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You have already taken the first step to becoming your own boss by purchasing a franchise. How exciting! As everyone who has started their own franchise business knows, the start-up period can be a steep learning curve for a franchisee. If you survived the training period and have now largely struck out on your own – congratulations! You are a business owner who is already experiencing some level of success. However, nobody wants to remain stuck in maintenance mode. It is imperative that the business grows and develops so that it continues to be relevant.
Franchisees may become so involved in the logistics of starting up that they have no clear strategy for long-term growth. It’s important that small business owners receive the correct advice when setting out to expand, as taking too many wrong steps early on could endanger the business. It’s best to aim for steady growth that is solidly backed by the correct financing, advice and support, and here are our top tips for achieving just that:
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Network: Rely on the kindness of other franchisees. Your franchisor will no doubt be invested in your growth and offer guidance, but collecting as many experiences as you can will ensure that you have all the bases covered. Your own franchise may already have a network in place, but it’s worth attending additional franchising events to become familiar with your industry’s workings and to gather as much advice as possible. Keep an eye on our event calendar for important upcoming events.
Strategise: Take a look at your initial business plan. Does it still match your ambitions and income projections? If you feel you could do better, then it’s worth adjusting your plan for the future. Key areas to focus on include outlining your strengths, evaluating new income streams, improvements to products or services, and sources of funding. For further guidance, check out some handy business plan tips from our blog.
Marketing and branding
Word-of-mouth marketing is absolutely crucial for any business. Before you embark on a marketing plan to attract new customers, make sure your existing customers are kept happy and that you encourage an ongoing relationship with them. Happy clients are more likely to engage you for repeat business, and also to recommend you to others.
Your website can operate as a calling card for your business. Does it look professional, and is it regularly updated? Investing in your site can make all the difference in upgrading from the appearance of a basic small business to one which is experiencing growth.
Practise your elevator pitch. You’ll need to be able to deliver a summary and pitch for what your business does at a moment’s notice. If you can’t personally sell your own business, who can? The ideas you come up with in your pitch could even help you streamline your business, consolidating what you plan to offer your customers and refining your own branding. Try to remove all the jargon and circular speech from your pitch and just boil it down to what really matters. Include what you love about the business, what drew you to it, and the ways it makes you happy every day.
Get into social media. A powerful tool for networking, an effective social media presence is extremely important for your business. If your pages aren’t generating much interest, it’s worth considering launching a local campaign or giveaway. Consumers are increasingly using Facebook or Twitter to engage with businesses, so making sure you respond in a personal manner is one way to build a lasting relationship with customers and to gain repeat custom. A lot of activity, along with positive reviews or interactions on your pages, will also look good to prospective customers.
Funding: Some banks have a dedicated franchising department, or an alternative source of funding may come from third parties such as franchise finance consultants. Start with our guide to finding other sources of funding. This is a great place to get started!
Survey your existing clients: One of the best ways to get an objective look at your business is to ask your customers for some feedback. Ask them to let you know how they’ve found your services thus far, and which elements could be augmented or new services added for maximum customer satisfaction. Try to avoid giving them the opportunity to merely say things have been fine; ask for deeper responses that include what they’ve enjoyed about working with you and where they’ve found the business lacking.
Invest in a consultant: Can you put a price on expert advice? Consultants can, but it can prove a cost very much worth shelling out for – one which may provide an excellent return on investment. The types of franchise consultancy available include marketing, leadership coaching and financing. Take a look at our consultants’ section for the cream of the crop.
Read our blog here for more insights about the UK franchise industry!