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All development people dream about that perfect prospect. Someone who is interested in their concept, pre-qualified and brought to them by a highly respected third party, an introduction that carries with it a direct or implied endorsement.
International trade missions are an excellent means of being introduced to that perfect prospect by the U.S. Embassy in the host country. The International Franchise Association and other providers make trade missions possible by working with the Department of Commerce and the Commercial staff at U.S. Embassies around the world to introduce U.S. based franchisors to potential international franchisees. They line up the countries and secure the Embassy commitment to support the program, plan the itinerary, provide hotel recommendations and make arrangements for in-country logistical support and go along to make sure any issues that arise on the mission are handled promptly.
The Commercial staffs at the Embassies meanwhile use their contacts and resources to promote the trade mission and secure qualified appointments for franchisors participating in the mission.
Looks and sounds easy, everything is done for you right? Not quite. To have a successful trade mission requires some homework and active involvement on your part. To get the most benefit out of a trade mission there are five steps to follow:
If the market looks viable, the next step is to determine how you will develop the country: the franchise vehicle you will employ (master franchise, area developer, area representative, etc.) total potential of a mature market (number of units and/or sales volume), how long you anticipate it will take to reach critical mass and market saturation, and projected costs and revenues for yourself and your franchisee. With this information you can create a development plan and an economic model for the country including your fee structure.
You will be asked to send a supply of your brochures and to complete a questionnaire about your business and your target prospect. Make sure you comply on a timely basis with the request. Complete the questionnaire in as much detail as possible and present the information clearly, completely and in a readable form. The Commercial staff will work hard to set appointments that meet your criteria. The broader the criteria you provide, the broader your base of appointments. If you want people with a specific background or skill set say so. They will then narrow their search to meet your needs.
Follow up with a phone call to introduce yourself and answer any questions. Make sure the staff has your contact information and is free to call if any questions arise as they are setting appointments. The relationship you establish with the staff during the trade mission pays benefits long into the future.
Trade missions are not a slam-dunk but, if you do your part, I challenge you to find a more cost-effective means of meeting qualified prospective franchisees.
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