How to grow a Franchise?
Creating a desirable franchise is just the beginning. Growing it is the real thing. So how does one actually grow a franchise? Is it just by adding more franchisees or is it just by more advertising? No, it is a combination of all these and many more factors which ultimately lead to the growth of a franchisee. Here we have a look at some of most essential tips to grow a franchisee
Selecting the right Franchisee
A thorough screening process should be put in place for selecting a franchisee because a franchisee is like a business partner who will be essential to the growth of the business. It is like selecting a team, once you select it you have to be it for some time and the people in the team determine the fate of the team. So select the right people
Use Money effectively
Also for the growth of a business it is very essential to have enough working capital. Money when used in the right direction can prove to be a catalyst for the business. Money should be used in a proactive manner for various purposes such as market research, advertising etc. Money is most essential for creating an infrastructure that will help deliver top notch services to the franchisee as well as the end users. Facilities for training and hiring staff, a good distribution system and an interactive website are paramount to a franchise’s success.
Varied and better product offering
As the market place keeps changing, it is very important to constantly improve and re-invent ones product. Also in order to maintain one’s market share in an increasingly competitive market, a varied product offering would prove to be highly advantageous. This will also help to create a niche for the brand.
Advertising and Marketing
Also as the market place becomes more and more cluttered, it is very important for a brand to stand out in the mind of the target audience. This can essentially be done by advertising and marketing. Advertising can stimulate existing demand and also help in long term brand building. These are important if the brand has to survive in the long run. Hence a franchisor/franchisee should spend considerably on advertising and marketing.
These are some essentials which should be considered when one wants his/her business to grow.