Growing your business takes time. It’s not uncommon for emerging franchises to go a year, sometimes more before they start to see a profit. Don’t get discouraged though! You have the ongoing support of your franchisor at your disposal. For many, it’s one of the favorite differences between starting their own business and buying a franchise. There are many ways to grow your business, including using your franchisor as a resource. So to help, we’re exploring a few things you can do to develop a healthy and thriving business.
Revise Your Marketing Strategy
When trying to establish a brand and grow a business, marketing is often the hardest part. Luckily for you, your franchisor typically does most of the heavy lifting. Because your franchise is likely part of an already established company, they have marketing strategies and existing campaigns in place and know who their customers are and how to keep a consistent experience.
A franchisor is only as successful as its franchisee, so if you have ideas on how to better market to customers and how to grow franchises, don’t hesitate to share. It may not only help your business to grow but also other emerging or established locations.
Hire a Franchise Consultant
Franchise consultants are gems for those in franchising. They have many years of experience and can offer resources that benefit franchisors and franchisees alike. Hiring a franchise consultant is a wise move because they can gain insight into the franchising industry, give you sound advice to make informed decisions, and help you grow your franchise.
Seek Financial Guidance
Your franchisor wants to make sure they give you all the tools your need to succeed, and sometimes that includes financial guidance. If you feel that you’re having trouble growing your franchise, consult them for advice. They can advise you on things like efficient ways to keep your financial records, different approaches to take, and let you know about the programs they have available.
Try Other Leadership Opportunities
As you grow a healthy business, you’ll notice other leadership opportunities start to pop up. A few examples include coaching, mentorship, and training. These leadership engagements are great for introducing yourself to the community, opening the door to other opportunities, and added exposure that ultimately drives more business to your growing franchise. Just be sure to keep a balance between your franchise the engagements.
The definition of support in this sense isn’t just limited to field support consultants whose role is to help franchisees improve their business’ performance; it also extends to tech support. In recent years, many franchises have started using cloud-based technology to do things like share data and automate tasks. In addition to them being able to troubleshoot and replace your daily equipment, they can also suggest systems and resources that can help your emerging franchise grow.
Hundred Acre Consulting: Helping You Find the Best Fit
Before you can start on the journey to growing a healthy and thriving business, you need to have a franchise that’s a good fit. And that’s where Hundred Acre Consulting comes in. Using my many years of industry knowledge and resources, I can help you find the perfect franchise opportunity for you.
If you’re ready to get started, contact me today, and let’s start planning.