Setting goals for your franchise business and its growth can lead to huge leaps as a business owner. Expansions don’t happen on their own, and planning for the income you want to see is the fastest, most effective way to see it happen quickly. Think about it, with a plan you have steps marked out, you have goals in mind that you’re striving toward, and you have a uniform setting to which you can note. Without a plan you’re simply hoping your franchise will take flight all on its own.
Take the hope out of franchising and instead, look toward real, tangible methods that will allow for business growth going forward. To kick start this campaign, consider these time-honored steps that helped franchisees, new and experienced, get where they wanted to be.
Setting Specific Goals with Your Franchise
First things first, realize that next month is a quick turnaround time. Don’t let that intimidate you. That might mean your growth margins won’t be huge, but that doesn’t mean they aren’t attainable. Besides, increasing month after month adds up. Before you know it, your business is achieving huge growth increments, all by dealing with slow, moveable goals.
Start by deciding where you want to be with your franchise. Look a year out, or six months out with your franchise business. It’s a good idea to look back at goals regularly – not so regular that you keep changing deadlines before you can snag them, but regular enough so you aren’t letting key points slip under the radar. And so you can reevaluate and ensure you’re on the right path.
However, setting these larger goals – or rather, over a longer period of time – allows you to backtrack. Step back and divide up growth patterns by the month so you can meet smaller milestones that will add up to your bigger goals.
Do this in whatever medium speaks to you. Create a spreadsheet. Draw up a colorful chart. Write it out and hang it on your wall. Whatever method will help get you excited, use it. Then put said goals in a place that you can be reminded of them frequently.
How to Reach Higher Income Levels in a Short Amount of Time
Here’s where we get to the good stuff, right? Making a goal to increase franchise profits is great, but how do you actually achieve the growth?
Find out where your business is being underutilized and allow it to thrive. For instance, could you serve more customers, faster, with another employee in the ranks? Look at your busiest times and determine if folks are leaving because they are frustrated with wait times. Consider updates to busy times, like activities where they can win deals, entertainment (invite a busker to perform!), product demonstrations, and more. Some of these can be done very affordably, so you can experiment to see what helps draw in more business.
Next, look to your social media presence. Post deals, invoke engagement, and just get people excited about coming to your spot! Getting even a few additional customers via social media means an increase in income. It’s also free marketing (except for your time).
You can offer a discount for referrals or repeat business. Offer add-ons at a lowered price. Or provide a deal to customers who purchase bulk packages (even if they don’t redeem all at once). Each of these tactics encourages customers to buy more. They’re getting a great deal and your franchise is reaping the rewards of higher sales. Better still is it costs virtually nothing to implement, just a little time in planning and setup. Many franchise brands will already have these types of options in place … all you have to do is market them!
Finally, remember that customer experience is key. In the same way that folks are more likely to stick around with entertainment (or even just a distraction), they’re more likely to come back when they’ve been satisfied with how they were treated, wait time, overall service, and more.
Giving a little extra time and attention to detail is one of the best ways to quickly increase your franchise profits. While big increases will be seen later on, short-term raises can also be found. Start slowly to bring in more dollars, to serve more customers, and allow yourself to work out the kinks. Pay attention to numbers, see what drives, them, and you’ll realize that small changes for small increases will lead to efficient changes that drive the entire shape of the franchise.
To start increasing your franchise’s growth by next month, look to these budget efficient, yet proven ideas.
Are you ready to get started with franchise ownership? We can help you: How To Buy A Franchise: The Ultimate Guide.