Harry Truman said: “The Buck Stops Here”. In franchising the: “Buck Starts Here” that’s having a thorough and complete understanding of the sales process. Harry was right and franchisors need to take heed to his words. If a franchisor wants to expand through franchising, he has to accept full responsibility for the success of the sales effort.
Franchise Sales are very repeatable sales, and have very distinctive stages. While there are lots of skills, and tasks needed to complete a deal, it’s important to understand the sales stages.
It is important to know the stages of the sales:
- Sharing the process with your candidate is vital and shows the competency of the franchisor
- Setting the expectation of the sales/buying process helps the candidate understand his requirement and the commitment needed.
- Be aware of every stage with every candidate.
- Understand all steps need to be completed.
- The only two stages that need to take place in the exact order of the franchise signing will be Qualification and Grand Opening.
- Stages do not always have to be completed in the same order- but they must be completed
- If a stage is missed, the sales team needs to get it completed
- Understand that to move a deal forward you have to know the next stage
All the great franchises have a GREAT franchisor that can sell. Whether a franchisor is driving an internal sales team, using outsourced sales or a broker network, it is important that the franchisor needs to direct the effort and be accountable for results.
Take the time to learn about franchises sales. All great companies are led by Sales Leaders, as a matter of fact, 95% of the Fortune 500 are led by a strong Sales Leader. If you are not a great salesman, you can direct the sales. Understanding sales can help you acquire talent and skills.
If you want “Bucks” then you need to sell!
FMS is a team of expert franchise consulting professionals based in Canada that provides solutions for franchise development, franchise consultation, and expansion of businesses globally.