Your first franchise was a success and now it is time to open a new one. Business expansions are an exciting challenge, and for many franchise owners, growing their business is a risk worth taking.
Before expanding your franchise, you should ask yourself these questions:
- Is there a year round market with the appropriate demand?
- Do you have the correct management team in place?
- Do you have access to funds?
- Have you experienced organic growth?
When you have asked yourself these important questions, here is what you should do next.
Business plan: ensure that your business plan is clear, concise and will work for your expansion. Don’t assume that just because your first franchise model was a success that it will work the second time around. Seek proper advice when developing your business plan, using your first business model as a blueprint for stage two.
Seek advice from your franchisor: the first step in your expansion journey is to consult with your current franchisor. What advice and practical assistance will they be able to offer in your expansion plans? Will they provide the support you need? Regularly consult with your franchisor and look at the case studies of other franchise owners who have made the step into expansion.
Regulations: thoroughly research any additional regulations or requirements you need to meet as part of your expansion plans. Complete paperwork early and fully, and save yourself from any nasty surprises in the future.
Training: ensure that all staff and management take any required training or top-up courses. If you are expanding services or offering new products to customers be sure to up-skill in these areas.
Marketing plan: whether your expansion offers the same service or something different, prioritize and revisit your marketing plan. Where relevant, utilize the latest technology and trends in your marketing strategy, ensuring that you are reaching your target audience precisely where your updates will be seen.
Which steps did you take to expand your Sylvan Learning franchise? Share your thoughts with us in the comments.