Restaurant franchisees are in a unique position to profit from a well thought out business model, as well as the backing of a franchisor with experience in multiple fields. However, the bulk of the work lies on the franchisee to pull their particular franchise location off, and make it a success.
And success does come to those who persevere, learn from their mistakes, and optimize their workflow. If you’re a franchisee who has struck it rich, you may be wondering how to expand your business and grow into a greater profit tier. It’s tricky, but definitely not impossible for restaurant franchisees to break out of their respective molds, and tap into an even wider customer base.
EXPANDING YOUR EXISTING LOCATION
It’s rather difficult for restaurant franchisees to expand on the location they already have. While not impossible, the structure of a restaurant franchise tends to stick to a formula that works. Aside from remodeling and interior restructuring, it’s not always easy to add more seats, counter space, or workers to an existing location. A good strategy is to do research on the area your franchise location will be set up in, so that you can gauge local traffic, demographics and urban developments that may increase your customer base.
It’s also good to talk with your franchisor about expansion capabilities for your franchise location. Depending on the criteria mentioned above, your franchisor may make this suggestion before you do, or at least, recommend planning for a large wave of customers once the word gets out. Bottom line – if there’s room to add to your existing franchise location, do it. It’s cheaper than opening up a second location, and it can help spread awareness about your success. Once you’ve maxed out your potential in one location, you’re ready to move onto another.
OPENING ANOTHER LOCATION
This is nothing new, and many franchisees have made a fortune opening up more than one location. The best part about going this route is that the learning curve is essentially over. You already know what goes into starting and running a franchise location. Opening up a second should be a straightforward thing, especially if your personal business savviness and ability to problem-solve has led to great success.
Naturally, your franchisor will be more than happy to partner with you on another location, offering the same level of support. Plus, having more than one location opens you up to a wider range of contacts, both at the business and consumer levels. Your reputation as a successful franchisee will start to get around, which will create more opportunities for profit. In short, the more franchise locations you are willing to cut ground on, the much greater your fortune will be.
CREATE A BUZZ
One of the best ways to grow your already-successful franchise is to leverage that success by making a name for yourself around town. With the right amount of clout, you can start hobnobbing with local politicians, corporate figures, and charity groups to participate in whatever events they may have going on at any given time. People naturally associate fun events with food, and if your franchise location manages to get its foot in the door, it will create quite a positive stir.
Another way to generate buzz is to hire a spokesperson or business development specialist who knows how to talk to people, create new partnerships, and leverage contacts. Some of the best entrepreneurs don’t necessarily have the best people skills, but if you’re the sort who can manage a franchise and charm important business contacts, count yourself lucky. You’re a one-two punch! Now, take all that enthusiasm, charisma and extrovertedness, and aim it in a direction that will build a buzz about your franchise location. The customers will follow soon after.
CONCLUSION
Owning a restaurant franchise is all about having a ton of fun, while delivering the best menu items, service and atmosphere for your patrons. With the right combination of steps, your franchise will begin profiting in no time, which will pave the way for greater growth as time goes on. Expanding your business means expanding your franchise portfolio as a whole, which is why you should always be shooting for the best at all times. The success will follow on its own.
St. Louis Bar & Grill has a passion for restaurant franchising, and it’s a model we’ve perfected since our inception. We’re now breaking into brand new markets, particularly the United States, where there’s plenty of growth to be had. We’d like to see you jump on board and join our family as a franchisee. By working with us, we can help you achieve financial success, while helping you towards future business expansion over time. Contact us today to learn more!
