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!