Small business owners can become complacent and allow their business to stagnate after startup. Instead, the goal should be for steady growth, year after year. Fortunately, franchises such as F45 can offer guidance and support to help franchisees achieve the growth. While this is so, franchisees should never forget that they are ultimately responsible for their own growth, despite the help. Here are our top tips for achieving franchise growth.
Remember Innovation is Key
Being adaptable is a sure way to remain a formidable competitor, whether your franchise is a part of the fitness industry or not. Those who work tirelessly at keeping their products or services as innovative and fresh as possible, will be able to be on top of any trend that makes its way passed it and inevitably grow alongside their customers. It can be daunting embracing new opportunities, but change shouldn’t be seen as a negative if it has been thought out properly.
While this requires a certain level of creativity on the part of the franchisee to take hold of growth opportunities as they arise, they must also make use of the tools at their disposal to evolve their offerings. F45 for example offers technological assets that can be adapted to suit new opportunities as and when they are presented. While the business model may stay the same, consumers needs and wants don’t, and the technology that F45 offers can be adapted to suit any new trend or any additional application to suit a business willing to expand.
Once your franchise has reached a point where you’re earning a profit and business is moving along smoothly, it’s easy to sit back and think your hard work is done. Similarly to being adaptable, a franchisee needs to keep up their training in order to be on top of any new opportunities that could help them grow. If a new marketing platform arrives and proves extremely popular, will you know how to use it in order to market to a new audience?
Once again, your franchisor should be offering these opportunities to you as the franchisee, and whether you use them or not is up to you. The F45 Playbook is the perfect example. This digital hub is home to all training, support, and educational opportunities and material. Whether you attend a training session, read up on some support material or spend some time at a talk or convention, you are investing in opportunities that could open doors for you and your business.
Add Additional Units
Once your business is at a financially stable and profitable stage, you can consider buying additional franchises to grow your offering. With F45, the business model has been specifically designed to keep overheads low and to maximize profitability much faster than other franchise concepts.
Before you decide to buy additional franchises though, ensure you first make enough of a profit with your original franchise to justify investing in a second. If you plan to invest in a second franchise, banks will not only be more willing to lend you the capital to purchase the franchise as you have a proven credit record, but the franchisor will be more likely to accept your application as you have already proved yourself as a successful and dependable franchisee.Franchise growth is both an exciting and nerve racking time. You may feel as though you’re stepping into the unknown, but with the right knowledge and motivation behind you change is an inevitable and extremely valuable part of the growth of your business. To hear more about an opportunity with F45 Training or to learn more about the projected profitability timelines, please fill out an online application to speak with a sales representative in your region.