7 Ultimate Ways to Scale your Franchise Business Up [2021]

Fortune Franchise April 23, 2021

After you beat the massive challenge of starting a franchise business, the game is not yet over. If you’ve big ambitions in business life, scaling up your business is the next challenge on the line.

Scale vs. Growth

In simple terms, the growth of the business means the process of improving some measure of enterprise success. Either you can achieve the business growth in top-line (selling product or services with greater sales) or increasing the bottom line (Profitability of operation by minimizing costs)

Scaling of the business 

On the other hand, the company adding revenues faster rate without much focused on adding any new costs in the business. In simple, how you effectively use the existing resources to make a profit with minimizing additional expenses.

Scaling up business is not for everyone, only for the business who qualified following points:

• Income must be higher than expenses.
• Your business should’ve more than one product or service.
• Businesses must have a proper system – either online sales or offline.
• As an entrepreneur, you must have a proper mindset like a calculated risk-taker.
• You must be an action taker (Learner and Doers)

Let’s discuss the effective ways to scale-up your business up:

• Establish A Solid-Strong Foundation
• Invest in Technology
• Build a Reliable Team
• Monitor Your Competition
• Delighting the Customers
• Grow By the Data
• Find Key Relationships and Networks

Establish a Solid-Strong Foundation

The first step is to build the solid base of your franchise business besides, process and functionality. Make sure that you have to be 100% confident in your business.

• Strategize the business in terms of evaluating and planning
• Evaluate sales growth forecast
• Analyze sales-acquisition plan
• Evaluate expense forecast
• Research and do proper cost estimate

Invest in Technology

Technology makes it easier and less expensive to scale a business. Look into new software or digital services that can streamline processes & help to give more time for your franchisees and tasks like, cutting downtime on invoicing or other tedious processes by incorporating the technology & tools.

• Automation– It helps to minimize your manual work.
• System integration – Multiple communication in one place (CRM and ERP)

Build a Reliable Team

Even technology gives a lot of leverage, but still, you need people to carry out the work. In terms of franchisor, building multi-unit franchises are an excellent way to develop your network cost-effectively. Make sure to invest in the right people and the team’s roles are well-defined. The importance of management grows as same as your business grows.

Monitor Your Competition

You should constantly keep an eye on your competition and aware of their business activities and operations. It’s crucial to stay tuned in to your business and must –informed about your surroundings. Hence, you will better anticipate the need for changes and adjustments accordingly.

Delighting the Customers

Customer acquisition is necessary for any business as same as delighting your customers. Reward your customers for their loyalty in terms of giving coupons and discounts.

Grow By the Data

Key for sustainable growth of franchise business in the hard data and must avoid spending on speculation.

Key areas in the hard data:

• How you move customers through a sales funnel
• Conversion time
• How long they remain customer
• What causes (leave/stay)
• How they engaged with you
• Attraction points
• What are the pain points
• Biggest complaints and issues in the product or services

By analyzing the data can reveal a wealth of opportunities and taking action on respective areas will have significant growth and scalability on your franchise business.

Find Key Relationships and Networks

In most of the business, developing the network is a key to succeeding and you have to continue to enhance skills and clearly understand the core value and expertise you bring to your customers. Building the right connections and networks is as much important as effectively scaling your business.

Scalable businesses can withstand any challenges and adapt to a larger workload without compromising the performance of operations or losing revenue. Scalability has no shortcuts; you need to be in the right system, people, and plans.

If you wish to entrepreneur and are you are interested in franchising your business to help it and grow? At Fortune franchise, we have franchise consultant experts packed with loads of ideas and strategies, help and guide you to enter and flourish in the world of franchising.