Having been in franchising for a good number of years I have always felt the pressure of growth. Building a franchise network is not as simple or straightforward as it sounds.
The UK franchise market is relatively mature and all of the stats shared by the BFA and NatWest in their survey emphasise the scale of our industry and make us feel good about being part of it.
When trying to grow your network where do you look for franchise leads?
Well, as we have such a strong industry it’s no surprise to see that that there are multiple media channels to market but to be honest over the last 10+ years there has been very little that has changed. Put simply – advertise on the franchise portals, have a strong company website and probably attend the shows.
It was Albert Einstein who was credited with the expression:
“...the definition of insanity is doing something over and over again and expecting a different result..”
So why do we as franchisors expect a different result in 2016 if what we are doing is the same as we did in 2015 and for that mater the previous few years as well?
I speak to many franchisors and most (unfortunately) do not achieve their franchise sales targets. When asked what are they doing they metaphorically shrug their shoulders and say what can they do – “…just the same old, same old…”
If that is you or your companies franchise growth plan is depending on then as the title of this blog says – we get what we deserve.
It’s about time we found new channels and look at ways to close that sales gap. If your target is 10 franchises this year and your ‘normal’ activity will get you 5 or 6 sales what are you going to do to get the extra 4 or 5 sales needed to reach your plan?
You cannot just ‘Hope’ that you will reach your target – "Hope is not a Strategy". You need to invest in a more concerted franchise recruitment campaign – but perhaps look at the benefits of reaching your target this year and the impact that it will have on your company’s performance over the next five years. If you achieve those extra few franchise sales it will yield c£100k of new franchise fees and an extra year of MSF (because the extra sales you achieve this year are the sales you will achieve next year if you carry on doing what you normally do).
Surely that has to be worth investing in?
Our clients at Franchise Top 10 get this point – achieve sales this year instead of next year equals faster growth and improved profits.
What is there not to like?
When is Cost an Investment?
March 14, 2016
Why, as franchisors, we get what we deserve!
January 19, 2016
Have you just been to another Franchise Exhibition?