employee
Difficult to know what to do when starting a business
It can take a lot of time to start a business
Most businesses fail in the first year
Not able to increase income when working as an employee
Think of Questions to Ask
Use the pain points that you just created to think of questions to ask that help to see if the prospect has any of the concerns that you can solve with your product.
How interested are you in starting your own business?
What has held you back from taking the leap?
How important is it for you to be your own boss one day?
How do you feel about knowing how to start a business?
How much time would you have available to establish a new business?
How worried are you about failing as a business owner?
How do you feel about your ability to increase your income?
With all of those different talking points, you can create a cold call script, appointment script, and cold email messages and all of those will help you with how to sell a franchise business.