Business owners typically choose to franchise their business because of the opportunity for aggressive growth. Growth doesn’t stop with franchising though, there are a number of different things you can do to ensure rapid franchise growth. Some ways to improve your franchise include:
- Improve your value proposition. The best way to guarantee franchise growth is to guarantee the franchisees financial return. The more you do to improve your value proposition, the less support each franchisee will need. This could improve franchise sales and your royalties.
- Continue research and development. Introduce new products, services or delivery methods as you are franchising.
- Use your increased buying power to offer franchisees discounts on inventory.
- Step up your marketing. The more you improve your marketing, the less franchisees have to worry about it. Hire a consumer advertising agency or PR firm. Getting your business publicity will help drive up sales.
- Set your franchise apart by instituting strong internal communications, developing a Franchise Advisory Council and using franchisee intranet.
- To sell your franchises faster, step up your marketing game. Instead of providing brochures to potential franchisees, consider providing a DVD or posting a video on your business webpage. This will set you apart from other franchises.
- Have field support that visits franchises to ensure everything is up to standard. The better the quality is, the better your franchise reputation will be.
For your small business needs, contact the Winflow Financial Group.