About Referral Institute Franchise
The Referral Institute uses the Referral for Life program to train their students marketing techniques and strategies, word of mouth marketing, that will enable them to work with the type of people they enjoy, eliminate cold calls, work less, play more and enjoy a fun lifestyle in acquiring referrals for their clients and businesses.
Knowing all the necessary information about the business, you can start Referral Institute franchise.
The Referral Institute franchise has more than 50 regions on four continents and was originally part of the BNI or Business Network International. It was through this experience that the directors cultivated the idea that there is a very important need to acquire as many referrals as possible to improve on the marketing plan for any business. This is where the business began training professionals to do exactly that. It was founded in 1999 and has been franchising since the year 2004. It is a privately held company with 2 employees and 2 in the franchise department.
The Referral Institute has developed three core competencies namely: The right and essential referral marketing knowledge, implementation of the referral plan, and a properly trained by expert’s referral network. The Referral for Life program of the Referral Institute is what binds all these core competencies together. The program has a minimum of 1 year duration at the Institute and provides the students with the best education of attaining referrals and marketing tactics. There are more than 100 professional trainers available to date, that are well versed and experts in the referral of word of mouth system.
As per fees are concerned, the total investment necessary ranges from $21,300-$25,800 with a franchise fee of $8,500-$10,500, a 15% royalty fee with a 5 year term of agreement, renewable with a fee of 25% of the then-current franchise fee. Qualifications for the franchise include general business experience and industry experience with marketing skills. The franchise may be operated from home, 50% of all franchisees own more than one unit and a minimum of 6 employees are needed to run a franchised unit. Absentee ownership is prohibited and 100% of current franchisees are owners or operators. Training is available at the headquarters with duration of 128 hours. The ongoing support available includes meetings, internet communication and purchasing cooperatives. Other marketing support includes the creation of a marketing plan. The company continues to involve new and exciting ways to coach their clients, applying the most up to date and effective techniques in the industry with regards to the proper training and consulting.
The actual business helps those businesses to build their businesses through referral. The entire principle of the business, including the franchise is the referral system as this is the initial requirement to join the franchise. Any franchise owner or master franchise owner must be the one making the referral to the franchise. This is how the business acquires members for their franchise, and this is also why the method, however unpopular to a franchise as it seems, has become so effective. The whole essence of the business is not only preached but practiced in itself.
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