Franchise growth is not necessarily something that can happen exponentially as you must learn to walk first. Instead, in order to avoid overextending yourself, it should be done in a deliberate and careful manner. Nonetheless, there are steps that you can take to grow your franchise.
Grow Slow to Grow Fast
There are many costs to building a franchise, and they can add up quickly. If your business model and your franchise are strong enough, the revenues will be there in the future. It is best to scale up slowly so you do not pile on too much debt before you start realizing profits. Resist the temptation to sprint out of the gate and instead take small steps, because each stop along the way will require an investment.
Upgrade to Enterprise-Level Software
Business infrastructure is an important part of franchise growth. This includes software that can handle your business transactions. As your sales ramp up, your POS software needs to be able to handle the increased volume. The worst thing that can happen is that your software goes down, causing you to lose sales and customers. More software bandwidth and power are critical for scaling growth because your old software will likely be overwhelmed as business picks up.
Network with Other Franchisees
You can help with several different things. First, it helps to be an influential franchisee in the eyes of the franchisor. They are more likely to work with you and give you favorable treatment if they view you as well connected. Second, knowing others' experiences can help you learn how to grow. When you know what has worked for others as well as their problem areas, it can help guide your growth strategies. Try to participate in franchise-wide activities in order to meet people.
Add Units as Able
While your growth should be slow, once you reach a certain point, you should look to become a multi-unit owner. This will increase your economies of scale as well as your profits. At the same time, you may gain more leverage with the franchisor. As stated above, the rate at which you add franchises should be controlled, but most franchisees find that their business improves with several units.
Growing your franchise business is rewarding in every way. The right plan for increasing your reach and business will make this growth more attainable.