Once you’ve been successful at getting your low-cost franchise off the ground and maintaining it at an acceptable level, it’s time to turn your attention to growing your business. This means attracting more customers and increasing your profits. In some cases, this may even mean expanding into bigger locations, adding new products and services and improving business processes. As an alternative, you may opt for diversity by buying a completely different business.
Growing a Franchise With New Territories
One way to grow your franchise is by purchasing a new territory or location. However, you shouldn’t just jump into this decision without performing the same due diligence you did when you just started out. Review the Uniform Franchise Offering Circular (UFOC) for any changes, as this document must be updated each year, and the original document may not remain 100-percent accurate.
Contact other franchisees within the same system. While it may seem that these people are your competitors, the fact is you are all working toward the same goal: making the entire franchise system more profitable and recognized, so that each location or territory can perform better. As such, you can work with other franchisees to come up with ways of growing your business, reaching more customers and retaining those you already have.
MatchPoint Franchise Consulting Network provides help for individuals planning to purchase a franchise. We can help you choose a low-cost franchise that matches your diverse talents and goals and learn what you need to know to run it successfully. You can start your search with a free consultation with one of our consultants.
Through consulting and training, Franchise Research Corp can build a custom tailored program..More
Between 2004 and 2005 over 300 new franchise concepts were launched in the US.
In today’s high growth franchising industry, 1 new franchise opens its doors every 8 minutes of every business day.
The execution of business requires a strategy and top talent.