If you missed last weeks’ tips, click here for a quick recap.
Otherwise, read on.
4. Convert managers into franchiseesIf your business operates a chain of managed outlets, whether they be restaurants, offices, hairdressers, estate agents, business services or shops, you may discover huge benefits from converting these managers into franchisees.
Time after time, the evidence shows that even with the same person operating from the same place, with the same stock and the same staff, sales go up and costs go down. Not only that but it keeps good people working within your business when otherwise they may go off to start up in competition with you.
5. Convert competitors into franchiseesWith good locations notoriously hard to acquire, particularly for retailers, converting competing businesses to operate under your brand name and system is way of opening a new outlet, getting someone else to cover the costs, and taking a competitor out of the frame all in one go!
It is not an easy concept to sell, or manage, but there are examples of the process working successfully in many countries, making it a truly viable option for certain systems.6. Become a franchiseeComplementing the previous point, you could grow your existing business by becoming someone else’s franchisee.
There are many independent operators in many business sectors who do not have the financial or human resources to develop beyond operating one outlet, the time to keep up with all the developments in their trade, or the skill to develop and implement effective marketing and promotional activities. Become a franchisee and the franchisor will look after all that, leaving you to simply look after the day-to-day operation of a proven system.
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