A large amount of our customers are franchisees: Anyone ranging from a single store owner/ operator with 5 employees, to a multi-unit operator with locations across the country. No matter the size, we love working with franchisee to help keep the back bone of America strong.
However, if you feel like it’s time to take the next step in growing your franchise; these tips and tricks are just for you.
- Focus on the home. This doesn’t mean your actual home, but rather your current business location(s). Instead of opening a new location just to say you opened one, make sure your existing locations have everything they need, from efficient equipment to appealing and functional furniture. Not only can this help make your locations more profitable, but it also sets the standards for all future locations.
- Store acquisition. Alright, your current location(s) are nice and pristine, now how are you going to grow your business even more? Instead of looking for land and building from the ground up, why not look at what other stores might be on the market. Whether it’s a store within your existing franchise or another one, sometimes a fresh set of eyes and business sense can make all the difference. That’s what store acquisitions are all about! Viola, a new location with little to no ramp up time.
Fact: Having previous records on the location’s performance over the last 3 years can help validate the purchase.
- New build. Although an acquisition may sometimes be less work a new build may be your best option for your market. Say that there isn’t a store near you that you can acquire, what do you do? Do your research and see what land plots are going to be opening up. If it’s in a location that has a high amount of traffic and no upcoming construction work, go for it! Nothing is more exciting than seeing a new store open up, especially if it’s a restaurant you already know and love.
Ready to expand now? You have all the tips you need to be successful on your next (or first) business expansion, and the only place you can go from here… is up.