10 Things You Need To Do Before 2024 To Boost Your Franchise

When it comes to boosting a franchise in 2024, there are a few things that you can do to ensure that your franchise is as successful as possible in the new year. We've created a list of some of the easiest ways to take advantage of the franchise system business model and boost your franchise in 2024.

Find out more and take action now rather than hoping for the best in the new year!

#1 Ensure Your Franchise Recruitment is Effective

If you're looking for growth within your franchise in the new year, then attracting new franchisees is key. If you're looking to open more franchises, then finding people to run them will help. Methods to improve franchise recruitment include:

• Contact your marketing team and ensure they're using targeted ads
• Boost your screening process to ensure that potential franchisees are up to the challenge of essentially running their own business
• Use success stories from other franchisees to promote the opportunity
• Create a compelling brand story to draw in new franchisees
• Ensure all marketing is compliant within the Franchising Code of Conduct

#2 Check In With Your Current Franchisees

While you might be looking to expand in the new year, you will also want to ensure that your current franchisees are happy. The franchise model is essentially a two-way street. You give your employees rights to your trademarks, business model, training, and support, and in return, they give you royalties and maintain a good brand reputation for you.

Check in with your current franchisees to remind them you're always available for support. If you've got happy franchisees, then they're more likely to offer good service and ensure your company continues to look good. They may also tell others about the experience of being a franchisee with you, helping you to find new franchisees through them.

#3 Invest in Technology Where You Can

In this digital world we live in, not using technology to boost your franchise in 2024 is foolish. There are plenty of ways you can introduce technological solutions to your franchise network. 

Opportunities for technological investment include:

• Use software like inventory management, marketing, accounting tools, or internal communications platforms to enhance your overall operations
• Enhance staff training with technology
• Use algorithms and data analysis tools to analyse trends in sales, engagement, and more
• Consider implementing technological solutions on your physical premises, too, like in-store digitisation, to enhance the consumer's experience

#4 Automation and Personalisation Are Key

Automation takes the stress out of lots of systems, including your marketing. By automating marketing campaigns, like email marketing, social media content, and more, you can pre-plan strategies and ensure everything goes out on time.

On top of this, personalising your communications with consumers and your franchisees can help people feel seen and heard.

For consumers, offering personalised content (like emails containing new products that they will actually enjoy) can make it more likely they will return to you. For franchisees, personalising your communication with them will remind them that you see and value them as a person; they're not just another cog in the wheel of your franchise agreement.

#5 Improve Your Operations

Streamlining your operations should always be a priority, whether it's a new year or not. But if you've been a bit lax with your operational efficiency, now is the perfect time to get back on top of things. Implement new strategies for training to ensure everyone is up to date with processes and ensure that all operations are streamlined.

You might even consider implementing technology to improve productivity and find places where you're losing money unnecessarily or could improve your efficiency levels.

#6 Update Training Methods

As a franchisor, your franchise agreement ensures that you're offering all of your franchisees the training and support that they need to maintain your stellar brand reputation. Often, people get into the franchise business for the support that a franchisor can offer them, so keeping your training methods up to date and ensuring your franchisees have all they need to do their best is in your best interests.

Updating training methods may include a simple review to make sure that they are offering an effective program of everything your franchisees need to know. But it could also include updating programs to brief employees on new technology you're implementing, new processes, or even new marketing efforts.

Keep the training fresh and useful to keep your franchisees up to standard.

#7 Ensure Brand Standards Are Maintained Across the Franchise

The benefit of a franchise system is that your brand gets out there, across the country, and in regions far and wide. But if your brand is out there and it's not consistent, this can have a huge impact on your business as a whole.

The franchise model means that you will have the opportunity to give franchisees all they need to maintain these standards, but they may have gotten lax in recent months. Harness your marketing fund and ensure that the brand is sending a clear message through each one of your franchises.

The following are some of our tips for maintaining brand standards across your entire franchise network.

• Comprehensive training: As we mentioned above, training is one of the best ways to ensure that your brand standards are met across the franchise system. Detail brand guidelines, customer service standards, operational procedures, and your brand's values.
• Audits and inspections: While you likely don't want your franchisees to think that you're constantly checking up on them, regular audits and inspections can help to ensure that each franchise location is adhering to the standards you have set out.
• Technological solutions: Implementing innovative solutions, like software that tracks inventory or management systems, can really elevate your ability to maintain brand standards.
• Incentives and recognition: Offering incentives for your franchisees who meet certain targets or consistently adhere to brand standards can foster healthy competition, give rewards when they're due, and ensure that everything is consistent.

#8 Engage With Local Communities

Often, as franchises, new customers may assume that you're just another corporate name. The recent shift towards supporting local could hit the franchise system hard. A way to counteract it is to get in touch with the local community, use marketing funds to sponsor events and ensure that customers know you're engaging with the local area.

Other than sponsoring events you could consider:

• Targeted marketing: Use your marketing budget to enhance local marketing and entice local customers into your franchise.
• Host local events: Using certain franchise locations to host community events, like seminars, workshops, and family events, can bring people together and establish you as a pillar of the local community.
• Create locally-inspired products: Localised products and services that specifically benefit the local community can meet the needs of the community and remind them that you care. This could include food products inspired by local cuisine or services that are specifically needed in that area.
• Use social media: Using your social media platform is the perfect place to engage with the local community, highlight the area, and even platform community achievements.
• Support local businesses, schools, and services: By establishing partnerships with schools and other institutions in the area you can set yourself apart from the corporate image of franchises and show that you care.

#9 Enhance Local Marketing Efforts

Set aside part of your marketing funds this year for highly specific local marketing campaigns. There are many benefits to setting aside marketing funds for this, including the following.

• Builds relationships: Strong local relationships establish your presence in the area.
• Increases relevance: It makes you more relevant and shows you understand the needs of the local area.
• Gives you a competitive edge: The local market can be competitive, particularly for franchises, so local offerings, specific marketing, and community engagement can all help you stand out.
• Reinforces your brand identity: While national and global marketing can be a highly effective tool for your brand identity, local marketing will reinforce the brand on a local level.
• Cost-effective: Your marketing fund will only stretch so far, so using targeted, smaller-scale campaigns can be great for seeing significant ROI.

#10 Diversify Product Offerings

To compete with new businesses in your industry, you may also want to consider diversifying your product and service offerings. Are there trends that you can harness to ensure that your brand stays relevant? Are there products or services you think people need that you could produce?

By diversifying your product and service offerings, you can entice new customers through the door, ensure that you stay relevant, and compete with emerging brands, particularly in the local area.

Final Thoughts

In 2024, don't leave anything to fate. Implement these techniques and ideas to ensure that you have the best year yet. Franchisors have many tools at their disposal to increase relevance, bring new customers through the door, and ensure that they continue to grow as a business.

If you're a franchisor looking to recruit new franchisees, then Eden Exchange can help. We have a network of active buyers looking to buy businesses and franchises on our innovative DealXchange platform. Our team can help you find qualified franchisee leads that ensure growth in 2024.

Contact the Eden Exchange team today to find out more.

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Eden Exchange is an integrated multi-channel platform, simplifying business buying and selling. We match, refer and connect business buyers, sellers & brokers in an ecosystem that facilitates frictionless franchise, business and finance transactions. Visit www.EdenExchange.com and connect with our engaged and multidimensional transaction network today.