How Creative Initiatives Can Fuel Growth

Through challenging economic times, franchisors have developed new ways to fuel growth and development in their business. When it comes to finding qualified, well-funded prospects for franchising, usually portals, franchise consultants, and advertising & networking all are strong factors in growing a franchise. Lead-generation sites, like Franchise Clique, play a huge role in connecting qualified clients to franchisors and consultants. Beyond these necessary tactics, franchisors are branching out further, and bringing creative ideas to development.

From the patterns I’ve observed, this is happening in several ways. Parent companies of franchising brands are now taking new approaches to their stores – in locations that offer opportunities for food-court style eating, such as hospitals, malls, and airports where normally one brand would be placed in a store, developers are bringing three or four of their brands to the same location. Both dual-brand storefronts and co-branded store partnerships are certainly on the rise in the franchising market. Providing two goods or services in one location offers customers more of a variety, and targets a wider range of customers altogether.

In addition to multi-brand locations, I continue to see a growth in social enterprise within the franchise industry. Non-profit organizations such as Affordable Homes of South Texas, Inc., Dale Rogers Training Center, and the National Christian Foundation are all teaming up with major franchises like Great Clips, Papa Murphy’s, and Blimpie, bringing franchisee profits straight to these organizations.

These partnerships are doing well because they solve fundamental issues that both franchisors and non-profits face. On one hand, franchisors benefit because they are launching a new location, which is owned and managed by a non-profit group that possesses strong and favorable community reputation, while on the other,  the non-profit benefits because it is buying into proven concepts and corporate office teams who are invested in their success. It truly is a win-win.

What are other ways you have seen franchisors creatively fuel growth? Leave your comments below!

Three Tips for Growth in a Sluggish Economy

  1. LEADERSHIP IS PRICELESS.
    Any growing business needs a strong leader. This holds true especially when a business is struggling. Senior management should play on the strengths of other team members to reinvent old ways and pull from outside sources to evaluate what is and what is not working. As a leader, it’s important to be transparent and honest about the financial stability of the system, yet remain optimistic that positive changes can be made to face economic conditions head on.

2. ACT LOCALLY
National and global goals are certainly something to aspire to; however, market share is won at the local level. A successful and motivated franchisor helps franchisees get active with local businesses, schools, and charitable       organizations. Having a strong brand in a local market can build reputation and lead to potential growth opportunities.

3. LOYALTY IS EVERYTHING
Customer loyalty is crucial during tough financial times. Along with a high-quality product, it is just as necessary to give your customers an awesome experience, consistently. To provide loyalty incentives to your customers is a win, win. For example, this year, the Marco’s Pizza franchise received more than 27 percent of new restaurant applications from Marco’s Pizza customers. Additionally, 30 percent of applications came from referrals of existing owners who sought to share franchise opportunities with ambitious entrepreneurs.

Thanks to Franchising World Magazine‘s January issue for some of this week’s content! Check out more here!

How To Get The Most Out of Your Franchise Search

Becoming a franchisee is a big decision. Picking the wrong franchise is a big mistake. The easiest way to avoid kicking yourself for selecting the wrong concept is to do your research and request information on multiple franchises from a franchise directory or portal. You’ll see a big pay-off.

 

You can search based on your criteria

Only have a certain amount of available investment capital? Interested in staying in a particular state, region or country? Want to work in a particular industry? Franchise directories and portals let you search hundreds of available opportunities according to what’s most important to you. Not sure what you’re interested in yet? You can always browse the directory or portal’s list of available concepts for inspiration.

 

You Can Submit For Multiple Concepts Without Visiting Multiple Websites

Franchise directories and portals also let you submit for multiple concepts at once, a critical part of finding the right franchise. Many of them suggest related concepts based on those you’ve viewed, cutting down on additional legwork. The more you know the better you’ll be able to select your perfect franchise fit.

 

Treasure Troves of Information

Updated regularly, franchise directories and portals are valuable information resources. Often, they’ll have articles on franchises, small business news articles and helpful hints for franchisees. In addition, newly established franchises will be listed as soon as they’re ready to expand, a fantastic way for entrepreneurs to find new and exciting business ventures.

 

Your Direct Link to Franchise Development Teams

When you submit for information from a directory or portal, your information goes directly to the franchise development teams that interest you. On the rare occasion you don’t receive information or a phone call from a franchise development team member the directory or portal you used will be happy to contact them for you. Directories and portals generally have good relationships with the franchises they list on their websites. When you speak with the directory or portal, suggest a time of day you’re normally available to talk if you’re interested in speaking with a franchise development team member directly.

 

Do you have any suggestions on how to find the best franchise? We’d love to hear from you. Please leave your comments below.