Few things in franchising are more challenging than growing your franchise. The traditional methods of product, price, place and promotion can be altered when you add the partnership aspect of the franchise model.
Here are five ideas to try to grow your franchise.
Assess: Take an honest look at your business’ strengths and weaknesses. Hire employees who excel in your weak areas. Do what you do best, and delegate tasks that would drain too much of your energy.
Prioritize: Make a sturdy yet flexible plan of action, and spend time each day focused on activities that generate revenue. Always be thinking of ways to promote your business.
Cultivate: Deliver your elevator speech to anyone interested in your product or service. Keep business cards/brochures handy and give them to new contacts. Follow up with potential customers and stay in communication with them. Attend networking events designed to attract prospective clients.
Cooperate: Connect with other franchise partners and work together within the parameters of the franchise agreement to increase awareness of your brand.
Re-tool: Do skills from your former career translate to revenue generation for your new franchise? Physicians, engineers, attorneys and other professionals need to avoid falling back into their old comfort zones. Be aware of what you know — and what you don’t know — and invest time in beefing up your business skill set.
Franchise businesses grow when partners focus the majority of their time and energy on activities that generate revenue. Keeping focused requires a plan and discipline, but the rewards are worth the effort.