The key aspect of the current pandemic has been its uncertainty. Showing us once more than the only thing constant is change itself. Success cannot be limited to just pure monetary success in these times. As business owners, there are plenty of innovations that have been incorporated into the operations and strategy, that has not just helped the franchise owners stay afloat, but in some cases even doubled their income. Distancing has been made mandatory and lockdowns are still implemented in some countries. However, technology has bound us closer as a community. The question, how to grow your franchise during uncertainty? can be answered by following the below strategies.
Talk to those who are changing course. For instance, an experienced multi-unit franchise operator who wants to add a pandemic ready brand to their portfolio. Research about the effects of COVID-19 on the retail industries, real estate availability, and labor market. This information is key to your franchise development efforts.
The stark difference between an individual business owner and a franchisee is the strength of the franchise community that backs them up from the start. In other words, there exists a business support system in the franchise model with years of experience in operating a profitable business. In addition, the franchise system also provides guidance and resources for a successful franchise. You can highlight all these facts to a potential franchise investor. Established customer base and brand recognition are also some of the benefits of this model. The potential customer will want to know
The right person will be able to trust you with their investment if you can give them the right information.
We have heard news about how the food franchises donated meals to the front line workers in their community. Knowing how your franchise dealt with the pandemic in your community and with your staff is important to understand your values and priorities. Give examples of how you invested in people and worked towards recovery together.
Moreover, the goodwill you have built over the last 6 months will help your potential franchisee to see your brand’s ability to innovate and overcome challenges. Keep your examples localised to show how your potential franchisees can contribute towards a positive local impact.
The whole world is evolving and adapting to these uncertain times, it is now more than obvious that our franchisees will soon become the face of the locally based business movement to rebuild and strengthen communities and economies. The franchise community has become stronger and more resilient during these challenges. And has proved once again that there is always a way to grow and expand, even during uncertain times.
Related Read: 5 steps towards digital transformation
Similar Read: Five important actions for franchise sales leaders
Source: Global Franchise Magazine
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.
Subscribe to our email list to get the updates to your inbox:
Franchise Feasibility Studies: “This is used to check if a company can be a good franchise.”
The Franchise Talk is more than just an online platform … it is a Community.
A Community to connect franchisors and brands with franchisee and investors from the Middle-East.
A Community to share latest trends, rules, regulations, and most recent product launches in the world of franchising in the Middle East.
A Community to get inspired, explore success stories and enable new experiences.
The Franchise Talk is not just an information provider. The Franchise Talk Connects, Informs, Inspires, and Educates investors, franchisees, and future start-ups and entrepreneurs.