Simply put, a conversion franchise is an existing business that is converted to a franchise. This will typically mean that the conversion franchisee will rebrand the business and change the décor, to conform and operate as part of the franchise network.
The Benefits of a Franchise Conversion Strategy:
- A franchise conversion strategy can mean faster growth for the franchisor by adding more franchisees at a quicker rate.
- There is the opportunity for immediate start-up with little preparation required.
- The franchisor may increase market share rapidly as the conversion franchisee has an existing base of business.
- The conversion franchisee has existing experience and knowledge operating a business in the same industry segment as the franchisor.
- A conversion franchisee can add synergy to the franchise network based on their business experience.
- It is easier to target franchise prospects by identifying conversion targets in the industry, bringing franchise recruiting costs down since the market for conversion prospects can be easily identified.
Will a Franchise Conversion Strategy Grow Your Franchise Network Quicker?
Yours in franchising,
SA Franchise Brands