An advantage of owning a franchise is that you can join a ‘readymade’ business network with a recognisable name, support system and successful business model. However, just like any other business, it can take a considerable amount of time and effort to grow your franchise into the business of your dreams. If you are looking to expand your current franchise, here are our top tips for growing your franchise business.
Let it happen naturally
First things first, do not force growth, let it happen naturally and don’t expand too quickly. Being profitable is the key to long-term success and if you force growth before you are ready you may be at risk of failing. Failure can cause damage to your brand and reputation. Build up your brand and reputation and let your business grow organically, even if it takes a little longer at first.
Network with other franchisees
Networking within your own franchise network and with other franchisees in your industry is a good way to learn from each other’s experiences. It is likely that other franchisees have been through exactly the same challenges or barriers to growth you are experiencing.
Build a strong brand identity
If you want your franchise to grow and succeed, you must have a strong brand identity, one that is recognised throughout your industry. The stronger your brand personality is and the more recognisable it is, the better off your franchise will be.
Know the competition
The key to success is to see healthy competition as an opportunity to learn. When a competitor enters the market with a new way of doing what you do or have an innovative way of promoting their brand, appreciate that you’ll be able to learn from their victories, as well as their failures.
Always emphasise good customer service
One of the best models to growing any business, no matter how big or small, is customer service. At the end of the day, the customer comes first, so make their happiness your top priority. Word of mouth is one of the best (and free) ways to grow your business, so always strive to look after your current client base.
Take advantage of training opportunities
If your franchisors offer training and leadership opportunities for franchisees – take them. Learn and grow as much as you possibly can. By doing so, you can use your expertise to take your business to new heights. Over time, you may need to upskill in certain areas, so consider enrolling in short courses or online training.
Owning a franchise can be a dream come true for many entrepreneurs, but that dream can quickly become a nightmare if it doesn’t grow the way that you hoped it would. The main driver of success is having a plan in place right from the offset. Sticking to this plan and improving your business by building a network of support, understanding the power of marketing, and always being one step ahead of the competition will ensure that you maintain the thriving business of your dreams.
If you are interested in owning a Kare Plus franchise, please get in touch with our franchising team on 01952 783 338 or email firstname.lastname@example.org.