Your first year in business - Setting goals and managing expectations
Your first year as a franchisee is about more than...
What makes a franchise successful, and how can you grow your franchise or select a franchise to maximize your chances of running a successful business? You can start by learning some lessons from the longest-running franchises.
Canada is home to many franchises that have been established for longer than 50 years, and they all have a number of factors in common. To understand how to make your franchise more successful or to identify the characteristics of a successful franchise, you first need to recognize these points of commonality.
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The most successful franchises:
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Appeal to a broad range of people
When a business has a target demographic that is too narrow, it is unable to expand and fulfill its ambitions. Conversely, delivering a range of products or services that appeal to a broad target audience increases a business's chance of successfully making a sale.
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Form strategic partnerships and alliances
By collaborating with other businesses, it is possible to benefit from a wider customer base, gain greater exposure and raise a business's profile. Partnerships can improve the growth or profitability of both businesses, but the aims and objectives of each business must be mutually compatible for it to be successful.
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Offer a range of franchise models
The most successful businesses recognize that their franchisees come from different walks of life, have different levels of personal wealth, different pre-existing personal and professional commitments, and access to different types of infrastructure. To attract the widest possible franchisee community, they offer different franchise models to suit each individual, securing new franchisees and growing their brand without placing undue pressure on entrepreneurs to deliver against a static model that would not suit their individual circumstances.
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Carefully crafted marketing
The most effective marketing campaigns are those that connect with customers on an emotional level. The most successful franchises are experts at targeting their audience and promoting their products in a way that resonates with the beliefs and ambitions of their customers. Crafting a marketing campaign that achieves this level of connection is very challenging but delivers great results.
In conclusion, even a thriving Canadian franchise always has room for growth. If your business has ambitions to expand and develop, learning from the lessons of the longest-running franchises will set you up for success.
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