Despite the competitive pressures and a myriad of challenges, you’ve managed to defy the odds and build a successful business that serves your community, provides jobs, and affords you a comfortable lifestyle. Now that you have a successful business, thriving in one or more locations, how can you scale your business more quickly, expand your brand in other regions, and overall spread your wings? The answer is to become a franchisor and multiply your success by branching out. There are three fundamental pillars to this process, and we’ll explore each one.
If you look through the history of some of the most successful businesses, a brand like McDonald’s certainly stands out from the crowd. They took advantage of offering products and services that consumers couldn’t easily find elsewhere. Competition built over time, but they are still stand-out brands. While you may not have aspirations to build the next McDonald’s, if you have an established brand, and a successful business in at least one location, franchising is an expansion strategy that can scale your business very quickly.
Communication is one of the fundamental building blocks of success in the franchising world. When you’re talking to potential and hopefully pre-qualified candidates, you’re establishing a relationship. You need to communicate your brand’s value proposition quickly and effectively. The candidate wants to understand how your franchise is the right fit for their lifestyle, financial profile, skill set, and more. You need to respond to territory checks and candidates’ or brokers’ questions in a timely manner. Once a franchisee is on board, you need to stay in tune and in touch with their every need; they are an extension of the brand you’ve worked so hard to build and they will need your guidance and support every step of the way. They are part of your team! After all, your continued growth and success are dependent upon the success of every franchise you award.
One of the most rapidly changing fields in the business world today is marketing. We’ve come a long way since the days of newspaper and TV advertisements being the main tools of the trade. Utilizing an award-winning strategy to get the most reach and impressions can make all the difference between success and failure. Whether in-house or outsourced, an experienced digital marketing team will leverage the most effective forms of advertising to reach your intended demographic to maximize both profits and success.
If your dream is to grow your brand, more broadly deliver your product or service to help more people, create jobs, and grow your own wealth in the process, franchising your business to select investors (i.e., franchisees) may be the ticket to your expansion. At FranSave, we are the franchise experts and can help you take the right steps and make the right moves on your path to being a success in the franchising world. Visit us online for more info at fransave.com.
This information is not intended as an offer to sell, or the solicitation of an offer to buy, a franchise. It is for information purposes only. Currently, the following states regulate the offer and sale of franchises: California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Rhode Island, South Dakota, Virginia, Washington, and Wisconsin. If you are a resident of one of these states, we will not offer you a franchise unless and until we have complied with applicable pre-sale registration and disclosure requirements in your jurisdiction. Franchise offerings are made by Franchise Disclosure Document only.