Digital marketing franchises provide a variety of services, including social media marketing, content marketing, SEO, and digital marketing strategy, and can be a fantastic investment if you are looking for a franchise opportunity. Our guide provides more details on the steps you’ll need to take when you want to open a digital marketing franchise.
A guide to opening your digital marketing franchise
1. Do your research
The most important step to opening a digital marketing franchise is to understand all aspects of the franchise model and to be able to weigh different franchise models against each other. Putting in the work to gather information will pay off when you find the right model for your prospective business. The research you gather can come from official information released by the franchising company, from reviews by franchise holders and from the end clients who use the services of the franchises.
Create a list of potential franchise options, list their pros and cons, find out the exact franchising fees and additional costs, and then you will be able to make a sound decision on which franchise model to invest in. Keep in mind that a service-based franchise (such as a digital marketing franchise) is different from a product-based franchise, and this aspect should be taken into account when making weighing your options.
2. Attend franchisor open days or visit the franchise in person
Franchisors will organise an open day or invite you to meet with the team in person. This type of event is the perfect opportunity to ask questions about the values, vision and mission of the franchise and to experience the organisation’s culture first-hand. You should take notes of any commitments or pledges that the franchisor makes during the meeting and honour any request for information from the franchisor.
A meeting like this will be an opportunity for you and the franchisor to find out more about each other and to decide whether the relationship will be worthwhile to pursue. It’s crucial to prepare for questions the franchisor may have about your skills and qualifications, your reasons for wanting to invest, and your plans for the franchise.
3. Make a final decision on the franchise you want to invest in
After weighing all your options, it’s time to make a final choice on the franchise you wish to purchase. Once you have decided you should communicate this to the franchisor and start the process of formally purchasing a franchise license.
4. Review the franchise agreement
When you receive the franchise agreement, it is best to get a lawyer to go through the documentation with you to ensure that you understand all the aspects of the contract. Franchises run on strict rules and policies, and you’ll need to comply with all these regulations, so you need to be aware of even the finest details in the agreement. If the franchisor has made any commitments to you during the process of your discussions (or at the open day/ franchise meeting) you need to make your lawyer aware of these commitments so they can confirm if the agreement includes the commitments stipulated.
5. Secure funding
Be sure to get your funding in place before signing the franchise agreement. You need to be sure that you have accounted for all costs, including the franchise purchasing fee, license renewal fees and other expenses involved in starting a business. You may want to secure the services of a business accountant to help you with the calculation and to assist you in obtaining funding.
There are many options for funding, including getting a business loan or bank loan, franchisor funding and raising capital from investors. Your business accountant may be able to advise you on the best funding option for your business and can help you to set up a business account.
6. Attend the franchisor training
One of the most significant benefits of buying a franchise is the training that comes with the agreement and attending the training sessions should be at the top of your priority list before you start trading under the franchise brand. Franchise training should cover technical aspects on the service you will be delivering, policies, branding guides, employee and financial management, use of suppliers and a range of other practical and legal aspects that you need to understand and implement.
You should the training seriously and use the opportunity to educate yourself on every aspect concerning the business so you walk away from the training with the information and skills you will to manage the business successfully.
7. Launch and operate the business
With a digital marketing franchise, launching and managing the company will look a little different than other franchises such as restaurants. Your franchise training should equip you with the knowledge you will need to plan your business launch and operate the business successfully, but if you need more information on any aspect of digital marketing, visit our blog.