How to plan your franchise recruitment budget

As we head towards 2020, you will need to determine new franchise recruitment goals and develop the strategy to grow your franchise network and welcome new franchise partners on board.

Before you can set a budget you need to be very clear about your franchising vision. It is important to set the desired outcome from the outset and then work backwards. 

How many franchises do you want to grant and over what period of time? This is the focus for your budget.

What you need to know: the budget activities must be formulated to deliver the required enquiry level that converts to the number of interviews to achieve the desired franchise recruitment objectives.

It’s now time to set the 2020 pathway. 

Plan your recruitment budget for the year ahead

The recent panel discussion Franchise Right facilitated at the National Franchise Convention provided the following key messages. You need to be crystal clear on who your ideal franchise partner profile is, what your unique selling proposition is, and identify the appropriate marketing channels for reaching them.

Latest statistics tell us that the cost to acquire each franchise partner has been estimated by various industry sources at about $4500 per franchise partner.

Also, lead to conversion can be up to nine years, dependant on the offer, so nurturing your leads is really important.

Here are some pointers to consider when developing your franchise recruitment budget.

Website landing page

A website franchise landing page dedicated to your franchise offer (separate to your main web site aimed at your customers).

The aim is to showcase your franchise opportunity, engage your target franchisee profiles with key information about your franchise offer and entice them to take the next step with a call to action e.g make an enquiry.

The content needs to be reflective of your franchise recruitment value proposition your values and tone of voice.                                                                            

1. Consider engaging a professional copywriter well versed in franchising and SEO.

Budget allocation: Research carefully and select the most aligned provider who understands your goals.

2. You may also need photography and video to best showcase your value proposition.

Budget allocation: Variable costs. Research, and source at least three quotes.

3. Do you have a data capture form for enquiries and a system for capturing leads?

Budget allocation: Your web developer can help with this. A CRM is beneficial for nurturing leads.

4. Does your franchise website have up to date and relevant content to assist your enquirers with their buying decision? Remember that nurturing and providing meaningful information keeps prospects engaged with your offer.

Budget allocation: Copywriters can provide a quotation and a cost per blog. Always check that the quality of their work is of a high standard.

Networks, industry associations, seminars, expos

1.Tap into your franchisees, they are your business advocates and they can showcase your unique franchise offer really well to your identified profiles.

Budget allocation: Your time, their time and a coffee with your franchisees.

2. Explore the appropriate industry associations for the business and meet with like-minded people who understand your product and service.

Budget allocation: Your time for attending, event and membership costs.

3. Identify expos and other events frequented by your ideal franchisee profile. Raise awareness by guest speaking, sponsorship or exhibiting.

Budget allocation: Explore the opportunities and add to the budget.

Social media channels

Identify the appropriate social media channels where your ideal franchise profile spends time. You can target by specific demographics. Activities include:

  • Posting
  • Blogging
  • Boosting
  • Advertising
  • Retargeting

Budget allocation: Allocate dollars to create relevant social media content that aligns with your target profiles.

Online advertising and portals

Evaluate the various business advertising portals available to franchise networks. Contact them for a very tailored solution.

These marketing mediums are by no means set and forget channels. Key to these portals being effective and relevant is to be regularly refresh and update. Content is king!

Diarise to refresh and upload blogs, articles and adjust your key statistics and messages regularly.

Budget allocation: Conduct a cost/benefit analysis and insert into your budget.

Print and media

1. Approach your industry’s print publications for advertising and editorial opportunities

Budget allocation: Varied costs dependant on size and placement of advertisement.

2. Consider advertising and editorials in franchise specific publications where the readers are actively looking for business opportunities.

Budget allocation: Varied costs dependant on size and placement of advertisement.

Gear up to achieve recruitment objectives

Ensure you are digging in the right fields to find the right diamonds, this is not a one size fits all! 

Evaluate the many and varied options and ensure that you set a relevant and well researched budget that is geared to achieve the recruitment objectives. Keep revisiting the targets on a regular basis.

Last tip: Activate the plan and then, tracking, measuring and resetting becomes key. It is easy to throw away money on initiatives that don’t generate the return on investment.

Next year’s budget is determined by this year’s results.