Most people open a franchise hoping to make it successful and create a regular source of revenue. However, once you begin making a profit, you shouldn’t sit back and relax. Instead, this is the time to refine your business model and boost your revenue like never before.
Ready to maximize your own franchise’s revenue? Keep reading to discover some easy steps you can begin today!
1. Secure Enough Capital
Pop quiz: How much capital does your current franchise have? If most owners are being honest, the answer is usually “not enough.”
Before you think about making a purchase (such as investing in another franchise location), you need to make sure you have plenty of capital on hand, even when the costs appear to be low. It may take some time before new businesses generate a profit, so having enough capital can ensure your business stays afloat while you are busy establishing your reputation in the community.
When it comes to securing enough capital, make sure you review all of the different financing options. It’s easy to get quotes from multiple lenders, and this can ensure you get the best possible rates!
2. Create Exciting Promotions
If you want your franchise to be successful, it’s important to create exciting promotions. These need to be more than just an excuse for customers to save money. Instead, these promotions need to help your business generate serious buzz.
For example, create promotions that encourage users to make their own content. This might include special discounts for customers who provide proof they praised your company on social media and used your preferred hashtag.
Such promotions are great for you because they turn excited customers into passionate brand ambassadors. Meanwhile, customers love to get a discount for simply sharing their enthusiasm with the world, making this strategy a win/win.
3. Focus on Customer Service
Even as you try to grow your business and maximize its revenue, you can never forget the basics, and that includes customer service. If you want to be a success, you need to do more than have decent service. Instead, you need to be the kind of company that has a reputation for outstanding service.
How can you do this? Mostly, it comes down to communication. If you get calls and emails, you need to respond to them promptly. If you make minor mistakes, you need to own up and apologize for them. Finally, you and your employees need to pay close attention to what customers are telling you.
At the end of the day, customers are always ready to tell you what they like and what they don’t like about your business so long as you’re willing to ask and listen. Companies that listen to feedback and make appropriate adjustments will enjoy not only higher profits but also the kind of word-of-mouth marketing that money simply can’t buy.
4. Social Media Marketing
There are many different ways you can market and brand your franchise to the local community and beyond. However, there is no more cost-effective way to do so than by using social media. If you want more profit, you need to market on social media more often and more effectively.
For traditional social media platforms, we recommend that you use Facebook and Twitter, though if you are willing to create content for Instagram and TikTok as well, that’s even better. On Facebook, you should aim for making posts 3-5 days a week, with no more than 3-5 posts per day. On Twitter, the schedule is less important than you staying relevant and tweeting about things in a timely manner (you may also want to use certain hashtags). On both platforms, you need to engage with others from customers to influencers who might be interested in your brand.
Also, don’t forget to claim your LinkedIn page and post regular updates. This platform is great for networking and finding rockstar employees, and it also provides an easy way for you to communicate and collaborate with other companies.
5. Work Closely With Your Franchisor
You might be surprised by how many franchisees try to be as independent as possible from their franchisor. While rugged independence may look attractive on paper, nobody understands how to maximize your particular company’s income better than the original franchisor.
Because of that and many other reasons, we recommend that you maintain a solid working relationship with your franchisor. When you first open a franchise, it’s good to stick with the franchisor’s normal game plan so that you can hit the ground running in the community. After you have had time to learn how the franchisor does things, you should begin a dialogue with them about innovative ways to solve problems and boost profits.
In this way, you get the best of both worlds: You and the franchisor learn from one another and grow, and each of you ends up increasing your revenue.
6. Emphasize Online Sales
Different kinds of franchises sell different products and services. No matter what you sell, though, the biggest key to boosting your income is emphasizing online sales.
For instance, if you sell insurance, it’s important to understand that most customers don’t want to set foot in a carrier’s physical location. Instead, they love the idea of getting multiple quotes from multiple insurance companies. If you don’t have an online sales presence, you are losing most of these potential customers to the competition.
It’s quick and easy to dip your toes into the online sales water by creating an e-commerce website. As you get more comfortable with the process over time, you can boost online sales through special e-promotions spanning multiple platforms, all of which boost income in a big way.
Reach Your Full Franchise Potential Today!
Now you know how to maximize the revenue of your existing franchises. But do you know who is ready to help you achieve your most ambitious dreams?
Here at Confie, we are always ready to work with entrepreneurs who are ready to get to work. If you’re ready to see what Confie can do, all you have to do is contact us today!