Launching and running a successful small business is the dream of every entrepreneur. But many successful business owners reach that point and then ask, “Why stop here?”
If you’re looking into expanding your company and turning it into a one of the hottest new franchises in your industry, here are five solid tips to help you grow your franchise fast.
- Strengthen Your Business Model
Franchises are only as successful as their business model allows. So any weak points in your business model will only duplicate themselves in your franchisees’ businesses.
That is not a recipe for fast franchise growth.
So simplify, streamline and get your business ready to franchise so that it is easy to teach to your new owners and grow your success exponentially.
- Grow Slowly in the Beginning
It might sound counter-intuitive, but intentionally taking things slowly in your first year or so can actually help you grow your franchise faster in the long run.
The reason is that you will encounter many speed bumps and growing pains when launching your first franchise. You’ll want to iron out those kinks in your business before scaling your franchise growth in order to ensure success for you and your franchisees.
- Support Your Current Franchises
Your franchisees will be one of the keys to quickly expanding your business. Their success is your success, and their success will attract strong new franchisees.
Do everything you can to help your first crop of franchisees succeed. Provide coaching, leadership training, tech support, financial support and more.
- Set Up a Franchise Recruitment Website
Dedicate a separate website to recruiting new candidates to your new franchise operation.
Showcase your current successful franchisees.
Set up landing pages to capture leads and then follow up with them right away.
Be sure to emphasize all the benefits of working with your company and how you are committed to their success.
- Hire a Franchise Specialist
You and your management team are already busy running operations for all your current locations. Adding in franchise expansion activities can easily lead to burnout, and spreading yourself too thin will only slow your growth.
Franchises that employ a franchise specialist – whether as a member of your team or as an outside consultant – can grow very rapidly without sacrificing attention to current operations.
If you’re looking for some help to turn your small business one of this year’s successful new franchises, contact Progressive Capital Funding and explore some of the ways you can level up.