Making the most of a franchise
Many franchises reach a point where the growth seems to be stagnating. In today’s highly dynamic world, the market and its consumers constantly keep changing. In such an environment it is very important for a business to constantly adapt itself to the changing environment. In order to do this, a franchise may constantly need to re-invent itself in order to grow. Today, we give a few tips on how to grow a franchise:
• Market Research In order to adapt to the constantly changing business environment, one needs to know the constantly changing preferences of the consumer. In order to get up to date knowledge on current trends, it is important to conduct some market research. Market research will help the business to cater to the needs of the consumer in the best possible manner.
• Focus To grow, it is very important to maintain ones focus. In order to focus, one should set long term as well as short term goals for the business. These goals will help give direction to your business. Growing randomly is not important but growing in the right direction is.
• Resources Once you have set long term and short term goals, it is very important to accumulate the resources needed to attain those goals. These resources may be in the form of the finance or even the equipment required. Even one’s own staff is a major resource.
• Commercial space At times commercial space proves to be the biggest hindrance in the growth of business. To ensure, good growth of your business, one needs to select the location very carefully. The various things which should be kept in mind are as follows
1] Demand in the area 2] Demand in the surrounding areas 3] Its accessibility from the surrounding area 4] The overall consumer traffic in the given area 5] Competition 6] Rent
• Employee training Even your employees need to be trained according to the changing business conditions. As we work in a cluttered world, customer relationship management has become the buzzword. It is no more about just selling the product to the customer but it about making all customers feel a part of one big family in order to obtain and keep their loyalty. This is done by providing the customer not only with the required product/service but by providing the customer with an experience.
• Advertising Also with time, a brand may need to re-position itself to suit the changing market conditions. Advertising can play a major role in re-inventing and re-packaging the brand in order to increase its appeal to the consumers.