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Franchise Trends 2018-05-18

10 Ways to Grow Your Franchise Business

Surprise them with a new addition or offer them gift coupons and introduce a new range for them.

By Nibedita MohantaSenior Sub-editor

 

The technological revolution, which has started a couple of years back, has given a solid push to the business industry of India.

Startups, entrepreneurs, and businessmen are having the time of their life, the credit goes to the people, who have embraced the changes wholeheartedly and are equally taking part in being a part of the change.

For all the budding entrepreneurs, businessmen, who have tasted the fruit of their hard work and juice of success in their first attempt or finally succeed after facing multiple failures, here are 10 ways to grow your franchise business:

Participate in trade shows:

It is possible that even though you have managed to see the lights of success in your business, you might have left some crucial customers or clients. Trade shows narrow down the specific consumers, who only either deal with or only interested in products, you transact.

Branch out:

Now that you have successfully made your customer base strong enough, it is necessary to attract more customers. Thus you have to open another branch of your company in another market, where you can fetch new customers.

Offer business opportunity:

Being omnipresent is impossible but making your product or brand present elsewhere is possible if you offer business opportunity to the other businessmen in a different market, where they are well known, they will help you in earning a profit and growing your business.

Form alliance:

‘A bird in the hand is better than two in the bushes’

Here bush is the market where numerous brands exist and rise above all the ordinary level, you got to act smart and form an alliance with big brands or with another successful brand, if not for entire life but for a year or two, thus you become one bird in the hand.

Innovate new products:

If you see that your one product is doing well in the market, you can take feedback from the customers about their choice or expectations and work on it. To be on the top list of the existing customers, keep them pleased or surprised. Surprise them with a new addition or offer them gift coupons and introduce a new range for them.

Chuck the loser:

Not all your products must be doing equally well in the market if they do you are lucky. But in most cases, some products do exceedingly well whereas some are a failure since the beginning, so it is time to chuck them off the shelves and experiment with new products till it becomes the winner product. There is always room for improvements and innovations.

Expand in the international market:

The international market is your playground and it will never turn you down unless you take it for granted. Introduction of FDI in Indian market is a boon for businessmen, then why not take the advantage of it and make an international mark.

Adapt the change:

The market is forever evolving, unless you adapt the change, you will fade away. Hence it is important to keep a track of trends and a plan in hand to immediately work accordingly if at all the market scenario changes. For example, the sudden announcement of demonetization has turned the market upside down overnight.

Invest in yourself:

See, study and understand the way market functions. Invest in yourself and your staff; keep sending them for training, competitions and provide them higher education, if they are interested in or encourage them to move forward so that they will carry the company on their shoulder and move together. Keeping the staff happy is one of the fundamentals of keeping the business ahead of others.

Register your website:

Make a website, detailing every service, products, you offer or achievements, you have earned and register it in the relevant directory. It will be easy to prove your authenticity and building trust factor in customers.

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