Small Strategic Steps For Franchisors to Gain Momentum in Business
Franchisors often consider the franchising industry to be all about driving exponential growth with quick returns
Franchisors have a dream of making millions in no time. However, research explains that most of the successful business takes a while before becoming successful.
A business usually has already spent many years before people start noticing them. Brands like Apple and Square are a great example of a steady and smart expansion, paired with well-timed funding.
In fact, experienced franchisors suggest it takes a minimum of 5-7 years for a business to succeed.
Make your team and organization ready
In order to achieve actual growth, franchisors face many challenges which they are unaware of. A franchise requires time to adjust and learn to function accordingly, with new employees’ joining your gang.
Thus, as a franchisor, creating your army and readying them to perform is one simple strategy resulting in bringing sales to the organization.
Be slow and steady with distribution
The process of distribution needs to progress in stages in every business. This might include crowdfunding, pre-sales, and e-commerce leading to direct sales.
Today, franchisors prefer the e-commerce route over the usual retail route.
Franchisors need to be slow and steady with their distribution as a customer profile could change drastically.
Find a market fit for you
Finding a right market determines the fate of the franchisor. Being a time consuming process, franchisors need to be patient while finding a suitable market for their organization.
Therefore, it’s mandatory to do proper research, to find success.
This article was originally published on Franchise India by Shahram Warsi.