In a competitive landscape, it is important to vary franchise portfolios and avoid putting all of one’s eggs into one basket. Diversification is key to growing a robust and successful franchising portfolio and can further protect business owners from unforeseen challenges.
When growing a franchising portfolio, it’s important to be strategic when choosing the right concept. Established operators should be following their passion while applying business acumen, market knowledge and creative energy when seeking a complimentary brand to add to their multi-unit franchising portfolio.
To ensure long-term success, here are crucial areas to consider when expanding and growing a successful franchising portfolio.
Well-defined brand identity
It is crucial that the brand has a clear and compelling identity. Slim Chickens has perfected this by sticking to its authenticity in offering its original juicy chicken tender recipe while staying consistent in sharing the brands' southern hospitality and lively dining experience. On the other hand, it enables Slim Chickens to cultivate authentic relationships with its partners and enables a strong alignment of shared values and principles making it a perfect addition to established operators' portfolios. The brands' identity should be easily recognizable and appeal to a broad audience while offering a unique value proposition. This includes everything from its menu and decor to marketing and advertising campaigns. The brand identity should also be consistent across all locations so that customers know what to expect no matter where they go.
Strong support syste
When looking to expand a business portfolio, operators must ensure that the franchisor provides a strong support system. This includes everything from training and marketing support to ongoing operational support and access to resources like Slim Chickens’ design and construction teams and technology solutions. Working like a well-oiled machine, Slim Chickens and its reputable operators have spread its flavorful taste across the globe. The brand’s franchise opportunities continue to expand not just by the tremendous growth the brand has exhibited but because of the unmatched support the team offers. Opening a franchise is no simple task. Slim Chickens understands this. Its established team along with its reputable COO, Sam Rothschild, has tried and perfected the advantageous bandwidth it is known for today whether it be site selection, marketing, training or support; Slim Chickens is with its partners every step of the way. The support system should be designed to streamline operations, reduce costs and improve profitability, while also providing a consistent customer experience across all locations.
Reputable financial model
Established multi-unit operators should be looking for a franchisor that provides a strong financial model that is both scalable and sustainable. This includes a proven track record of success, with clear and transparent financial projections and performance metrics. Placing adaptability at its core, Slim Chickens has been able to flip distribution models with unmatched agility. Through drive-thru, delivery, curbside, pickup and catering options, the brand is very nimble in accommodating its sales and has proven its ability to quickly maneuver its systems and operations at home and abroad enabling it to achieve over 40% positive comp store sales growth in the last three years and systemwide revenue growth of over 35%. The financial model should also be flexible enough to accommodate different market conditions and operational challenges while providing a solid return on investment for operators.
Transparent franchisor communication
Business owners should certify the franchisor is transparent and communicates openly and honestly. This includes providing regular updates on performance metrics, financial projections and operational challenges, as well as soliciting feedback from its operators and incorporating it into its strategic planning. By fostering an open and transparent relationship with operators, a worthy franchisor attests to the trust and loyalty it offers that further cultivates a culture of collaboration and shared success.
Strong corporate culture
Finally, it’s important that the franchisor hosts a strong corporate culture that values innovation, collaboration and continuous improvement. This means fostering a culture of teamwork and collaboration, where everyone is committed to the success of the franchisees and the brand and works together to achieve common goals. It also means the franchisor invests in training and development programs to help its operators grow and succeed while creating a positive and supportive work environment that encourages creativity, risk-taking and entrepreneurship.
By employing these strategies when looking for the perfect addition to a franchising portfolio, business owners can find a strong and successful brand that is robust in a crowded market. The key to success and complimenting an established brand lies in a clear and compelling brand identity, a strong support system, a reputable financial model, transparent communication from the franchisor and an established corporate culture.
With the right approach and a commitment to excellence, business owners can find the best and brightest brand to diversify and expand their successful multi-unit franchising portfolio.
To learn more, visit www.slimchickensfranchise.com/get-started/.
This post is sponsored by Slim Chickens