- Have enough initial capital to fund the hiring of a sufficient number of staff to accomplish the tasks at hand. However, you should always lead with revenue so don’t overstaff.
- Build a core executive team that you know and trust.
- Reach outside your country for industry experts to assist you in the early development stages to ensure the platform is correct from the beginning.
- Adapt and localize all marketing materials before presenting to your franchisees. When in doubt set up a focus group of some of your top franchisees and ask for their opinion first and you will save money in the long run.
- Prior to translating any policy and procedure manuals, training courses and marketing materials have an experienced English speaker review them with your executive team to eliminate sections that will not be relevant do to the level of maturity of your market. This will save thousands of dollars in translation fees.
- Outsource marketing and public relations as soon as possible.
- When creating marketing materials and brochures use your existing staff for images to save talent fees that agencies will charge.
- Pay close attention to what the corporate parent creates for marketing and other business models and use every opportunity to access it and adapt it for your own use.
Eight Key Steps in the Initial Phase of Franchising
Bill has had over 40 years of management and leadership experience within the real estate industry. Bill has spent the majority of the last 20 years overseas in executive roles within the Century 21 system. As President of Century 21 China, Bill was instrumental making them the largest real estate network which is now listed on the New York Stock Exchange. His newest venture, Amanzani Group Ltd has consulted to major Beijing Developers on various projects.
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