By
Sherri M Starcher
As we already head into our second week of 2013, it is likely
that you've already got some pretty lofty goals lined up for your
franchise this year. A new year is a great time to challenge yourself,
start fresh, and accomplish great things.
We think 2013 will be a great year for franchise growth. But, getting there won't be a simple process. As always, we've got some tips to help you meet your own franchise growth goals this year.
Don't be afraid to seek out financing.
Whether it's a working capital loan to add some additional employees or equipment financing to add another ice cream machine, you're almost certainly going to need some help from a lender to allow your franchise to grow and prosper. There is almost never a bad time to seek out financing, as there are continues to be a plethora of lenders willing and ready to offer financing to franchisees. Don't let your worries of taking on more debt hold you back from your dreams of expanding or tackling a new project. After all, sometimes you have to spend money to make money.
Make use of technology.
Technological improvements will likely allow you to work smarter, faster, and even save money in the long run at your franchise. Consider implementing an iPad ordering system, a more efficient POS, or even scheduling and book keeping software. You can't expect to grow if you're barley keeping up with your current operations.
Take advantage of opportunities from your franchisor.
When shooting for growth, it is almost always a good idea to jump on any opportunity that your franchisor throws your way. Do you have the chance to opt into a brand new product or undergo a brand reimaging? Take it! These are the things that will set you apart from your fellow franchisees - in your concept and beyond - and is ultimately what will bring new customers into your franchise location
Be Realistic
It's great to aim high, but sometimes setting reasonable expectations can save your sanity. Take a careful look at your business and your previous growth patterns before you decide you'd like to grow 40% over last year (wouldn't we all?). Aiming too high is only setting yourself up for failure and major headaches in the long run.
What are your growth goals for 2013? Let us know how you plan to get there in the comments!
We think 2013 will be a great year for franchise growth. But, getting there won't be a simple process. As always, we've got some tips to help you meet your own franchise growth goals this year.
Don't be afraid to seek out financing.
Whether it's a working capital loan to add some additional employees or equipment financing to add another ice cream machine, you're almost certainly going to need some help from a lender to allow your franchise to grow and prosper. There is almost never a bad time to seek out financing, as there are continues to be a plethora of lenders willing and ready to offer financing to franchisees. Don't let your worries of taking on more debt hold you back from your dreams of expanding or tackling a new project. After all, sometimes you have to spend money to make money.
Make use of technology.
Technological improvements will likely allow you to work smarter, faster, and even save money in the long run at your franchise. Consider implementing an iPad ordering system, a more efficient POS, or even scheduling and book keeping software. You can't expect to grow if you're barley keeping up with your current operations.
Take advantage of opportunities from your franchisor.
When shooting for growth, it is almost always a good idea to jump on any opportunity that your franchisor throws your way. Do you have the chance to opt into a brand new product or undergo a brand reimaging? Take it! These are the things that will set you apart from your fellow franchisees - in your concept and beyond - and is ultimately what will bring new customers into your franchise location
Be Realistic
It's great to aim high, but sometimes setting reasonable expectations can save your sanity. Take a careful look at your business and your previous growth patterns before you decide you'd like to grow 40% over last year (wouldn't we all?). Aiming too high is only setting yourself up for failure and major headaches in the long run.
What are your growth goals for 2013? Let us know how you plan to get there in the comments!
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