Buying a franchise is only the start of your business journey. These 7 ways to boost your franchise development, will help you understand what are the key areas of focus for your business.
1.Work hard from start
You will enjoy the fruits of your labour after you have put in your best efforts. It is true that there is no shortcut for success without hard work. Be ready to work hard from the start and continue to do so as a best practice. Your commitment will drive the franchise to success. Hard work also includes smart work, to be able to use your experience and skills as well as others’ contribution to build your franchise.
2.Utilise your franchisor’s experience
The most important point of buying a franchise is to not waste time making mistakes, as it is a tried and tested model for success. Your franchisor has already found a fast and effective way to get products and processes in place. Moreover, the consolidated learnings of the franchisor’s team are available to you for quick results. So make sure you utilise your franchisor’s experience and not be stuck figuring out challenges on your own.
3.Employ a Business Development Manager
It is normal for a field manager or a business development manager (BDM) to work with franchisees to help them reach their goals. Moreover, these BDMs can provide valuable information about the sector or business that can help franchisees to stay on track with their business plan. Further, they can also identify opportunities in the marketplace, in your local area, in your skills, and be a useful link to other parts of the support team that can help deliver improvements.
4.Benchmarking tools
Benchmarking tools and strategies help franchises identify and share best practices. The advantage of franchisees is that they can find out how other franchisees achieved better or higher profits or conversions. The transparency in financial data can be turned to one’s advantage to help each franchisee grow on their own.
5. Utilise various revenue streams
Explore and utilise the potential of proprietary products and services. This saves you the trouble to create your own. Some franchises have included sales revenue stream to the services provided. In other words, by encouraging the clients to buy these branded products increases your revenue, as well as keeps the brand name in the customers’ mind. Explore other revenue streams that are offered by the franchisor to diversify and build your customer base.
6. Use Technology
All kinds of franchises are now using technology for time and cost efficiency. Moreover, the franchisors have already invested the time and money to employ these technology-based tools to help the franchisees manage and develop their business better.
7. Renewal for Future
The franchise agreement is usually renewed after a term. This is not a guaranteed process, thus pushing franchisees to stay on track and achieve their goals. Creating and following a business plan is crucial for franchisors and franchisees in order to achieve their maximum potential for growth and success.
Source: Franchise Business
Get to know who are the industry key players, visit our Interview of the Week page.
To stay updated, visit our Franchise News section.
To learn more, visit our Franchising Tips section.
0 comments