Whether you’ve invested in a fitness franchise, a popular food chain or a beauty business, becoming a franchisee is hard work. Sure some of the work has been done for you, but once you’re up and running, growing the business is entirely your responsibility. You may have a recognisable name and logo, but just like any business, it takes considerable time and effort to grow a reliable customer base and consistent revenue. Here are our top tips for growing your franchise business.
1. Dream big
Take a moment away from the chaos of running your own franchise and write down your business goals. Where do you want the business to be in one year, five years, ten years? Having lofty goals will help you get up in the morning and aim high. You’re the boss – starting dreaming.
2. Hire the right people
The best way to ensure business growth is by surrounding yourself with hard working, like-minded people. Take the time to hire the right staff who believe in the business and where you want to take it. Always look out for talented people who think differently and can help you take the business to the next level. Hiring the right people will save you time and money in the long run.
3. Foster relationships
Network, network, network. Regularly connect with other franchise owners and share information and insights so you can learn and grow together. Try to find small business owners outside your niche and listen to their stories of success and failure. One of the smartest things you can do is learn from the mistakes of others and prevent yourself from making the same ones.
4. Look after the customer
At the end of the day, the customer comes first, so make their happiness your top priority. Word of mouth is one of the best (and free) ways to grow your business, so always strive to look after your current client base. You should also be forward and ask regular clients and customers to leave positive reviews for your business on social media.
5. Take advantage of training opportunities
Many franchisors will offer training and leadership opportunities for franchisees – take them. Learn and grow as much as you possibly can, so you can use your newfound expertise to take your business to new heights. Overtime, you may need to upskill in certain areas, so consider enrolling in short courses or online training.
6. Become the best
You may already have the basic business model laid out for you, but think about what you can do to make your business the best of the best. You might be one of twenty stores in the city, but who says yours can’t be at the top? Be innovative and find creative ways to make your business stand out from the crowd.
Find out how QuickBooks can help you run your franchise business.