With the Chartered Professional Accountants of Canada...
Everyone wants to see their franchise grow into a mega brand, but the way to that ultimate goal is fraught with many trials and difficulties. Looking at it from a franchisors perspective, there are a lot of things to consider and the correct approach must be taken to meet the milestones set in an expansion plan. To attract the franchisees that make your business a powerhouse, a certain approach must be taken. One needs the correct mindset to maximize expansion potential. Here are a few tips on what to look at when trying to expand your franchise in Canada.
You’ll need to convey a strong brand image to attract the kind of franchisees that are a good fit for you business. Think of your franchise brand as being a meaning wrapped in a feeling. That image and feeling will depend on what exactly your franchise offers. Good branding will make people believe in your company and be intrigued by what you’re offering. You want your brand message to focus on the top selling points of your franchise, and those selling points should pique the interest of the type of franchise partners you want to recruit.
As a franchisor, you are not selling the product that the company is delivering to the customer. You’re awarding franchises. This requires a different style of marketing than you would implement for your franchise locations. If your company is a burger joint and targets people who enjoy juicy quarter pounders, the franchisees you want to attract may not be same people. You might be competing with similar companies to attract franchisees, so here is where the targeted marketing comes in. Identify your target market, and develop your brand position accordingly.
A franchise is only as a good as its franchisees. Thus, as franchisor you should only bring on the most dedicated, passionate, and qualified applicants to run your franchise. Strict requirements and a rigorous screening process must be in place to separate the wheat from the chaff. Comprehensive training in all aspects of company operations is also essential in making sure your partners are fully prepared for the task of running a business and understand all the ins and outs.
There is some risk associated with this, but it can make the expansion process a little easier. A Master Franchisee seeks out new franchisees in the area where he or she operates, and reaps a small percentage from the profits of the locations run by the new partners they find. This can take some of load off the franchisor, because the Master Franchisee takes care of the task of picking the right candidates, and scouting new areas of expansion.
We live in the information age so if you aren’t on social media and using the many powerful communication tools available to us today, you are seriously missing out. Companies that leverage new technology and master its functions will be the ones to rise above the pack in today’s marketplace. Modern technology accelerates communication, streamlines development, and increases efficiency. Do not miss the boat on this.
It is said that a happy employee is a productive employee, and this is true for franchisees. Do what you have to do to ensure their success and wealth, and your franchise will thrive. Develop a culture of competitiveness and improvement that inspires your franchisees to aim higher, and they will succeed. A system of best practices will ensure your franchise machine runs like clockwork, and your franchisees will be effective and powerful business partners.
These tips will help you get on the right track, but it’s up to your how to tool your brand image and marketing program to attain the desired results. Keep your head up, and happy hunting!