FranX | Trust Us: We’ll Tell You How To Trust

The Next McDonald's (Big Idea)

TRUST.

Do your franchisees TRUST that you have their backs?

Do brokers TRUST that you’ll deliver on your promises?

Do franchisee candidates TRUST your Item 19 and what you’re offering?

It may be time for a franchise sales trust assessment.

Answer the following questions, challenge your team and tell the world — both the good and the bad.

Why is your franchise better than your competitors’?

This all comes down to your why you/why now. The answer needs to be honest, compelling and direct. It needs to be front and center in all of your media and communications, and it should be lining the halls of your corporate offices. If your competitors do something better than you, acknowledge it and tell your franchisee candidates about it. Own your brand!

Would your franchisees do it all over again? 

Knowing what they know now, would your franchisees trust you and buy into your franchise all over again? If so, you need to be telling this story everywhere. If not, time to regroup.

How do you make your franchisees feel? 

Imagine a video, hosted on your franchise website and delivered to brokers, in which your franchisees describe what it feels like to be a part of your system. What would they say? 

At a time when people can’t seem to agree on anything at all, we all need more trust right now.

News You Can (Actually) Use

Uber Eats and DoorDash Super Bowl Commercials Draw Heavy Social Media Backlash

Third-party delivery giants Uber Eats and DoorDash shelled out big money for ads during Sunday night’s Super Bowl LV, but many are crying foul.

Franchisees Kicking Ass: The Franchisee Is King

Hounds Town USA Franchisees: Steve and Nicky Darwin

Steve and Nicky have always loved dogs, but they’d never considered making a career out of their affection for pets until recently. Last year, the husband-and-wife duo decided to leave their careers in finance and nursing, respectively, and open up a business for themselves.

At first, the Darwins planned to franchise with a restaurant brand, but when COVID-19 rocked the foodservice segment, they decided to look for a business in a less volatile industry.

Steve said he discovered Hounds Town USA, the emerging doggie-daycare franchise out of Long Island, while scrolling through Facebook. That post inspired The Darwins to look into the pet care space. They quickly decided Hounds Town had the best model for them, and “the rest is history.”

The Darwins signed on to open three units with Hounds Town USA, one of which will open in Ann Arbor, and the other two will be located in Detroit’s western suburbs.

Yo Broker, Sell My Franchise

How about some resources? Here are five “working with broker” links you might find useful:

Guide: The Franchise Broker Compliance Guide

Article: How Do Franchise Brokers Work

Webinar: How to Work with Franchise Brokers and Sell Franchises

Article: What Do Franchise Brokers Do?

The Bottom Thoughts

In order to have a happy Valentine’s Day, you probably want to be around someone you trust. How is trust established? Well, for your sweetheart, through time, consistency and honesty. For businesses, trust can often be established faster, requiring only an exchange of value (financial, relationship or beer — or a combination of all).

In franchising, trust is first established through research and referral. Franchisees trust their broker to help them find the right brand. They then trust that the franchisor has their best interest in mind for wealth-building. And then they have to trust that their community can rally around their product or service. 

In franchising, we trust first and cut the cards second. That’s why research, diligence and validation are so essential to mitigating the risk of franchising your business, buying a franchise or picking a franchise supplier.

The single most important rule of thumb is that if something seems too good to be true, it probably is — trust your gut.

There are no unicorns in franchising, just a lot of great executions on great ideas.