As a business owner, you’re probably always looking for opportunities to scale your craft. It’s second nature: you don’t want to stagnate as doing so could mean losing market share and profits. So, when the time is right, you’ll probably consider integrated digital strategies to keep your business ahead of the game.
One option that might cross your mind is franchising your digital marketing company. Franchising can be a great way to broaden your reach and scale your business quickly. But it’s not a decision you can afford to make lightly. That said, here’s how you can franchise your digital marketing company to expand your operations:
1. Define Your Goals
Take a step back and consider what you want to achieve by franchising your business. Integrated strategies can help you reach new markets and scale quickly, but it’s essential to have a roadmap before taking the plunge. Some questions you might want to consider include:
- How much growth do you want to achieve?
- What markets do you want to enter?
- Do you have the resources in place to support franchisees?
- How do you plan to potential onboard franchisees?
2. Do Your Research
Franchising is a significant decision, so you’ll need to do your due diligence before moving forward. You can’t simply wake up on a bright sunny morning and decide, “this is the day I’m going to franchise my business.” Much research goes into the franchising process, from understanding the industry landscape to determining if there’s a demand for your services in new markets.
You’ll also need to put together a solid business plan that considers the costs associated with franchising, such as hiring a lawyer to draw up the necessary paperwork and marketing your brand to potential franchisees. As you can see, you need to put in the legwork required to ensure franchising is the right move for your digital firm.
3. Find the Right Franchise Partners
Franchising is all about partnering with the right people. After all, you’ll entrust your brand to individuals representing you in new markets. When looking for potential franchisees, consider individuals or companies that have:
- A proven track record of success
- The financial resources necessary to support a franchise
- The ability to follow your brand guidelines
- The drive to succeed in new markets
In short, narrow your search to individuals you would feel confident working with and who can help you realize mutually beneficial goals. Otherwise, you could waste valuable time onboarding the wrong people. Plus, this would undermine your effort to move forward.
4. Focus on Untapped Markets
Common mistake business owners make when franchising is to expand into crowded markets. Understandably, you want to achieve growth and reach new heights quickly.
But, there’s no point in franchising your digital marketing company in an already-saturated market. For starters, it would not be easy to gain a foothold. Plus, you might end up cannibalizing your existing market share.
When looking for new markets to enter, focus on untapped areas offering room for growth. This way, you can have a more significant impact and make a name for yourself.
5. Bring Value to the Table
As you ponder about franchising your digital marketing entity, have a clear understanding of your value proposition. Why would potential franchisees want to work with you? What can you offer them that they can’t find elsewhere? If you’re not sure how to answer these questions, take some time to rethink your decision and approach.
The value of your company will, undeniably, impact franchising costs. And while it might be tempting to charge a premium, your franchise should be affordable. Otherwise, if potential franchisees don’t find much value in your business, they’ll move on to the next opportunity.
One strategy you can adopt is to offer a sweeter deal than your competitors. By charging a lower price, you can attract more attention and eventually reach a larger audience.
6. Support Your Franchisees
After finding the right partners and officially launching your franchise program, continue offering support to your franchisees. They should feel like they’re part of a team and have access to various resources. After all, they’re investing in your brand, so it’s in your best interest to help them grow and succeed. Some ways you can support your franchisees include:
- Providing marketing and advertising guidance
- Helping them reach their target markets
- Offering support and assistance as needed
- Being available to answer any questions they might have
Essentially, take an active role in helping them scale new heights in businesses. The more involved you are in showing your franchisees the ropes, the better their odds of succeeding. And when they win, so do you.
Creating a franchise model is an excellent way to expand your digital marketing business and reach new markets. And as you can see from our discussion, it’s a decision you can ill afford to make lightly. Hopefully, by following this guide, you can increase your odds of success.