Franchisors can boost their company’s growth at little expense, as the franchisees typically supply all of the working capital.
However, success in the business of franchising requires much more than simply signing up new franchisees. If you want to enjoy sustained growth, you must invest time, effort and money of your own.
Consumer Marketing to Promote Your Franchise System
Brand advertising and marketing are key to stepping up franchisee profits.
With solid consumer marketing materials, your franchisees will enjoy increased sales, which can lead to higher profit margins for you as a franchisor. Plus, freeing your franchisees from these concerns allows them to focus on core business issues like customer service and operations.
And, of course, your reputation for having profitable franchise opportunities will bring more viable franchisees to your door.
Consider hiring an experienced consumer advertising agency as well as a public relations firm. Both types of professional services can help establish a consistent brand across your franchise system and develop strategies to reach potential customers.
Boost Your Franchise System with Franchisee Help
Any assistance you can provide your franchisees will reinforce your franchising strength. These added benefits can set your company apart from the competition, making it more attractive to prospective franchisees.
So what advantages can you offer?
Some franchisors offer volume discounts to franchisees, available because of the franchisor’s increased buying power. These discounts may be provided in the form of rebates or negotiated pricing.
Franchisors also can help franchisees by taking over certain responsibilities for which they are well-suited. These tasks could include ad design and placement, editorial content, internet site management or accounts receivable collections, for example.
Franchisors also can provide services, such as financing consumer purchases, to improve sales.
Support Your Franchise System with Quality Control
Protecting and maintaining your brand means more than just marketing and helping your franchisees. To remain strong, you’ll want to invest in quality control.
Successful franchisors often assign managers or representatives to visit franchisees periodically, to make sure that they are meeting brand standards. Formal training programs also can help keep franchisees on the right track, as they detail the specific knowledge necessary to run the business successfully and profitably.
Quality control for your franchise system also may involve research and development.
As a franchisor, seeking out new products or services to offer customers can provide a significant advantage. If you are open to new opportunities for suppliers, delivery methods or marketing, you can benefit as well. The world is constantly changing, and you’ll keep your company strong by learning how to adapt.
Would you like to learn more about how to grow your company through franchising? The experienced attorneys of the Franchise & Business Law Group can offer tips and advice on building a successful franchise system. Contact our office in Salt Lake City, Utah, to schedule an appointment today.
We are northern Utah’s experts for helping you find success as a franchisor.