Choosing a profitable franchise When thinking...
As a current or incoming Canadian franchisee, you're very likely looking ahead already. Once your franchise is established, it's only natural to wonder how you can take it to the next level.
Add additional units
There are many successful multi-unit owners out there across various brands and industries. In general, you will need to have a successful unit up and running before you are allowed to open additional ones, as many franchisors require this. Some brands offer incentives to those who wish to open more units, so check into what your brand offers TO multi-unit owners.
Become a top producer
In many franchises, top-producing franchisees receive awards and recognition. Work toward becoming a top franchisee. If you can achieve this, you might even earn national recognition to help your franchise grow more.
Join the owners' committee
Many brands have committees of franchisees who are there to advise the franchisor and give franchisees a clear voice. If you take part in this group, you'll have the chance to influence company direction. Naturally, being closer to your brand's leadership will help you elevate your franchisee from the top down and improve the entire system for everyone.
Accept any leadership opportunities
As your location grows and the franchisor notices your success, you may find that you are being offered leadership opportunities within the brand's organization. Mentoring potential and new franchisees, giving talks to your peers and other leadership duties will help you establish yourself within the system and in your community.
Use financing wisely
Growth is going to cost money no matter what your business is. However, you can use your financing in a strategic manner to help you expand your business. What you should do will depend on your financial situation, your goals and your business, but you can speak to a business adviser or mentor in your community for some advice.
Join another brand
If you want to expand but are not sure you want another location with the same franchise, you can invest in another franchise for your second business. However, you need to make sure the new business doesn't compete with the one you already own in the same community.
Confirm there is growth potential
Should the brand you are considering not allow for any expansion until five or more years, you might want to look into another franchise instead. Review the list of areas your franchisor is currently allowing expansion in to get an idea of the growth potential. If you notice the available geographical region in your area is small, that may be a sign that your market is close to saturation, which will limit your future expansion options.
There are multiple ways to grow your franchise business in Canada. Before you sign with another brand, make sure the expansion potential is there for your future plans.