While many franchisees plan for economic downturns,...
If you have just opened your first Canadian franchise or are about to, you may be wondering what you can purchase to help build your business. Here are four things to consider splurging on to help you build your new business over the new year.
Marketing consultation services
There are a lot of ways you can spend your marketing dollars, and it can be tough to decide where to focus and where to start. A marketing consultant can help you make these decisions and spend those dollars where they will make the most impact. Even if your franchise has a mass ad fund for all franchisees to contribute to for national advertising, you may be able to do local campaigns that specifically bring focus on your location.
Social media influencers
Social media influencers are becoming more and more powerful in the world of marketing. For your location, having influencers in your industry or area talk about your location or franchise brand can help you bring more foot traffic into your doors. Finding influencers isn't always easy, so you may need to take a look at whom your target audience is watching and go from there.
Social media content
Getting into social media posting for your business is a must, but it can seem overwhelming at first, especially when you likely have brand rules governing it. There are social media planning tools, such as Buffer or Meet Edgar, that can help to make the process more manageable on your end.
A wall calendar may sound a little outdated in the age of calendar smartphone apps, but a physical calendar helps you see the big picture at a single glance. It's nice to have both electronic and print calendars when you are starting out your new franchise business so you have room to include all the important dates and can see where you are on any given day without having to press a button. You can also have an additional wall calendar to track business growth for your own reflection.
Investing a little extra time and money into your franchise at the start can be worth it when you are spending that cash and time on the right tools. Consider what will benefit you the most as you start off on your journey as a franchisee before you decide what to get yourself.