Select Your Franchise (blog):

Recent events have made it difficult to build trust. The forced nationalization of banks, for example, saw many life-long customers queuing for hours to withdraw their savings. The MPs expenses scandal hardened the public’s widely-held scepticism about politicians and the phone hacking scandal damaged the media’s integrity.

Closer to home, franchisors are now likely to find that they need to give prospective franchisees more “reasons to believe”. Rather than just saying that their training and support are good, franchisors need to prove it. Otherwise, prospective franchisees may perceive the risk too high and either choose an alternative to franchising or worst still, their competitor.

In addition to the need to build trust in today’s business climate, there is another factor that makes this more critical. There are now around 1,400 franchise opportunities in the UK competing for the same talent and the figure is increasing. Franchisors can, however, build trust with prospective franchisees in a variety of ways.

1. Communicate your approachread on.