There are tons of people out there with the urge to own their own business, but they don’t exactly know how to do it. The two primary options are becoming an independent business owner or owning a franchise. So, what’s the difference? It’s actually huge, and it’s important to be able to address it clearly with your prospective franchisees. Here’s why franchise development is a truly unique opportunity.
One of the biggest — if not the biggest — difference between the two avenues is risk. No matter how you slice it, starting an independent business involves a certain amount of risk, but by tapping into a franchise’s proven track record, franchisees can limit that risk. A franchisee is someone who has been granted (and paid for) the right to do business under the umbrella of an established model or brand. Franchisors give new business owners resources like training, support systems, an established brand, and marketing assistance, so franchisees are not tasked with reinventing the wheel. As a result, franchisees are generally exposed to less risk than completely independent business owners who start from scratch (this is a particularly important point to get across).
Franchise development takes a lot of the guesswork out of being your own boss. Independent business owners, on the other hand, are often tasked with building out their idea on their own. While this might be appealing to some, for others, it’s simply too daunting and risky.
There are trade-offs, however, to choosing the franchise model over an independently-operated business. It’s important to remind prospective franchisees that because the franchise model is equipped with a ready-made brand, resources, and support system, they won’t have the ability to build all of that from scratch. For many, however, this is appealing. A franchisee must follow the guidelines set by the corporate office, which take much of the guesswork out of setting up and running a business. Establishing corporate standards and guidelines, and requiring franchisees to adhere to them, is ultimately meant to point franchisees toward the financial success they went into business looking for in the first place!
In order to make money, you have to spend it, and here’s another difference between the go-it-aloner and a franchisee: the start-up costs.
Independent business owners don’t have to prove a thing to anyone aside from potential creditors and lenders and aren’t required to have any amount of capital before opening their doors. Prospective franchisees, however, must first meet certain liquid capital and net worth requirements before being approved to buy into a brand, and this number often varies depending on the franchise and its industry. They also typically pay an initial franchise fee and then recurring monthly royalties based on sales.
Having these qualifications for potential franchisees helps franchisors filter out candidates who are not as good a fit and put the spotlight on those who are. Franchisors need to ensure that their franchisees are financially capable of making the investment, while the “franchise fee” is a combination of purchasing a license to use a franchisor’s brand while also putting money toward the ongoing support, training, and other resources franchisees receive. It might sound a little constricting at first, but it’s important that franchisees understand how it will improve their chances of success. Identifying how your franchise thrives in aiding its franchisees is one area of expertise in which Integrated Digital Strategies can help.
If you’re interested in building out a franchise empire, you need to attract the right franchisees to do it. The IDS team is comprised of experts who know and understand the ins and outs of franchise development marketing, work with both franchisees and franchisors every day, and know exactly how to address concerns. For the best chance of attracting talented, high-quality franchisees and generating valuable leads, IDS offers a complete digital marketing solution.
Integrated Digital Strategies specializes in helping franchisors define and meet their business goals! If you’d like to learn more about franchise development and what IDS has to offer, get in touch with us today.
Surviving in today's digital world can be tough, but local search engine optimization (SEO) is an essential tool for small businesses seeking to attract local customers and increase online visibility. However, the realm of local SEO marketing can be confusing, and many small businesses make common mistakes that hinder success.
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Our expert team has compiled a list of crucial local marketing tips to help small businesses avoid these mistakes and achieve digital marketing greatness, from franchise SEO to franchise development marketing.
Knowing the search terms your potential customers use is essential for optimizing your website and content.
Utilise tools like Google Keyword Planner and Semrush, to unearth valuable insights and discover niche keywords with high web search volumes and low competition.
Another great tool is Google Trends. You gain real-time insights into search trends and patterns, allowing you to identify popular topics, keywords, and search queries related to your business.
Why should you use these tools?
Franchise KPI tracking is a critical aspect of measuring the success and effectiveness of your SEO marketing strategy. However, it is a common mistake for business owners to overlook the importance of incorporating KPIs.
By neglecting to track KPIs specific to each franchise location, you miss out on valuable insights that can inform your decision-making process and optimize your marketing campaigns.
NAP, short for name, address, and phone number, is crucial information that should be consistent across all online platforms where your business is listed.
Failure to ensure this information is accurate and consistent can damage your local search rankings and confuse potential customers. Conduct brand audits of all your online listings, promptly update any changes, and keep your NAP details consistent throughout.
Online reviews play a significant role in local SEO and establish credibility and trust with potential customers. Ignoring or neglecting your online reputation can be detrimental.
Encouraging your satisfied customers to leave positive reviews, responding promptly and professionally to negative feedback, and using customer reviews as resourceful insights for improving your business is crucial.
Utilize a review management system that helps you manage and respond to reviews and display your commitment to customer satisfaction.
One of the cardinal sins in the world of digital marketing is not posting fresh content on your website. It's like having a library with dusty, outdated books—no one wants to visit.
Unfortunately, many small business owners fail to grasp the importance of updating their site's content or maintaining a consistent blogging schedule. However, common knowledge in the field of SEO and content marketing shows that relevant content not only boosts organic search rankings but also keeps visitors returning—a key factor for Google's ranking algorithm.
Let's explore how small businesses can easily create unique content and leverage social media to engage their audience and enhance their online presence.
If you're determined to boost your website's SEO, it's time to make blogging a critical component of your strategy. Unfortunately, many companies start a blog but allow it to languish in obscurity. To prevent this fate, make blogging a company-wide initiative.
Develop an editorial calendar and hold team members accountable for producing fresh content regularly. Ideally, publish at least one to two blog posts per week.
After consistently posting for three to six months, you'll see a noticeable increase in organic traffic. But tread carefully: before jumping into blogging, develop a clear strategy or seek professional assistance to maximize your results.
To create compelling and meaningful content, you must understand how your target audience consumes information. Break free from conventional blog posts and pursue alternative formats like podcasts, SlideShare presentations, phone interviews with your executives, or a list of frequently asked questions. The options are limitless!
The key is to identify where your customers seek information and how they make decisions.
Creating unique content is one aspect of the equation; distributing and promoting it effectively is just as important. Social media offers boundless potential for amplifying your reach and interacting with your audience.
Share your blog posts, podcasts, and other content across relevant social media platforms. Encourage your followers to share and comment on your content.
Use hashtags and influencer collaborations to enhance your visibility even further.
Bonus tip: develop a social media content calendar to simplify your posting schedule while maintaining a consistent online presence.
Video content has become a staple of digital marketing because it captivates and engages viewers. Videos provide an opportunity to showcase your brand's story visually.
Consider creating videos that highlight your products or services, provide informative tutorials, or offer customer testimonials. Platforms like YouTube, Vimeo, Reels, or social media live streaming are perfect for hosting and broadcasting your video content.
Videos are more likely to go viral and can significantly boost brand visibility and customer engagement!
Encourage your existing customers to create content by offering incentives for sharing their experiences, reviews, and testimonials about your products or services.
This not only produces fresh content but also nurtures social proof and trust among potential customers.
User-generated content can be repurposed across various platforms, from your website to social media, further amplifying its impact.
Mobile optimization is crucial because the majority of local searches are now performed on mobile devices. Google processes over 8.5 billion searches per day with 63% of Google's US organic search traffic originating from mobile devices.
Incorporate location-specific keywords and a streamlined mobile interface that makes it easy for visitors to find relevant information about your business.
As stated in a recent article by the Search Engine Journal, Google's mobile-first indexing initiative has been in progress since 2016, but not all websites have made the transition yet.
In fact, Google removed its deadline entirely in November 2021 due to unexpected challenges faced by some sites. However, for new websites published after July 1, 2019, mobile-first indexing became enabled by default.
It's important to note that mobile usability and mobile-first indexing are not synonyms, and passing the mobile usability test is not a requirement for mobile-first indexing. Despite this, all indexed content will be the mobile version, so it's essential to make sure your website is optimized for mobile devices.
Stay tuned for the last batch of mobile-first indexing, which Google's John Mueller, Google Search Advocate believes will be finished in the next couple of months.
Claiming and optimizing your business listings on popular directories such as Google My Business, Yelp, and Bing Places can significantly boost your local search visibility.
Take advantage of available features, regularly update your citation listings, add photos, and encourage customer reviews to maintain a strong online presence.
Work with an agency with citation-building capability and leverage tools like Soci, Brightlocal, and SEMRush to leverage citation output. Take full advantage of these tools and monitor customer reviews regularly.
Local SEO marketing is an excellent strategy for small businesses to connect with their target audience and drive growth in their respective communities. Boost your small business with these strategic pro tips and achieve franchise digital marketing greatness!