Franchise Euphoria Three Things Hurting Your Ability to Grow
Key Takeaways:
[0:21] Today’s episode is brought to you by Franchise 5! The key to long-term success is through smart, strategic growth. To learn more about this program, head over to FranchiseEuphoria.com/Franchise5.
[0:58] Our episode today features a deep dive with Josh on three things that might be holding your franchise back from the type of growth you would like to see.
[1:55] The three biggest things Josh has found that hold franchises back from growing properly are operations, the model, and direction.
[2:14] Many franchisors believe they are operating properly, but upon closer inspection, he finds many systems don’t have a well-thought out operations system that can be easily handed off to their franchisees.
[4:04] As an entrepreneur, you need to determine where your deficiencies are. A good way to do this is by going through the Operations Manual for your business, potentially with other employees or professionals, and trying to put yourself in the role of someone who knows nothing about your system when you read through it to see what isn’t explained thoroughly.
[5:55] The better system you have in terms of Operations, the easier it is to get your franchisees onboarded to your system.
[6:45] Many times, new franchisors are trying to operate as lean as possible, but in this business you have to think multiple steps ahead. Build your franchise team to look like what you want it to look like in a year from now.
[7:50] Regarding the issues with model, it is not only a struggle to determine how your model will fit in other locations, but many franchisors have a hard time determining what their model actually is.
[8:48] One of the best ways to get more interest in your franchise is by putting forward a clean, simplified, easy-to-follow system.
[10:45] A great way to tweak your model is to take a step back and think about what the one thing that helped lead you to the success you had was and find a way to implement that as a service to your franchisees.
[11:15] Once you become a franchisor, there’s a tendency to want to sign up every person who wants to be a franchisee. Do not give in to this.
[12:15] It is so important for new and emerging franchisors to put together a strategy for “direction” or franchise growth.
[13:00] Focus on your 100-mile radius and figure out how you can map out how many locations you can successfully open within that area.
[14:25] Identify the locations, regions, and spots you want to be and then figure out a plan for how you’ll get into those locations. Then, once you find your location, start doing research to determine how you’ll find people that fit the profile of your ideal franchisee.
[16:17] Thanks again for listening, and please, reach out to Josh anytime through email at josh@franchiseeuphoria.com. If you enjoyed this episode, please leave us a review on iTunes.
Mentioned in This Episode: