Once you have decided to expand your franchise business and done all your research you will need to accelerate with the following 3 steps to win at franchise growth.
Find your core mission before you proceed to expand. Let this be your guiding star that helps you decide if you are aligning the right products or markets along the way. SoulCycle, for example, has leveraged the strength of its spinning class brand to expand into direct-to-consumer activewear. A move like this can help companies bridge to something new.
We cannot grow without customers and their feedback is crucial for improving the service or product offered. Identify the pain points for your customers and resolve them immediately for an excellent customer service. For instance, you might learn that your customers are traveling a great distance to buy your product or you’re routinely shipping to a particular market. Those are telling signs that expansion might be due.
It is normal to increase your staff to handle the new expansion of business and needs. Hire the right staff for the new roles, so that they can efficiently manage the challenges of the new business. Ensure this is done before your expansion to enable them to start with onboarding with ample time.
The idea of growth is exciting and is very important to be equipped with the right people and tools to handle the new challenges. Ensure you plan well ahead to tackle growth with a winning strategy.