Having a franchise requires a great deal of dedication in order to advance the business’ goals and to ensure financial freedom. The main goal of a franchise is to expand and be a successful organization that caters to the local or larger business community.
To grow your franchise, you will need a mix of art and business sense.
1. Plan intelligently.
It is important to have a marketing plan and development strategy in place. For a franchise, you must craft a marketing plan that will attract more potential franchisees.
You have to utilize ads to create more leads and reach more people. A development strategy works to identify how growth is generated. Which locations should you target? Which type of potential franchisees do you invite? These are essential questions to get you started.
2. Widen your reach with more branches.
Expand by starting within your area. Do not go beyond your borders if you have not made significant growth in your home market. Learn to build locally first.
It is also good to provide incentives to franchisees who can potentially help you in adding more units (e.g., multi-unit franchises). If one can successfully expand one unit, adding another will double the growth.
3. Aim to be the market leader.
Organic growth is also recommendable since it is less risky. Adding more units artificially could hurt at some point, but if you have developed your brand, the business will grow naturally.
Even so, it is still imperative to aim to become a market leader. This mindset could work well like a capitalistic approach would. Just learn to understand that growth takes time too.
4. Support your franchisor’s strategy.
If you are a franchisee, working well with the franchisor returns dividends. While the franchisor or owner is tasked to lay before you what you need as a franchisee, you still have to reciprocate by supporting the franchisor’s strategies.
If both franchisor and franchisee see eye to eye, employees and customers will benefit the same way.
Growing a franchise is not easy. But if you stay focused on the goals of the business, aim as a market leader, and help all those involved in the franchise, and growth will only come naturally.