News & Events
How To Increase Your Franchise Business
You’ve done it! Your very first franchise has proven to be an incredible success, people are coming in droves, and you find yourself itching for more. Not much of a risk-taker, you have chosen to go with a recognized brand name with a proven business model and it has paid off. Now you’re ready to replicate your success in more franchised outlets. Here’s a game plan to get you started.
It Boils Down to Location
Choosing your successive locations well is an all important business consideration in ensuring continued business success. Along with the added assistance and input provided by the franchise owner, your first location is a good indicator of the kind of set-up you will need to continue driving sales. Would a similar site be a wise move or are a few tweaks in order? By having a good understanding of your product and your target customer, you’ll know whether it will serve you well to set-up closer to transportation hubs and in areas of heavy foot traffic. Or is a bigger space in order, with ample parking space? It will help significantly if your contract includes a guaranteed protected territory clause wherein no other franchise can set up shop within a certain distance of your location.
Slow and Steady Wins the Race
Taking a careful and tactical approach to expansion will allow you to work on perfecting your business model. Evaluate what works and what doesn’t. Have a good look at past successes and challenges. Give yourself time to change, adjust, and modify your business plan before making the next move. While it may be tempting to make hasty decisions, having a solid structure in place will ensure better implementation, smoother operations, and more efficient management when more and more of your outlets start popping up one after the other.
Commit to Continuous Improvement
While it’s true that one of the big advantages of getting a franchise business is its steady brand recall and proven business system, it doesn’t necessarily follow that success will magically happen on your end. Even with franchisor training and mentorship, as an investor, you need to go the extra mile to brush up on essential business skills like accounting, sales, and effective recruitment. Attend seminars, read articles online, invest in business classes. Learn as much as you can about your industry. Trends come and go, but good business sense is always in fashion.
Hire the Right People and Form a Great Team
Being a franchisee means taking control. The franchise owner may provide the system and tools, but in the end, you call the shots. As the business owner, you are already on top of operations, day-to-day concerns, customer service, recruitment, marketing and more. With several aspects to a growing business, it won’t hurt to bring capable people on board. Consider tapping specialists who can help you with various parts of the business, whether legal, finance, marketing, or any other aspect you feel are not exactly your strengths.