One of the most common questions that franchisees ask themselves is how they can continue to grow their franchise and bring in more revenue. Over the last few years, the team at F45 Training has dedicated our time and energy to learning a few valuable lessons on how to maximize franchise growth and success. Here are five strategies we feel are useful for franchise owners looking to expand their success:
Sometimes, in order to grow fast, you need to go slow first.
When franchisees are looking to grow their businesses, many think that the faster they expand, the better. The truth is, though, that taking the time to put proper foundations in place now can ensure growth down the line. Future growth built on a solid foundation is more likely to be sustainable. F45’s advice to franchise owners is to focus on the basics and fundamentals. This means it’s important to make sure that your current clients are happy, staff are feeling challenged and performing well, and that your business is stable before expansion is considered.
When (and if) the time comes for growth, we encourage you to keep those fundamentals in mind. It might be necessary to tweak or add structure to cope with expansion. For example, adding new people to a tight-knit crew of employees might have an effect on culture, and a franchisee may need to look at proper onboarding processes and team building initiatives to keep a strong workplace culture.
A strong franchisee-franchisor relationship is key.
A strong franchisee-franchisor relationship can make or break an attempt to expand your business. Communication, inclusivity and respect not only makes the business agile, but most importantly, it means that sharing and conversation are encouraged. This, in turn, makes it easy for people to contribute and make a difference. The same applies when it comes to the business’ relationship with its franchisees.
Strong communication also means that franchisees should know exactly what they need to do to prepare to grow their business. Strategies should be clearly delivered and marketing material should be readily available and easy to use. Our advice for franchisees is to make sure they put time and energy into keeping their relationship with their HQ healthy—and rest assured, a strong franchisor should do the same when it comes to its relationship with each franchisee.
Look to offer something more.
We speak from experience. These days, it’s pretty easy to find a fitness class or group training studio. So, what sets F45 Training apart from the competition? It might sound cheesy, but it really is because the franchise system offers so much more than just fitness. The business’ unique approach to team training does more than just deliver a killer workout—it builds a strong sense of community.
When asked what keeps them coming back, many F45 members talk about this sense of community and how it builds motivation and inspires loyalty. For an F45 franchisee looking to grow, making the most out of this unique point of difference is key. Get out on the studio floor, meet your members, and encourage as much interaction outside of the actual training as possible.
Get it right and you’ll not only retain your valuable members, but also inspire them to tell others about your business. As we all know, positive word of mouth is a particularly powerful tool for growth.
Be the same, but different.
All franchisees should look to make the most out of the brand they’ve bought into, while also looking to give their business its own personality and flavor. This gives you some edge, but ensures that you are in compliance with your franchisor’s standards. Whether it’s your location, the people in your community, or your staff, you have things about your business that make you unique and stand out from the others. We encourage you to celebrate that!
For example, the F45 Training brand has a large amount of equity and comes with a reputation consumers know and trust, but franchisees can fast-track growth by playing to what makes their studio unique and talking more directly to their biggest sales opportunities.
When in doubt, look to the core.
If your franchise isn’t growing as fast as it should or if you’re trying a bunch of different strategies with limited success, it’s often best to take a step back and look at the core of your business. What could you focus your energy on that may have slipped through the cracks? Can you tighten anything up? Reflect inward.
For F45 Training, our member experience lives at the heart of what we do, and everything—from our in-studio tech, workouts, and training system to our marketing and comms—is designed to create a unique end-to-end experience.
All of these can come together to create a stand-out product that appeals to different markets and demographics, while setting your business up to have a solid foundation. Build a strong foundation and a business you are proud of, and growth is sure to follow.
Source: https://www.entrepreneur.com/article/344500
Image: LifeLine Repairs
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