Brand identity is everything for a franchise. Finding your niche is so important in a world full of businesses trying to do exactly what you want to do.
While an idea might be great on paper – or a business model might be well-formed – it takes a great amount of time and effort to grow, and some brands may never get there.
Many others, however, do find success. 1851 Franchise caught up with President of Relocator Service Inc. and Relocators Franchise Inc., Robert Esposito, and Founder and CEO of Idolize, Mo Pandoria, to discuss tips for growing an emerging franchise.
Tip 1: Understand what you are getting into.
Robert Esposito: The best preparation is systemizing any and everything that you do on a day to day level, no matter how minuscule.
Tip 2: Surround yourself with the right people.
RE: Make sure you have the proper support team behind you consisting of motivated people that are looking to grow and can grow with the company. The key to growth is focus. What you water grows. Bringing in good people with a common goal who are focused and determined to achieve that goal is the best key for good growth. The most important factor is building a solid foundation.
Tip 3: Understand that brands aren’t built and sold overnight.
RE: The investment into a franchise goes way beyond the investment it takes to legally sell a franchise. Once you are legally allowed to sell a franchise is only the half way point at best. The marketing and development before you actually sell a franchise can go on for years, and cost much more than the legal development of the franchise itself.
Tip 4: Good marketing and affiliations.
RE: We have a great broker and work with great companies such as Internicola Law and 1851 Franchise, which really has helped us as we put our footprint down on the franchise world.
Tip 5: Start small and don’t get too big, too fast.
RE: If I could do anything differently, I would have split the large territory I currently operate and set up smaller corporate locations within my territory that were the same size and demographic as my future franchisees’. This would have given me a chance to work out kinks, and I would have working models for leads to look at prior to having any franchises sold.
Tip 6: Know your role within a brand.
Mo Pandoria: The most useful tip I’ve learned so far – which I’ll continue to share – is that I’m no longer a Spa owner, but instead I’m a franchisor. I can't spend most of my days resolving operational issues for my corporate locations. I should be spending most of my time developing the franchise and selling units.
Tip 7: Use a franchise consultant or advisor before you get started.
MP: Find a consulting or advisory company to help you get started. Becoming a franchisor or franchisee comes with a big learning curve, and it’s great to have support. I use SMB Franchise Advisors, and they have helped me immensely.
Tip 8: Use the power of social media.
MP: Social Media is a great way to find growth within a market. There are so many people in the world waiting to be connected with. There are so many opportunities to make an impression on someone and spread your brand through social media. The many platforms need to be taken advantage of.
Tip 9: Networking.
MP: Networking is a huge key to growth. Focus on meeting as many people as possible, and realize that so many of them can help you in some way, shape or form.
Tip 10: Stay positive.
MP: You have to keep a positive attitude throughout the entire process. Success doesn’t come overnight, and there will be ups and downs. If you stay focused and positive, and surround yourself with the right people and support, you will find success.