5 Ways to Grow Franchise Business Faster
Franchising, at its core, is interdependent. The success of the franchisee directly affects the success of the franchisor, while the failure of the franchisor will also reflect onto the franchisee’s business.
Steve Olson of Franchise Update has said, “ The relationship [between a franchisee and franchisor] is very co-dependent. The franchisor can only succeed if the franchisees are successful.”
For this reason, it is important for both franchisors and franchisees to work together, to help each other grow and transform their franchising business into a success.
From creating a franchise business plan to emphasizing customer service, here are 5 easy steps you can take today to grow your franchise business faster:
1. Create a professional franchise business plan
The very first step of your franchise business – and any business that wants to be successful – is to develop a franchise business plan. A custom designed business plan isn’t just for investors, it helps you perfect your business model and map out the future. Franchise businesses have a lot of moving pieces, so this step is essential. When you have a roadmap to your success, there is less friction later on when you’re ready to grow.
2. Foster franchise relationships
Remember, you’re in business for yourself, but not by yourself. Obtaining secure relationships with other franchises will create an invaluable support system. There is power in numbers, and success can be elevated with a strong community. Learn from others around you and take the time to develop valuable relationships with your individual franchisees.
3. Build a strong brand identity
A brand identity is more than just a logo. Building a strong brand identity means maintaining a reputation of consistency, loyalty, and trust. Take the time to uncover the “why” of your business, highlight the things that make you unique, and showcase your creativity. When customers are able to see the human behind your brand, they better connect to your product and company.
4. Streamline your process
Nothing nosedives a franchise faster than an unclear process. If you’re just as unsure as your franchisees, then it may be time to work with a professional. In addition to professionally designed business plans, an agency can help you develop a well-structured and organized process to smooth out bottlenecks in your operations. Streamlining your business process will also minimize the change for error while improving your workflow, giving you more time to do what you do best – running your business.
5. Emphasize customer service
“Customer service is king”, or so they say. The phrase rings true for every business and industry in the franchise world. In most cases, the success of your business depends on some level/amount of customers. These are human beings that want to feel appreciated for supporting your business efforts. Take the time to go the extra mile, put a smile on someone’s face, and create a positive environment for your franchisees. They will return the favor with their repeated business and word of mouth to your brand.
When it comes to growing a franchise business, a professionally designed franchise business plan will be your number one tool for success. Your business is unique, and you deserve more than a generic, cookie cutter plan that isn’t tailored to your specific business model. Whether you are a new or growing business, our team at Bargain Business Plan offers a tremendous amount of support on your franchise business journey.
