Getting a franchise to survive is a challenge. Managing a franchise so that it not only survives but thrives is a feat on its own. Growing a business is difficult even for the most experienced of restaurateurs, so here are 5 tips that can help your franchise thrive.
Build A Home Base
While your end goal might be to have your franchise spread throughout the entire country, it isn’t a good idea to make that leap without already having a strong base built up. Stick to the markets you know and expand locally before taking costly risks.
Create A Strong Infrastructure
A single franchise doesn’t only represent his/her business, but also the brand name as a whole. A strong infrastructure would provide all franchisees with an effective training program, successful marketing techniques, suppliers that provide discounts, facility evaluations, and growth plans. These building blocks can help ensure that any new franchisee has a path to success that fits with your brand’s values and established rules.
Offer Unique Services to Franchisees
If you want your franchise to succeed, you need to attract smart people who are interested in being involved with your brand. If your franchise doesn’t offer anything unique to help attract intelligent individuals, why would they join your brand? It doesn’t matter whether you are offering mentoring programs, financial aid, or access to equipment and suppliers, you just need to make sure your sales pitch is strong enough to get the best candidates on board.
Utilize Modern Technology
Customers favor convenience, which is exactly what modern technology offers. Solutions like Koomi help franchises by improving the customer experience, and make managing a business easier. Letting your franchise fall behind in technology almost guarantees that you will lose out on your market share.
Encourage Multi-unit Ownership
Multi-unit ownership is beneficial to all parties involved. The brand receives the benefit of growth without additional training and the owner receives the benefit of making more money. If a business owner is successful running one unit, there is a good chance they’ll be successful running two, especially since they now have more experience.