All kinds of business ventures were tested during the pandemic. These two tips to ensure invincible franchise operations can help you keep your business intact. Moreover, they can help you tap into new and exciting areas for the growth of your franchise. It helps you understand how important it is to keep growing and evolving to stay ahead in any industry.
1. Creative and realistic business model
It is time for you to revisit your existing business model and have it amended to suit the new normal. In other words, see how you can reach both current and new clients. This will help you protect your revenue streams and market share.
For example, if you are a food franchise, take advantage of the delivery system. Thereby, by doing so you will increase the number of customers you reach and increase your profits. While at the same time you can think about scaling down your physical presence and cut costs. Ghost kitchen concepts are proof that this model is profitable and trending. Virtual cooking classes are also a new and exciting way to stay connected with your customers.
If you are into fitness franchise, the lockdown has now given more people access to their laptops at home. This means you could take advantage of the virtual classes. Or if your business model aims to bring people together, you may gather at a park to conduct classes.
Whatever, maybe the business, it is evident that now people are more connected online. This means that e-commerce will be playing a vital role in reaching out to more customers online.
Similar Read: 9 Important KPIs for a successful franchise
2. New techniques to discover growth opportunities
With changing times, it is now more important to adapt to new techniques to discover growth opportunities. The pandemic left many businesses shaken. This means they were willing to sell or some closed. If you are in a strong financial position, now could be an excellent time to buy other businesses for greater market share. The idea is to have multiple revenue-generating businesses in order to balance the poor performing ones with profitable ventures. This could be in the existing market to increase share or different areas or regions. As multi-unit owners, you can grow and expand faster.
Franchising still remains one of the best options for a successful business. However, it is vital to revisit your existing business model and constantly look for areas for growth and improvements to your franchise business.
Related Read: How to prepare your business for an uncertain 2021
Source: Canadian Business Franchise
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